Traders Buy AvalonBay Communities, Inc. (AVB) on Weakness
Traders bought shares of AvalonBay Communities, Inc. (NYSE:AVB) on weakness during trading on Wednesday. $34.82 million flowed into the stock on the tick-up and $21.11 million flowed out of the stock on the tick-down, for a money net flow of $13.71 million into the stock. Of all stocks tracked, AvalonBay Communities had the 33rd highest net in-flow for the day. AvalonBay Communities traded down ($0.87) for the day and closed at $191.20
A number of analysts have recently commented on AVB shares. JMP Securities downgraded AvalonBay Communities from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 19th. They noted that the move was a valuation call. BMO Capital Markets reissued a “hold” rating and issued a $191.00 price objective on shares of AvalonBay Communities in a research note on Thursday, May 25th. Deutsche Bank AG downgraded AvalonBay Communities from a “buy” rating to a “hold” rating and set a $193.00 price objective on the stock. in a research note on Wednesday, May 17th. Evercore ISI dropped their price objective on AvalonBay Communities from $188.00 to $186.00 and set an “in-line” rating on the stock in a research note on Wednesday, April 19th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $203.00 price objective on shares of AvalonBay Communities in a research note on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. AvalonBay Communities has an average rating of “Hold” and an average price target of $193.58.
The stock has a market cap of $26.33 billion, a PE ratio of 26.33 and a beta of 0.34. The company’s 50-day moving average price is $189.95 and its 200 day moving average price is $187.54.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $2.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.14 by $0.05. The firm had revenue of $530.51 million during the quarter, compared to analyst estimates of $529.48 million. AvalonBay Communities had a net margin of 47.90% and a return on equity of 9.88%. During the same period in the prior year, the business earned $2.03 EPS. Analysts forecast that AvalonBay Communities, Inc. will post $5.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Wednesday, June 28th. AvalonBay Communities’s payout ratio is 78.13%.
In other news, insider William M. Mclaughlin sold 5,112 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $193.88, for a total value of $991,114.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Wetherby Asset Management Inc. boosted its position in shares of AvalonBay Communities by 22.6% in the first quarter. Wetherby Asset Management Inc. now owns 1,779 shares of the real estate investment trust’s stock valued at $327,000 after buying an additional 328 shares during the last quarter. Whittier Trust Co. boosted its position in AvalonBay Communities by 2.8% in the first quarter. Whittier Trust Co. now owns 1,144 shares of the real estate investment trust’s stock worth $210,000 after buying an additional 31 shares during the last quarter. Strs Ohio boosted its position in AvalonBay Communities by 20.2% in the first quarter. Strs Ohio now owns 560,884 shares of the real estate investment trust’s stock worth $102,978,000 after buying an additional 94,262 shares during the last quarter. Glen Harbor Capital Management LLC boosted its position in AvalonBay Communities by 4.9% in the first quarter. Glen Harbor Capital Management LLC now owns 16,694 shares of the real estate investment trust’s stock worth $3,065,000 after buying an additional 782 shares during the last quarter. Finally, First Citizens Bank & Trust Co. acquired a new position in AvalonBay Communities during the first quarter worth approximately $2,685,000. Institutional investors own 97.89% of the company’s stock.
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About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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