Zacks Investment Research upgraded shares of AvalonBay Communities (NYSE:AVB) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Stellar job growth in recent months indicates more household formations and raises expectations for higher apartment demand during the peak leasing period. Given its solid portfolio of high quality assets in premium locations, AvalonBay is well poised to grow. Notably, in the March-issued operating update for first quarter, the company stated that it expects total rental revenues for established communities to be up 2.3–2.4% year over year. However, new apartment deliveries are anticipated to remain elevated in the company’s markets in 2018. Particularly, supply continues to be most noticeable in the urban submarkets. Furthermore, high concession activity amid elevated supply remains a concern. Moreover, in the past six months, its shares have underperformed the industry.”
Other research analysts also recently issued research reports about the company. SunTrust Banks set a $194.00 target price on AvalonBay Communities and gave the stock a buy rating in a research note on Monday, January 22nd. Stifel Nicolaus restated a buy rating and issued a $185.00 target price on shares of AvalonBay Communities in a research note on Friday, January 19th. Robert W. Baird restated a buy rating and issued a $187.00 target price on shares of AvalonBay Communities in a research note on Tuesday, January 9th. Argus cut their target price on AvalonBay Communities from $210.00 to $190.00 and set a buy rating for the company in a research note on Thursday, March 1st. Finally, Mizuho set a $185.00 target price on AvalonBay Communities and gave the stock a buy rating in a research note on Friday, February 9th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the stock. AvalonBay Communities presently has a consensus rating of Hold and a consensus target price of $189.24.
AvalonBay Communities (NYSE:AVB) last issued its earnings results on Wednesday, January 31st. The real estate investment trust reported $2.25 EPS for the quarter, topping the consensus estimate of $1.22 by $1.03. AvalonBay Communities had a return on equity of 8.57% and a net margin of 40.62%. The business had revenue of $555.29 million during the quarter, compared to the consensus estimate of $554.20 million. During the same quarter last year, the company earned $2.12 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. equities analysts forecast that AvalonBay Communities will post 8.95 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 16th. Stockholders of record on Thursday, March 29th were given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Wednesday, March 28th. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.42. AvalonBay Communities’s dividend payout ratio (DPR) is 68.21%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Stifel Financial Corp lifted its position in AvalonBay Communities by 8.5% in the 3rd quarter. Stifel Financial Corp now owns 11,794 shares of the real estate investment trust’s stock worth $2,106,000 after buying an additional 919 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in AvalonBay Communities by 91.2% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 2,250 shares of the real estate investment trust’s stock worth $401,000 after buying an additional 1,073 shares during the last quarter. AXA lifted its position in AvalonBay Communities by 5.5% in the 3rd quarter. AXA now owns 117,895 shares of the real estate investment trust’s stock worth $21,034,000 after buying an additional 6,096 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in AvalonBay Communities by 3.7% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 277,745 shares of the real estate investment trust’s stock worth $49,555,000 after buying an additional 9,911 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in AvalonBay Communities by 76.6% in the 3rd quarter. Prudential Financial Inc. now owns 337,923 shares of the real estate investment trust’s stock worth $60,292,000 after buying an additional 146,610 shares during the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.
AvalonBay Communities Company Profile
AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.
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