Mackenzie Financial Corp Grows Stake in AvalonBay Communities, Inc. (NYSE:AVB)

Key Points

• Mackenzie Financial Corp increased its position in AvalonBay Communities by 52.5%, holding 24,439 shares valued at approximately $5.25 million.
• AvalonBay recently reported a $2.82 EPS for the quarter, slightly exceeding analyst estimates, although it experienced lower revenue than expected.
• The firm announced a quarterly dividend of $1.75, contributing to an annualized yield of 3.8% and a payout ratio of 86.21%.

Mackenzie Financial Corp boosted its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 52.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,439 shares of the real estate investment trust's stock after purchasing an additional 8,409 shares during the quarter. Mackenzie Financial Corp's holdings in AvalonBay Communities were worth $5,245,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVB. Proathlete Wealth Management LLC purchased a new position in AvalonBay Communities during the 1st quarter valued at about $29,000. Opal Wealth Advisors LLC acquired a new position in AvalonBay Communities during the first quarter worth approximately $33,000. Ancora Advisors LLC increased its position in AvalonBay Communities by 1,666.7% during the fourth quarter. Ancora Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 150 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in AvalonBay Communities during the fourth quarter worth approximately $53,000. Finally, Continuum Advisory LLC increased its position in AvalonBay Communities by 12,200.0% during the fourth quarter. Continuum Advisory LLC now owns 246 shares of the real estate investment trust's stock worth $54,000 after buying an additional 244 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AvalonBay Communities

In other AvalonBay Communities news, EVP Edward M. Schulman sold 5,945 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $205.67, for a total transaction of $1,222,708.15. Following the completion of the sale, the executive vice president directly owned 17,617 shares in the company, valued at $3,623,288.39. This represents a 25.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kevin P. O'shea sold 6,000 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $207.57, for a total value of $1,245,420.00. Following the sale, the chief financial officer owned 22,782 shares of the company's stock, valued at $4,728,859.74. This represents a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

AvalonBay Communities Price Performance

AVB traded down $1.74 during trading on Monday, reaching $182.70. 1,301,403 shares of the stock were exchanged, compared to its average volume of 762,505. The business's 50 day moving average price is $202.91 and its two-hundred day moving average price is $208.35. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market capitalization of $26.01 billion, a price-to-earnings ratio of 22.50, a P/E/G ratio of 2.48 and a beta of 0.86. AvalonBay Communities, Inc. has a 1 year low of $180.40 and a 1 year high of $239.29.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share for the quarter, topping analysts' consensus estimates of $2.80 by $0.02. AvalonBay Communities had a return on equity of 9.70% and a net margin of 38.91%. The company had revenue of $689.90 million during the quarter, compared to analysts' expectations of $759.08 million. During the same period in the previous year, the firm posted $2.77 earnings per share. As a group, equities research analysts anticipate that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, June 30th. AvalonBay Communities's dividend payout ratio is presently 86.21%.

Wall Street Analyst Weigh In

Several research analysts have commented on AVB shares. Scotiabank cut their price target on AvalonBay Communities from $251.00 to $236.00 and set a "sector perform" rating on the stock in a research report on Friday, June 13th. Evercore ISI dropped their target price on AvalonBay Communities from $229.00 to $216.00 and set an "in-line" rating on the stock in a report on Monday. Royal Bank Of Canada dropped their target price on AvalonBay Communities from $216.00 to $211.00 and set a "sector perform" rating on the stock in a report on Friday. JPMorgan Chase & Co. dropped their target price on AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating on the stock in a report on Tuesday, June 17th. Finally, Morgan Stanley boosted their target price on AvalonBay Communities from $226.00 to $228.00 and gave the company an "equal weight" rating in a report on Thursday, May 15th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $228.79.

AvalonBay Communities Profile

AvalonBay Communities, Inc is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. It operates through the following segments: Same Store, Other Stabilized, and Development or Redevelopment. The Same Store segment refers to the operating communities that were owned and had stabilized occupancy.