Envestnet Asset Management Inc. raised its holdings in AvalonBay Communities Inc (NYSE:AVB) by 7.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,702 shares of the real estate investment trust’s stock after acquiring an additional 2,431 shares during the quarter. Envestnet Asset Management Inc.’s holdings in AvalonBay Communities were worth $6,765,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in the business. Brown Advisory Securities LLC grew its position in AvalonBay Communities by 1.6% in the 4th quarter. Brown Advisory Securities LLC now owns 3,323 shares of the real estate investment trust’s stock valued at $563,000 after acquiring an additional 53 shares during the last quarter. M&T Bank Corp grew its position in AvalonBay Communities by 0.5% in the 4th quarter. M&T Bank Corp now owns 11,665 shares of the real estate investment trust’s stock valued at $2,031,000 after acquiring an additional 54 shares during the last quarter. LPL Financial LLC grew its position in AvalonBay Communities by 1.1% in the 4th quarter. LPL Financial LLC now owns 5,057 shares of the real estate investment trust’s stock valued at $880,000 after acquiring an additional 56 shares during the last quarter. Cornerstone Advisors Inc. grew its position in AvalonBay Communities by 85.5% in the 1st quarter. Cornerstone Advisors Inc. now owns 128 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 59 shares during the last quarter. Finally, Rehmann Capital Advisory Group grew its position in AvalonBay Communities by 24.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 306 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 60 shares during the last quarter. 91.88% of the stock is currently owned by institutional investors.
Shares of AVB stock opened at $207.19 on Thursday. AvalonBay Communities Inc has a twelve month low of $165.53 and a twelve month high of $210.93. The firm has a market capitalization of $29.18 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 3.96 and a beta of 0.54. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.57 and a quick ratio of 0.57.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Thursday, June 27th. AvalonBay Communities’s dividend payout ratio (DPR) is currently 67.56%.
AVB has been the topic of several research analyst reports. SunTrust Banks upped their price objective on AvalonBay Communities to $208.00 and gave the company an “average” rating in a research report on Thursday, February 14th. Citigroup downgraded AvalonBay Communities from a “buy” rating to a “neutral” rating and upped their price objective for the company from $190.00 to $205.00 in a research report on Thursday, February 21st. They noted that the move was a valuation call. KeyCorp upped their price objective on AvalonBay Communities from $199.00 to $207.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Barclays upped their target price on AvalonBay Communities from $203.00 to $211.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Finally, Argus reiterated a “buy” rating and issued a $215.00 target price on shares of AvalonBay Communities in a report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $202.67.
In related news, CFO Kevin P. O’shea sold 250 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $205.49, for a total transaction of $51,372.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William M. Mclaughlin sold 2,500 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $209.07, for a total value of $522,675.00. The disclosure for this sale can be found here. Insiders have sold a total of 9,881 shares of company stock valued at $2,042,649 over the last 90 days. 0.42% of the stock is currently owned by company insiders.
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AvalonBay Communities Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine 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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