AvalonBay Communities Inc (NYSE:AVB) – Investment analysts at Jefferies Financial Group reduced their Q2 2019 earnings per share (EPS) estimates for shares of AvalonBay Communities in a note issued to investors on Tuesday, February 12th. Jefferies Financial Group analyst O. Okusanya now expects that the real estate investment trust will post earnings of $2.33 per share for the quarter, down from their previous forecast of $2.34. Jefferies Financial Group also issued estimates for AvalonBay Communities’ Q3 2019 earnings at $2.33 EPS, Q4 2019 earnings at $2.36 EPS and FY2019 earnings at $9.34 EPS.
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AvalonBay Communities (NYSE:AVB) last issued its earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.32 by ($0.01). AvalonBay Communities had a return on equity of 9.33% and a net margin of 42.66%. The business had revenue of $578.52 million during the quarter, compared to the consensus estimate of $576.56 million. During the same period in the prior year, the business earned $1.72 EPS. The business’s revenue was up 4.2% on a year-over-year basis.
A number of other equities analysts have also recently issued reports on the stock. ValuEngine raised shares of AvalonBay Communities from a “hold” rating to a “buy” rating in a report on Thursday, January 24th. Zacks Investment Research cut shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, January 17th. Morgan Stanley raised their target price on shares of AvalonBay Communities from $168.00 to $194.00 and gave the stock an “equal weight” rating in a report on Monday, December 17th. BTIG Research raised shares of AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $216.00 target price on the stock in a report on Thursday, December 6th. Finally, Argus raised their target price on shares of AvalonBay Communities from $196.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, November 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $195.50.
Shares of NYSE AVB opened at $196.07 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66. AvalonBay Communities has a 52-week low of $152.65 and a 52-week high of $196.21. The stock has a market capitalization of $26.74 billion, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 3.24 and a beta of 0.62.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. raised its holdings in AvalonBay Communities by 3.1% during the third quarter. Prudential Financial Inc. now owns 794,657 shares of the real estate investment trust’s stock worth $143,952,000 after purchasing an additional 24,163 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in AvalonBay Communities by 2.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 640,664 shares of the real estate investment trust’s stock worth $116,056,000 after purchasing an additional 16,029 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in AvalonBay Communities by 10.5% during the third quarter. Royal London Asset Management Ltd. now owns 67,839 shares of the real estate investment trust’s stock worth $12,288,000 after purchasing an additional 6,435 shares in the last quarter. Stone Ridge Asset Management LLC bought a new stake in AvalonBay Communities during the third quarter worth approximately $4,891,000. Finally, IFP Advisors Inc raised its holdings in AvalonBay Communities by 627.2% during the third quarter. IFP Advisors Inc now owns 749 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 646 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors.
In other news, EVP William M. Mclaughlin sold 23,302 shares of AvalonBay Communities stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $186.87, for a total transaction of $4,354,444.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Sean J. Breslin sold 3,366 shares of AvalonBay Communities stock in a transaction that occurred on Thursday, December 6th. The shares were sold at an average price of $189.08, for a total value of $636,443.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,953 shares of company stock worth $7,096,213. Corporate insiders own 0.43% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Thursday, March 28th. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.47. AvalonBay Communities’s payout ratio is 65.33%.
About AvalonBay Communities
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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