Bank of New York Mellon Corp Purchases Shares of 818,894 AvalonBay Communities, Inc. $AVB

Bank of New York Mellon Corp acquired a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 818,894 shares of the real estate investment trust's stock, valued at approximately $154,517,000. Bank of New York Mellon Corp owned 0.57% of AvalonBay Communities at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Auto Owners Insurance Co boosted its holdings in shares of AvalonBay Communities by 18,031.0% during the fourth quarter. Auto Owners Insurance Co now owns 11,785,150 shares of the real estate investment trust's stock worth $213,677,000 after acquiring an additional 11,720,150 shares during the period. State Street Corp increased its stake in shares of AvalonBay Communities by 1.0% during the third quarter. State Street Corp now owns 9,537,966 shares of the real estate investment trust's stock worth $1,858,788,000 after purchasing an additional 92,467 shares during the period. Norges Bank acquired a new stake in AvalonBay Communities during the 4th quarter worth approximately $1,394,635,000. JPMorgan Chase & Co. lifted its holdings 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 purchasing an additional 944,129 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in AvalonBay Communities by 9.3% in 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 purchasing an additional 383,983 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

AvalonBay Communities Stock Performance

AVB opened at $184.06 on Monday. The firm has a market cap of $26.28 billion, a P/E ratio of 30.08, a price-to-earnings-growth ratio of 2.98 and a beta of 0.76. AvalonBay Communities, Inc. has a 52-week low of $160.10 and a 52-week high of $198.63. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.54 and a current ratio of 0.54. The business's fifty day moving average is $187.69 and its 200-day moving average is $180.46.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The company had revenue of $777.77 million during the quarter, compared to analyst estimates of $772.37 million. AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. During the same period last year, the firm earned $2.82 EPS. Sell-side analysts expect that AvalonBay Communities, Inc. will post 11.33 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities's dividend payout ratio is 116.34%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings lowered AvalonBay Communities from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, August 6th. UBS Group dropped their target price on AvalonBay Communities from $191.00 to $189.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Scotiabank boosted their target price on shares of AvalonBay Communities from $187.00 to $195.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. Barclays upped their price target on shares of AvalonBay Communities from $205.00 to $206.00 and gave the company an "equal weight" rating in a research note on Monday, August 17th. Finally, Royal Bank Of Canada raised their price target on shares of AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to data from MarketBeat, AvalonBay Communities presently has an average rating of "Hold" and a consensus price target of $196.87.

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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