Sheaff Brock Investment Advisors LLC lifted its stake in AvalonBay Communities Inc (NYSE:AVB) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,171 shares of the real estate investment trust’s stock after acquiring an additional 124 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in AvalonBay Communities were worth $441,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of AVB. Principal Financial Group Inc. boosted its holdings in shares of AvalonBay Communities by 11.8% in the first quarter. Principal Financial Group Inc. now owns 4,208,825 shares of the real estate investment trust’s stock worth $844,837,000 after acquiring an additional 445,179 shares during the period. BlackRock Inc. boosted its holdings in shares of AvalonBay Communities by 2.0% in the first quarter. BlackRock Inc. now owns 16,019,099 shares of the real estate investment trust’s stock worth $3,215,513,000 after acquiring an additional 318,151 shares during the period. Geode Capital Management LLC boosted its holdings in shares of AvalonBay Communities by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 2,297,292 shares of the real estate investment trust’s stock worth $399,297,000 after acquiring an additional 191,867 shares during the period. Hexavest Inc. bought a new position in shares of AvalonBay Communities in the second quarter worth $37,911,000. Finally, California Public Employees Retirement System boosted its holdings in shares of AvalonBay Communities by 21.0% in the first quarter. California Public Employees Retirement System now owns 852,896 shares of the real estate investment trust’s stock worth $171,202,000 after acquiring an additional 147,782 shares during the period. 91.88% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on the company. Mizuho lowered AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price target for the company. in a report on Wednesday, May 8th. Robert W. Baird raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $198.00 to $215.00 in a research note on Thursday, May 16th. Citigroup lifted their price objective on AvalonBay Communities from $205.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Morgan Stanley lifted their price objective on AvalonBay Communities from $194.00 to $217.00 and gave the company an “equal weight” rating in a research note on Thursday, June 27th. Finally, Zelman & Associates raised AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Monday. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. AvalonBay Communities currently has a consensus rating of “Hold” and an average price target of $210.31.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.31 by ($1.10). AvalonBay Communities had a net margin of 41.83% and a return on equity of 8.63%. The firm had revenue of $577.26 million for the quarter, compared to analysts’ expectations of $572.69 million. During the same quarter in the previous year, the business earned $2.23 EPS. On average, equities research analysts expect that AvalonBay Communities Inc will post 9.34 earnings per share for the current fiscal year.
In other news, insider Leo S. Horey III sold 1,000 shares of AvalonBay Communities stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.28, for a total value of $209,280.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kevin P. O’shea sold 250 shares of AvalonBay Communities stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $205.49, for a total value of $51,372.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,250 shares of company stock worth $1,513,723. Company insiders own 0.42% of the company’s stock.
About AvalonBay Communities
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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