Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB) by 5.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,702 shares of the real estate investment trust’s stock after acquiring an additional 1,769 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in AvalonBay Communities were worth $7,026,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Peregrine Asset Advisers Inc. purchased a new stake in shares of AvalonBay Communities during the third quarter valued at approximately $244,000. CIBC Asset Management Inc increased its position in shares of AvalonBay Communities by 2.9% during the third quarter. CIBC Asset Management Inc now owns 12,717 shares of the real estate investment trust’s stock valued at $2,819,000 after acquiring an additional 363 shares during the last quarter. Ashfield Capital Partners LLC purchased a new stake in shares of AvalonBay Communities during the third quarter valued at approximately $1,197,000. Jennison Associates LLC increased its position in shares of AvalonBay Communities by 74.4% during the third quarter. Jennison Associates LLC now owns 93,888 shares of the real estate investment trust’s stock valued at $20,809,000 after acquiring an additional 40,038 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of AvalonBay Communities by 26.2% during the third quarter. First Horizon Advisors Inc. now owns 294 shares of the real estate investment trust’s stock valued at $65,000 after acquiring an additional 61 shares during the last quarter. 86.56% of the stock is owned by institutional investors.
AVB has been the subject of a number of analyst reports. Mizuho raised their price target on AvalonBay Communities from $231.00 to $251.00 and gave the stock a “buy” rating in a report on Wednesday, September 29th. JPMorgan Chase & Co. restated a “hold” rating on shares of AvalonBay Communities in a research report on Sunday, December 5th. Colliers Securities reiterated a “hold” rating and issued a $255.00 price objective on shares of AvalonBay Communities in a report on Friday, September 24th. Royal Bank of Canada lifted their price objective on AvalonBay Communities from $238.00 to $242.00 and gave the stock a “sector perform” rating in a report on Friday, October 29th. Finally, The Goldman Sachs Group started coverage on AvalonBay Communities in a report on Thursday, September 23rd. They issued a “buy” rating and a $257.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $254.59.
AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($1.43). AvalonBay Communities had a return on equity of 9.37% and a net margin of 44.91%. During the same quarter in the previous year, the business earned $2.06 earnings per share. As a group, equities analysts expect that AvalonBay Communities, Inc. will post 8.22 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 18th. Stockholders of record on Friday, December 31st will be given a dividend of $1.59 per share. This is an increase from AvalonBay Communities’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, December 30th. This represents a $6.36 dividend on an annualized basis and a dividend yield of 2.56%. AvalonBay Communities’s payout ratio is presently 87.97%.
In related news, EVP William M. Mclaughlin sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 17th. The shares were sold at an average price of $243.79, for a total value of $1,218,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward M. Schulman sold 245 shares of the company’s stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $240.94, for a total transaction of $59,030.30. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
AvalonBay Communities Profile
AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities.
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