Mechanics Bank Trust Department Lowers Stock Holdings in AvalonBay Communities, Inc. $AVB

Mechanics Bank Trust Department lowered its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 28.3% during the fourth quarter, HoldingsChannel reports. The firm owned 10,227 shares of the real estate investment trust’s stock after selling 4,040 shares during the quarter. Mechanics Bank Trust Department’s holdings in AvalonBay Communities were worth $1,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Mather Group LLC. purchased a new position in AvalonBay Communities in the 3rd quarter valued at $30,000. BOKF NA purchased a new position in AvalonBay Communities during the 3rd quarter worth $31,000. AlphaQuest LLC acquired a new stake in shares of AvalonBay Communities in the 3rd quarter worth $33,000. Headlands Technologies LLC acquired a new stake in shares of AvalonBay Communities in the 2nd quarter worth $36,000. Finally, Fulcrum Asset Management LLP purchased a new stake in shares of AvalonBay Communities in the third quarter valued at about $37,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of AvalonBay Communities in a research note on Friday, January 9th. Citigroup reduced their price objective on shares of AvalonBay Communities from $212.00 to $198.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Colliers Securities reaffirmed a “neutral” rating and issued a $195.00 price objective (down from $200.00) on shares of AvalonBay Communities in a report on Thursday, December 4th. Wall Street Zen cut AvalonBay Communities from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Scotiabank cut their target price on AvalonBay Communities from $193.00 to $190.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 4th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $198.44.

AvalonBay Communities Stock Performance

Shares of AVB opened at $160.88 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.79. AvalonBay Communities, Inc. has a 52-week low of $160.35 and a 52-week high of $216.47. The company has a 50-day simple moving average of $174.04 and a 200-day simple moving average of $180.10. The company has a market capitalization of $22.54 billion, a PE ratio of 19.64, a P/E/G ratio of 2.82 and a beta of 0.75.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Thursday, February 5th. The real estate investment trust reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The firm had revenue of $767.86 million for the quarter, compared to the consensus estimate of $766.38 million. During the same quarter in the previous year, the firm earned $2.80 earnings per share. Equities research analysts predict that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $1.78 per share. This is a positive change from AvalonBay Communities’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $7.12 annualized dividend and a dividend yield of 4.4%. AvalonBay Communities’s dividend payout ratio is presently 85.47%.

About AvalonBay Communities

AvalonBay Communities, Inc (NYSE: AVB) is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay’s core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay’s operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.