Aurora Investment Managers LLC. Reduces Position in AvalonBay Communities, Inc. $AVB

Key Points

• Aurora Investment Managers cut its AvalonBay Communities stake by 85.2% in the second quarter, selling 14,579 shares and retaining 2,528 shares valued at approximately $477,000. Institutional investors collectively own 92.61% of AVB.
• AvalonBay reported quarterly EPS of $1.11, missing the $1.23 analyst consensus, while revenue of $777.77 million exceeded estimates. Analysts project full-year EPS of $11.31.
• The REIT pays an annualized dividend of $7.12 per share, yielding about 3.8%, but its payout ratio is elevated at 116.34%. Analysts maintain a consensus “Hold” rating with an average price target of $196.80.

Aurora Investment Managers LLC. decreased its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 85.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,528 shares of the real estate investment trust's stock after selling 14,579 shares during the quarter. Aurora Investment Managers LLC.'s holdings in AvalonBay Communities were worth $477,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Auto Owners Insurance Co increased its holdings in shares of AvalonBay Communities by 18,031.0% in the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock valued at $213,677,000 after purchasing an additional 11,720,150 shares during the period. State Street Corp increased its holdings in AvalonBay Communities by 1.0% in the 3rd quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust's stock worth $1,858,788,000 after buying an additional 92,467 shares during the period. Norges Bank acquired a new position in AvalonBay Communities in the 4th quarter worth approximately $1,394,635,000. JPMorgan Chase & Co. raised its position in AvalonBay Communities by 22.4% during the 4th quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust's stock worth $935,551,000 after buying an additional 944,129 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in AvalonBay Communities by 9.3% during the 4th quarter. Principal Financial Group Inc. now owns 4,497,047 shares of the real estate investment trust's stock valued at $815,360,000 after acquiring an additional 383,983 shares during the period. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Stock Performance

Shares of AvalonBay Communities stock opened at $187.48 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.74. AvalonBay Communities, Inc. has a 52 week low of $160.10 and a 52 week high of $198.63. The firm's 50 day moving average is $188.20 and its two-hundred day moving average is $179.99. The firm has a market capitalization of $26.77 billion, a P/E ratio of 30.63, a P/E/G ratio of 3.24 and a beta of 0.76.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The business had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same quarter in the prior year, the company earned $2.82 EPS. Research analysts forecast that AvalonBay Communities, Inc. will post 11.31 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, June 30th. AvalonBay Communities's payout ratio is presently 116.34%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVB. Wall Street Zen raised AvalonBay Communities from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Scotiabank raised their price objective on AvalonBay Communities from $187.00 to $195.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Wells Fargo & Company cut their price objective on AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating for the company in a research report on Thursday, April 23rd. Barclays reaffirmed an "equal weight" rating and set a $205.00 target price (up from $203.00) on shares of AvalonBay Communities in a research note on Tuesday, July 14th. Finally, UBS Group decreased their target price on AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating on the stock in a research report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat, AvalonBay Communities currently has a consensus rating of "Hold" and a consensus target price of $196.80.

AvalonBay Communities Profile

AvalonBay Communities, Inc NYSE: AVB is a publicly traded real estate investment trust (REIT) that owns, develops, redevelops and manages multifamily residential properties. The company focuses on professionally managed apartment communities, offering a range of rental housing options and related resident services. As a REIT, AvalonBay's core activities center on the acquisition and development of apartment assets and the ongoing operations and leasing of those communities.

AvalonBay's operating activities include ground-up development, strategic redevelopment of existing properties, property and asset management, and on-site leasing and resident services.

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