Cadence Capital Management LLC reduced its stake in AvalonBay Communities, Inc. (NYSE:AVB) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,231 shares of the real estate investment trust’s stock after selling 370 shares during the period. Cadence Capital Management LLC’s holdings in AvalonBay Communities were worth $1,774,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its position in shares of AvalonBay Communities by 129.0% in the first quarter. Canada Pension Plan Investment Board now owns 157,047 shares of the real estate investment trust’s stock valued at $28,834,000 after buying an additional 88,475 shares during the last quarter. Whittier Trust Co. raised its position in shares of AvalonBay Communities by 2.8% in the first quarter. Whittier Trust Co. now owns 1,144 shares of the real estate investment trust’s stock valued at $210,000 after buying an additional 31 shares during the last quarter. IBM Retirement Fund raised its position in shares of AvalonBay Communities by 120.1% in the second quarter. IBM Retirement Fund now owns 3,374 shares of the real estate investment trust’s stock valued at $724,000 after buying an additional 1,841 shares during the last quarter. Norinchukin Bank The raised its position in shares of AvalonBay Communities by 7.1% in the first quarter. Norinchukin Bank The now owns 8,924 shares of the real estate investment trust’s stock valued at $1,638,000 after buying an additional 593 shares during the last quarter. Finally, State Treasurer State of Michigan raised its position in shares of AvalonBay Communities by 0.4% in the second quarter. State Treasurer State of Michigan now owns 45,323 shares of the real estate investment trust’s stock valued at $8,710,000 after buying an additional 200 shares during the last quarter. Institutional investors own 97.89% of the company’s stock.
Shares of AvalonBay Communities, Inc. (AVB) opened at 189.08 on Wednesday. The firm’s 50-day moving average price is $189.75 and its 200 day moving average price is $188.02. AvalonBay Communities, Inc. has a 52 week low of $158.32 and a 52 week high of $199.52. The company has a market cap of $26.04 billion, a P/E ratio of 26.04 and a beta of 0.34.
AvalonBay Communities (NYSE:AVB) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $2.09 EPS for the quarter, missing the consensus estimate of $2.14 by $0.05. AvalonBay Communities had a net margin of 47.90% and a return on equity of 9.88%. The firm had revenue of $530.51 million for the quarter, compared to analyst estimates of $529.48 million. During the same quarter in the prior year, the firm earned $2.03 earnings per share. On average, equities analysts predict that AvalonBay Communities, Inc. will post $5.26 EPS for the current fiscal year.
Several research analysts have recently commented on AVB shares. BidaskClub lowered AvalonBay Communities from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Deutsche Bank AG lifted their target price on AvalonBay Communities from $193.00 to $195.00 and gave the stock a “hold” rating in a research report on Friday, August 18th. Barclays PLC boosted their price objective on AvalonBay Communities from $188.00 to $189.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. BMO Capital Markets restated a “hold” rating and set a $191.00 price objective on shares of AvalonBay Communities in a research report on Wednesday, August 2nd. Finally, Jefferies Group LLC restated a “hold” rating and set a $196.00 price objective on shares of AvalonBay Communities in a research report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $193.75.
In other AvalonBay Communities news, insider William M. Mclaughlin sold 5,112 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $193.88, for a total transaction of $991,114.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by insiders.
About AvalonBay Communities
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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