Bank of New York Mellon Corp Sells 106,772 Shares of AvalonBay Communities, Inc. $AVB

Key Points

• Bank of New York Mellon Corp cut its stake in AvalonBay Communities by 11.4% in the first quarter, selling 106,772 shares and leaving it with 831,941 shares worth about $135.9 million.
• AvalonBay reported Q2 earnings of $2.33 per share, missing analyst expectations of $2.80, though revenue of $770.3 million came in slightly above forecasts.
• The company paid a quarterly dividend of $1.78 per share, equal to a 3.7% annualized yield, while analysts currently rate the stock a consensus Hold with an average price target of $195.80.

Bank of New York Mellon Corp decreased its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 11.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 831,941 shares of the real estate investment trust's stock after selling 106,772 shares during the quarter. Bank of New York Mellon Corp owned about 0.60% of AvalonBay Communities worth $135,898,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of AvalonBay Communities by 1.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,358 shares of the real estate investment trust's stock valued at $649,000 after acquiring an additional 60 shares during the last quarter. Keybank National Association OH raised its position in AvalonBay Communities by 2.6% during the fourth quarter. Keybank National Association OH now owns 2,458 shares of the real estate investment trust's stock valued at $446,000 after purchasing an additional 62 shares during the period. Arbor Capital Management Inc. ADV lifted its stake in shares of AvalonBay Communities by 1.4% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 6,540 shares of the real estate investment trust's stock valued at $1,090,000 after purchasing an additional 90 shares during the last quarter. Phoenix Financial Ltd. lifted its stake in shares of AvalonBay Communities by 5.7% in the 4th quarter. Phoenix Financial Ltd. now owns 1,713 shares of the real estate investment trust's stock valued at $311,000 after purchasing an additional 92 shares during the last quarter. Finally, New Mexico Educational Retirement Board boosted its holdings in shares of AvalonBay Communities by 1.6% in the 4th quarter. New Mexico Educational Retirement Board now owns 6,527 shares of the real estate investment trust's stock worth $1,183,000 after purchasing an additional 100 shares during the period. Institutional investors own 92.61% of the company's stock.

AvalonBay Communities Trading Down 0.0%

Shares of NYSE:AVB opened at $192.47 on Monday. AvalonBay Communities, Inc. has a 12-month low of $160.10 and a 12-month high of $205.00. The business's fifty day simple moving average is $186.93 and its 200-day simple moving average is $179.11. The company has a market capitalization of $27.34 billion, a PE ratio of 27.89, a P/E/G ratio of 3.35 and a beta of 0.77. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.80.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.33 earnings per share for the quarter, missing analysts' consensus estimates of $2.80 by ($0.47). AvalonBay Communities had a return on equity of 9.56% and a net margin of 37.21%.The company had revenue of $770.28 million for the quarter, compared to analysts' expectations of $768.80 million. During the same quarter last year, the company earned $2.83 earnings per share. As a group, equities research analysts predict that AvalonBay Communities, Inc. will post 11.28 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 30th. AvalonBay Communities's dividend payout ratio is presently 103.19%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley reissued an "equal weight" rating and set a $203.00 target price (down from $208.00) on shares of AvalonBay Communities in a research report on Thursday, March 26th. Wells Fargo & Company reduced their target price on shares of AvalonBay Communities from $193.00 to $191.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. Wolfe Research upgraded shares of AvalonBay Communities from an "outperform" rating to an "outperform" rating and set a $209.00 price target on the stock in a report on Monday, June 1st. Barclays reissued an "equal weight" rating and issued a $205.00 price objective (up from $203.00) on shares of AvalonBay Communities in a research note on Tuesday, July 14th. Finally, Cantor Fitzgerald upped their target price on AvalonBay Communities from $186.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Three 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 presently has an average rating of "Hold" and an average price target of $195.80.

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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