PNC Financial Services Group Inc. lessened its position in AvalonBay Communities Inc (NYSE:AVB) by 2.6% in the third quarter, HoldingsChannel reports. The firm owned 16,827 shares of the real estate investment trust’s stock after selling 443 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AvalonBay Communities were worth $3,049,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc increased its holdings in AvalonBay Communities by 627.2% in the 3rd quarter. IFP Advisors Inc now owns 749 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 646 shares in the last quarter. Zions Bancorporation acquired a new position in AvalonBay Communities in the 3rd quarter worth about $158,000. Commerce Bank acquired a new position in AvalonBay Communities in the 3rd quarter worth about $204,000. Checchi Capital Advisers LLC acquired a new position in AvalonBay Communities in the 3rd quarter worth about $209,000. Finally, HRT Financial LLC acquired a new position in AvalonBay Communities in the 2nd quarter worth about $201,000. 92.45% of the stock is owned by institutional investors and hedge funds.
In related news, COO Sean J. Breslin sold 3,100 shares of the company’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $189.13, for a total transaction of $586,303.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP William M. Mclaughlin sold 23,302 shares of the company’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $186.87, for a total value of $4,354,444.74. The disclosure for this sale can be found here. Insiders sold a total of 39,453 shares of company stock worth $7,365,478 in the last quarter. Corporate insiders own 0.43% of the company’s stock.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.87). AvalonBay Communities had a net margin of 36.54% and a return on equity of 7.96%. The company had revenue of $575.98 million during the quarter, compared to the consensus estimate of $573.87 million. During the same quarter last year, the firm posted $1.72 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that AvalonBay Communities Inc will post 8.99 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a $1.47 dividend. The ex-dividend date is Friday, December 28th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.12%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 68.21%.
AVB has been the subject of a number of recent research reports. Robert W. Baird cut AvalonBay Communities from an “outperform” rating to a “neutral” rating and set a $197.00 target price for the company. in a report on Wednesday, August 15th. BMO Capital Markets raised AvalonBay Communities from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $188.00 to $195.00 in a report on Friday, November 2nd. Deutsche Bank upped their target price on AvalonBay Communities from $186.00 to $192.00 and gave the stock a “hold” rating in a report on Wednesday, September 5th. Scotiabank initiated coverage on AvalonBay Communities in a research report on Tuesday, October 16th. They issued a “sector perform” rating on the stock. Finally, Argus upped their price target on AvalonBay Communities to $196.00 and gave the company a “buy” rating in a research report on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $192.88.
About AvalonBay Communities
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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