Duff & Phelps Investment Management Co. Reduces Stake in AvalonBay Communities Inc. (AVB)
Duff & Phelps Investment Management Co. lowered its position in AvalonBay Communities Inc. (NYSE:AVB) by 38.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 346,951 shares of the real estate investment trust’s stock after selling 213,325 shares during the period. Duff & Phelps Investment Management Co. owned approximately 0.25% of AvalonBay Communities worth $62,586,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. AMP Capital Investors Ltd boosted its stake in shares of AvalonBay Communities by 1.0% in the first quarter. AMP Capital Investors Ltd now owns 778,656 shares of the real estate investment trust’s stock worth $147,035,000 after buying an additional 8,000 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of AvalonBay Communities by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,350,814 shares of the real estate investment trust’s stock worth $256,925,000 after buying an additional 212,300 shares during the last quarter. Kennedy Capital Management Inc. bought a new stake in shares of AvalonBay Communities during the first quarter worth about $3,657,000. Geode Capital Management LLC boosted its stake in shares of AvalonBay Communities by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,398,327 shares of the real estate investment trust’s stock worth $265,533,000 after buying an additional 40,252 shares during the last quarter. Finally, Sentry Investments Corp. boosted its stake in shares of AvalonBay Communities by 0.4% in the first quarter. Sentry Investments Corp. now owns 145,410 shares of the real estate investment trust’s stock worth $27,657,000 after buying an additional 600 shares during the last quarter. 96.56% of the stock is owned by hedge funds and other institutional investors.
Shares of AvalonBay Communities Inc. (NYSE:AVB) traded up 0.22% during mid-day trading on Wednesday, hitting $169.14. The stock had a trading volume of 413,275 shares. The stock’s 50-day moving average price is $173.89 and its 200 day moving average price is $178.98. The company has a market capitalization of $23.23 billion, a P/E ratio of 29.02 and a beta of 0.57. AvalonBay Communities Inc. has a 1-year low of $160.66 and a 1-year high of $192.29.
AvalonBay Communities (NYSE:AVB) last released its earnings results on Monday, July 25th. The real estate investment trust reported $1.99 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by $0.10. The company had revenue of $502.30 million for the quarter, compared to the consensus estimate of $500.25 million. AvalonBay Communities had a net margin of 43.34% and a return on equity of 8.10%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 earnings per share. On average, analysts predict that AvalonBay Communities Inc. will post $8.34 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were issued a dividend of $0.01 per share. The ex-dividend date was Wednesday, September 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 92.62%.
A number of equities research analysts have issued reports on the company. Jefferies Group reaffirmed a “hold” rating on shares of AvalonBay Communities in a research report on Monday, August 1st. Deutsche Bank AG decreased their target price on AvalonBay Communities from $194.00 to $193.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Evercore Partners Inc. reaffirmed a “hold” rating on shares of AvalonBay Communities in a research report on Friday, July 15th. Evercore ISI cut AvalonBay Communities from a “buy” rating to a “hold” rating and decreased their target price for the stock from $189.00 to $187.00 in a research report on Friday, July 15th. Finally, KeyCorp cut AvalonBay Communities to an “overweight” rating in a research report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $195.47.
In other news, COO Sean J. Breslin sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $185.71, for a total transaction of $185,710.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew H. Birenbaum sold 6,984 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $185.00, for a total value of $1,292,040.00. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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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