DnB Asset Management AS lowered its holdings in AvalonBay Communities, Inc. (NYSE:AVB – Get Rating) by 10.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 31,127 shares of the real estate investment trust’s stock after selling 3,472 shares during the quarter. DnB Asset Management AS’s holdings in AvalonBay Communities were worth $6,046,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC purchased a new position in AvalonBay Communities during the fourth quarter valued at approximately $30,000. Riverview Trust Co bought a new stake in AvalonBay Communities during the 1st quarter valued at $32,000. Anson Funds Management LP purchased a new position in shares of AvalonBay Communities in the 1st quarter valued at $52,000. Brown Brothers Harriman & Co. bought a new position in shares of AvalonBay Communities in the 1st quarter worth $69,000. Finally, Sandy Cove Advisors LLC purchased a new stake in shares of AvalonBay Communities during the 1st quarter worth $70,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. KeyCorp reduced their target price on shares of AvalonBay Communities from $275.00 to $237.00 and set an “overweight” rating for the company in a report on Tuesday, June 28th. Mizuho reduced their price objective on shares of AvalonBay Communities from $260.00 to $212.00 and set a “buy” rating for the company in a research note on Monday, June 27th. Citigroup raised their target price on shares of AvalonBay Communities to $220.00 in a research note on Tuesday, August 9th. The Goldman Sachs Group upped their price target on AvalonBay Communities from $225.00 to $248.00 and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Finally, Evercore ISI set a $231.00 price objective on AvalonBay Communities in a research report on Monday, June 20th. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $241.90.
AvalonBay Communities Trading Up 0.3 %
AvalonBay Communities (NYSE:AVB – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The real estate investment trust reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.07. The company had revenue of $644.56 million for the quarter, compared to the consensus estimate of $632.41 million. AvalonBay Communities had a return on equity of 7.47% and a net margin of 33.39%. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period last year, the firm earned $1.98 EPS. Equities research analysts predict that AvalonBay Communities, Inc. will post 9.83 earnings per share for the current year.
AvalonBay Communities Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $1.59 dividend. This represents a $6.36 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, September 29th. AvalonBay Communities’s payout ratio is presently 109.28%.
About AvalonBay Communities
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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