Carronade Capital Management LP Reduces Stock Holdings in AvalonBay Communities, Inc. $AVB

Key Points

• Carronade Capital Management cut its AvalonBay Communities stake by 21.3% in the first quarter, selling 11,148 shares and retaining 41,180 shares valued at approximately $6.7 million.
• Institutional ownership remains high at 92.61%, with major investors including Norges Bank, JPMorgan Chase, UBS Asset Management and Bank of America increasing their positions.
• AvalonBay reported quarterly EPS of $1.11, below the $1.23 analyst consensus, while revenue of $777.77 million exceeded expectations. Analysts maintain a consensus “Hold” rating with an average price target of $196.80, and the company offers a 3.8% dividend yield.

Carronade Capital Management LP reduced its position in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 21.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 41,180 shares of the real estate investment trust's stock after selling 11,148 shares during the quarter. AvalonBay Communities accounts for approximately 0.1% of Carronade Capital Management LP's holdings, making the stock its 19th biggest position. Carronade Capital Management LP's holdings in AvalonBay Communities were worth $6,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVB. Auto Owners Insurance Co boosted 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 worth $213,677,000 after buying an additional 11,720,150 shares during the last quarter. Norges Bank bought a new stake in AvalonBay Communities during the fourth quarter valued at approximately $1,394,635,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in AvalonBay Communities by 15,065.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,801,071 shares of the real estate investment trust's stock valued at $326,552,000 after buying an additional 1,789,195 shares during the last quarter. Bank of America Corp DE increased its holdings in AvalonBay Communities by 76.0% during the third quarter. Bank of America Corp DE now owns 2,355,838 shares of the real estate investment trust's stock valued at $455,077,000 after buying an additional 1,017,286 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in AvalonBay Communities by 22.4% in the fourth quarter. JPMorgan Chase & Co. now owns 5,159,950 shares of the real estate investment trust's stock worth $935,551,000 after acquiring an additional 944,129 shares during the period. Hedge funds and other institutional investors own 92.61% of the company's stock.

AvalonBay Communities Price Performance

Shares of NYSE:AVB opened at $189.53 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.62 and a quick ratio of 0.62. AvalonBay Communities, Inc. has a 1-year low of $160.10 and a 1-year high of $203.29. The company has a market capitalization of $26.92 billion, a P/E ratio of 27.47, a P/E/G ratio of 3.30 and a beta of 0.77. The firm's 50 day simple moving average is $187.49 and its two-hundred day simple moving average is $179.43.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.23 by ($0.12). The firm had revenue of $777.77 million during the quarter, compared to analysts' expectations of $772.37 million. AvalonBay Communities had a return on equity of 8.58% and a net margin of 33.33%.During the same period last year, the company earned $2.82 earnings per share. Research analysts expect that AvalonBay Communities, Inc. will post 11.28 EPS for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $1.78 dividend. 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 dividend payout ratio is presently 103.19%.

Wall Street Analyst Weigh In

AVB has been the topic of several analyst reports. Barclays reiterated an "equal weight" rating and set a $205.00 price target (up from $203.00) on shares of AvalonBay Communities in a research note on Tuesday, July 14th. Royal Bank Of Canada upped their price objective on AvalonBay Communities from $180.00 to $188.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 29th. Scotiabank raised their target price on AvalonBay Communities from $187.00 to $195.00 and gave the stock a "sector perform" rating in a report on Thursday, July 9th. Wall Street Zen upgraded AvalonBay Communities from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings raised AvalonBay Communities from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target 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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