Fifth Third Bancorp decreased its position in AvalonBay Communities, Inc. (NYSE:AVB – Free Report) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,977 shares of the real estate investment trust’s stock after selling 165 shares during the period. Fifth Third Bancorp’s holdings in AvalonBay Communities were worth $1,755,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its stake in AvalonBay Communities by 2.2% during the third quarter. State Street Corp now owns 9,245,028 shares of the real estate investment trust’s stock worth $2,097,971,000 after acquiring an additional 196,938 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of AvalonBay Communities by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,060,497 shares of the real estate investment trust’s stock worth $914,627,000 after purchasing an additional 55,588 shares during the period. Geode Capital Management LLC increased its position in shares of AvalonBay Communities by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,585,802 shares of the real estate investment trust’s stock worth $805,113,000 after purchasing an additional 27,988 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in AvalonBay Communities by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,240,436 shares of the real estate investment trust’s stock valued at $504,658,000 after buying an additional 78,800 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AvalonBay Communities by 678.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,715,050 shares of the real estate investment trust’s stock valued at $386,315,000 after buying an additional 1,494,872 shares during the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.
Insider Activity
In related news, Director Timothy J. Naughton sold 23,697 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $233.47, for a total value of $5,532,538.59. Following the completion of the sale, the director now directly owns 87,239 shares of the company’s stock, valued at $20,367,689.33. The trade was a 21.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.42% of the company’s stock.
AvalonBay Communities Price Performance
AvalonBay Communities (NYSE:AVB – Get Free Report) last released its quarterly earnings data on Monday, November 4th. The real estate investment trust reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.10). AvalonBay Communities had a return on equity of 8.84% and a net margin of 36.20%. The business had revenue of $734.31 million for the quarter, compared to analyst estimates of $731.67 million. During the same period in the prior year, the company posted $2.66 earnings per share. Equities analysts expect that AvalonBay Communities, Inc. will post 11.04 EPS for the current fiscal year.
AvalonBay Communities Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $6.80 annualized dividend and a dividend yield of 3.10%. AvalonBay Communities’s dividend payout ratio is presently 93.02%.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on AVB. Mizuho upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $239.00 to $242.00 in a research report on Monday, January 6th. Barclays cut their target price on AvalonBay Communities from $243.00 to $230.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Scotiabank lowered their price target on AvalonBay Communities from $244.00 to $241.00 and set a “sector perform” rating for the company in a research report on Thursday, November 14th. Royal Bank of Canada dropped their price objective on AvalonBay Communities from $234.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised AvalonBay Communities from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $247.00 to $262.00 in a research note on Tuesday, December 17th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $234.60.
View Our Latest Stock Report on AVB
About AvalonBay Communities
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: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.
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