Putnam Investments LLC increased its stake in AvalonBay Communities Inc (NYSE:AVB) by 0.7% during the fourth quarter, Holdings Channel reports. The firm owned 33,478 shares of the real estate investment trust’s stock after buying an additional 219 shares during the period. Putnam Investments LLC’s holdings in AvalonBay Communities were worth $5,931,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. increased its position in shares of AvalonBay Communities by 444.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 583 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 476 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in shares of AvalonBay Communities during the second quarter valued at $125,000. IFP Advisors Inc increased its position in shares of AvalonBay Communities by 0.3% in the second quarter. IFP Advisors Inc now owns 1,006 shares of the real estate investment trust’s stock valued at $181,000 after buying an additional 3 shares in the last quarter. Wetherby Asset Management Inc. purchased a new position in shares of AvalonBay Communities during the fourth quarter valued at $257,000. Finally, Advisor Group Inc. increased its position in shares of AvalonBay Communities by 10.8% in the third quarter. Advisor Group Inc. now owns 1,692 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 97.05% of the company’s stock.
Shares of AvalonBay Communities Inc (NYSE:AVB) traded up 0.97% during mid-day trading on Monday, hitting $182.92. 341,117 shares of the stock traded hands. The company has a market cap of $25.12 billion, a P/E ratio of 24.32 and a beta of 0.33. AvalonBay Communities Inc has a 12 month low of $158.32 and a 12 month high of $192.29. The firm has a 50 day moving average of $177.66 and a 200 day moving average of $173.21.
AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Wednesday, February 1st. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.94. AvalonBay Communities had a net margin of 50.56% and a return on equity of 10.36%. The company earned $518.24 million during the quarter, compared to analysts’ expectations of $517.45 million. During the same quarter in the previous year, the company earned $1.99 earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities analysts anticipate that AvalonBay Communities Inc will post $4.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 31st will be issued a $1.42 dividend. This is a boost from AvalonBay Communities’s previous quarterly dividend of $1.35. The ex-dividend date is Wednesday, March 29th. This represents a $5.68 dividend on an annualized basis and a yield of 3.14%. AvalonBay Communities’s payout ratio is presently 71.81%.
Several brokerages recently weighed in on AVB. Evercore ISI downgraded shares of AvalonBay Communities to a “buy” rating in a report on Friday. RBC Capital Markets reaffirmed a “buy” rating and issued a $191.00 target price on shares of AvalonBay Communities in a report on Monday, February 13th. Zelman & Associates downgraded shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a report on Monday, February 13th. Mizuho reaffirmed a “buy” rating and issued a $190.00 target price on shares of AvalonBay Communities in a report on Tuesday, February 7th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $183.00 target price on shares of AvalonBay Communities in a report on Thursday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. AvalonBay Communities has a consensus rating of “Hold” and an average price target of $188.17.
In other AvalonBay Communities news, insider Leo S. Horey III sold 1,000 shares of AvalonBay Communities stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $183.50, for a total value of $183,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is currently owned by insiders.
About AvalonBay Communities
AvalonBay Communities, Inc is a real estate investment trust. The Company focuses 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.