Russell Investments Group Ltd. Sells 84,060 Shares of AvalonBay Communities Inc (NYSE:AVB)

Russell Investments Group Ltd. cut its stake in shares of AvalonBay Communities Inc (NYSE:AVB) by 33.5% during the 3rd quarter, Holdings Channel reports. The fund owned 166,713 shares of the real estate investment trust’s stock after selling 84,060 shares during the period. Russell Investments Group Ltd.’s holdings in AvalonBay Communities were worth $35,817,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. United Capital Financial Advisers LLC raised its holdings in AvalonBay Communities by 6.5% during the second quarter. United Capital Financial Advisers LLC now owns 2,588 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 159 shares during the last quarter. Gyroscope Capital Management Group LLC raised its holdings in AvalonBay Communities by 10.8% during the second quarter. Gyroscope Capital Management Group LLC now owns 1,924 shares of the real estate investment trust’s stock worth $400,000 after buying an additional 188 shares during the last quarter. O Shares Investment Advisers LLC raised its holdings in AvalonBay Communities by 6.3% during the second quarter. O Shares Investment Advisers LLC now owns 13,865 shares of the real estate investment trust’s stock worth $2,817,000 after buying an additional 816 shares during the last quarter. Hartford Investment Management Co. raised its holdings in AvalonBay Communities by 1.2% during the second quarter. Hartford Investment Management Co. now owns 15,334 shares of the real estate investment trust’s stock worth $3,116,000 after buying an additional 176 shares during the last quarter. Finally, Surevest Inc. raised its holdings in AvalonBay Communities by 2.8% during the third quarter. Surevest Inc. now owns 11,556 shares of the real estate investment trust’s stock worth $2,488,000 after buying an additional 310 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:AVB opened at $209.14 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $29.42 billion, a PE ratio of 23.24, a P/E/G ratio of 3.66 and a beta of 0.47. AvalonBay Communities Inc has a twelve month low of $167.01 and a twelve month high of $222.87. The company has a 50-day moving average price of $216.41 and a two-hundred day moving average price of $208.59.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.80. AvalonBay Communities had a net margin of 45.56% and a return on equity of 9.35%. The company had revenue of $587.61 million during the quarter, compared to analyst estimates of $585.86 million. During the same period last year, the business earned $1.39 earnings per share. Analysts anticipate that AvalonBay Communities Inc will post 9.3 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.52 dividend. The ex-dividend date was Friday, September 27th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 2.91%. AvalonBay Communities’s dividend payout ratio (DPR) is currently 67.56%.

In other news, insider Leo S. Horey III sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $214.00, for a total value of $428,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William M. Mclaughlin sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $215.11, for a total transaction of $537,775.00. The disclosure for this sale can be found here. Insiders sold 5,801 shares of company stock valued at $1,243,499 over the last 90 days. 0.42% of the stock is owned by company insiders.

Several research analysts have weighed in on the stock. Wells Fargo & Co upped their price objective on shares of AvalonBay Communities from $218.00 to $224.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Barclays restated a “hold” rating and set a $240.00 price objective on shares of AvalonBay Communities in a report on Sunday, October 13th. SunTrust Banks upped their price objective on shares of AvalonBay Communities from $211.00 to $218.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. They noted that the move was a valuation call. Goldman Sachs Group assumed coverage on shares of AvalonBay Communities in a report on Friday. They set a “buy” rating and a $244.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of AvalonBay Communities from $210.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. AvalonBay Communities currently has a consensus rating of “Hold” and an average target price of $219.43.

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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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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