Driehaus Capital Management LLC Invests $1.34 Million in AvalonBay Communities Inc (AVB) Stock
Driehaus Capital Management LLC bought a new position in shares of AvalonBay Communities Inc (NYSE:AVB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,500 shares of the real estate investment trust’s stock, valued at approximately $1,338,000.
Other institutional investors have also bought and sold shares of the company. Capital Analysts LLC grew its position in AvalonBay Communities by 441.3% during the fourth quarter. Capital Analysts LLC now owns 2,230 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 1,818 shares in the last quarter. Bartlett & Co. LLC grew its position in AvalonBay Communities by 112.8% during the fourth quarter. Bartlett & Co. LLC now owns 681 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 361 shares in the last quarter. Amica Retiree Medical Trust purchased a new position in AvalonBay Communities during the third quarter worth about $132,000. Keeler Thomas Management LLC purchased a new position in AvalonBay Communities during the fourth quarter worth about $166,000. Finally, NuWave Investment Management LLC purchased a new position in AvalonBay Communities during the fourth quarter worth about $181,000. Institutional investors and hedge funds own 94.72% of the company’s stock.
Several research firms recently commented on AVB. BMO Capital Markets set a $175.00 target price on AvalonBay Communities and gave the stock a “hold” rating in a research report on Friday, March 2nd. Robert W. Baird set a $178.00 target price on AvalonBay Communities and gave the stock a “buy” rating in a research report on Friday, March 2nd. Mizuho set a $185.00 target price on AvalonBay Communities and gave the stock a “buy” rating in a research report on Friday, February 9th. Sandler O’Neill cut AvalonBay Communities from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, Argus cut their price objective on AvalonBay Communities from $210.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. AvalonBay Communities presently has a consensus rating of “Hold” and a consensus target price of $191.75.
AvalonBay Communities (NYSE:AVB) last issued its earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.22 by $1.03. The company had revenue of $555.29 million during the quarter, compared to analysts’ expectations of $554.20 million. AvalonBay Communities had a return on equity of 8.57% and a net margin of 40.62%. AvalonBay Communities’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.12 EPS. equities analysts predict that AvalonBay Communities Inc will post 8.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be given a dividend of $1.47 per share. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $5.88 dividend on an annualized basis and a yield of 3.64%. AvalonBay Communities’s dividend payout ratio is presently 89.31%.
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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