ValuEngine downgraded shares of AvalonBay Communities (NYSE:AVB) from a buy rating to a hold rating in a report issued on Monday morning.
Several other analysts have also recently commented on the company. Morgan Stanley lifted their price target on AvalonBay Communities from $168.00 to $194.00 and gave the company an equal weight rating in a report on Monday, December 17th. Scotiabank set a $183.00 price target on AvalonBay Communities and gave the stock a hold rating in a report on Monday, November 12th. Argus upped their price target on AvalonBay Communities from $196.00 to $205.00 and gave the stock a buy rating in a report on Wednesday, November 21st. BTIG Research upgraded AvalonBay Communities from a neutral rating to a buy rating and set a $216.00 price target for the company in a report on Thursday, December 6th. Finally, BMO Capital Markets upgraded AvalonBay Communities from a market perform rating to an outperform rating and upped their price target for the stock from $188.00 to $195.00 in a report on Friday, November 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $193.38.
Shares of NYSE:AVB traded down $0.96 during midday trading on Monday, hitting $177.03. 4,814 shares of the stock were exchanged, compared to its average volume of 659,809. The company has a market capitalization of $24.29 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 2.56 and a beta of 0.51. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.72. AvalonBay Communities has a twelve month low of $152.65 and a twelve month high of $191.91.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, December 28th. AvalonBay Communities’s payout ratio is 68.21%.
In other AvalonBay Communities news, EVP William M. Mclaughlin sold 23,302 shares of the company’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $186.87, for a total value of $4,354,444.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin P. O’shea sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $179.51, for a total value of $269,265.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,453 shares of company stock worth $7,365,478. 0.43% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. State Treasurer State of Michigan raised its position in shares of AvalonBay Communities by 0.7% during the 3rd quarter. State Treasurer State of Michigan now owns 41,223 shares of the real estate investment trust’s stock valued at $7,468,000 after acquiring an additional 300 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of AvalonBay Communities by 2.1% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 15,099 shares of the real estate investment trust’s stock valued at $2,595,000 after acquiring an additional 316 shares in the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of AvalonBay Communities by 30.3% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 1,594 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 371 shares in the last quarter. DNB Asset Management AS raised its position in shares of AvalonBay Communities by 2.4% during the 3rd quarter. DNB Asset Management AS now owns 16,968 shares of the real estate investment trust’s stock valued at $3,074,000 after acquiring an additional 390 shares in the last quarter. Finally, Texas Yale Capital Corp. raised its position in shares of AvalonBay Communities by 11.4% during the 3rd quarter. Texas Yale Capital Corp. now owns 3,901 shares of the real estate investment trust’s stock valued at $707,000 after acquiring an additional 400 shares in the last quarter. 92.31% of the stock is currently owned by institutional investors.
AvalonBay Communities Company Profile
As of September 30, 2018, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 84,490 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 15 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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