Korea Investment CORP lowered its stake in shares of AvalonBay Communities (NYSE:AVB) by 5.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,320 shares of the real estate investment trust’s stock after selling 8,351 shares during the quarter. Korea Investment CORP owned about 0.12% of AvalonBay Communities worth $26,202,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bartlett & Co. LLC increased its stake in shares of AvalonBay Communities by 112.8% during the 4th quarter. Bartlett & Co. LLC now owns 681 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 361 shares during the last quarter. Keeler Thomas Management LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter valued at about $166,000. NuWave Investment Management LLC acquired a new position in shares of AvalonBay Communities during the 4th quarter valued at about $181,000. MUFG Americas Holdings Corp acquired a new position in shares of AvalonBay Communities during the 4th quarter valued at about $189,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of AvalonBay Communities during the 4th quarter valued at about $236,000. 95.85% of the stock is owned by institutional investors.
AVB has been the subject of a number of research reports. ValuEngine cut AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Mizuho set a $185.00 target price on AvalonBay Communities and gave the stock a “buy” rating in a report on Friday, February 9th. Barclays decreased their target price on AvalonBay Communities from $189.00 to $186.00 and set an “equal weight” rating for the company in a report on Tuesday, January 30th. SunTrust Banks set a $194.00 target price on AvalonBay Communities and gave the stock a “buy” rating in a report on Monday, January 22nd. Finally, Sandler O’Neill cut AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company. AvalonBay Communities presently has an average rating of “Hold” and a consensus price target of $188.94.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings results on Wednesday, April 25th. The real estate investment trust reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.19 by ($1.16). The company had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $556.23 million. AvalonBay Communities had a return on equity of 7.57% and a net margin of 35.62%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.09 EPS. sell-side analysts forecast that AvalonBay Communities will post 8.95 earnings per share for the current fiscal year.
AvalonBay Communities Profile
As of December 31, 2017, the Company owned or held a direct or indirect ownership interest in 288 apartment communities containing 84,158 apartment homes in 12 states and the District of Columbia, of which 21 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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