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Nuveen LLC Invests $280.23 Million in AvalonBay Communities, Inc. (NYSE:AVB)

AvalonBay Communities logo with Finance background

Key Points

  • Nuveen LLC made a significant investment of $280.23 million by acquiring approximately 1,305,684 shares in AvalonBay Communities, Inc. (NYSE:AVB) during the first quarter.
  • AvalonBay reported $2.82 earnings per share for its last quarter, slightly surpassing analysts' expectations of $2.80.
  • The company announced a quarterly dividend of $1.75, leading to an annualized dividend yield of 3.7%.
  • Want stock alerts on AvalonBay Communities? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Nuveen LLC acquired a new stake in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 1,305,684 shares of the real estate investment trust's stock, valued at approximately $280,226,000. Nuveen LLC owned approximately 0.92% of AvalonBay Communities at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of AvalonBay Communities during the 4th quarter valued at about $35,153,000. Capital Fund Management S.A. bought a new position in shares of AvalonBay Communities in the fourth quarter worth $6,598,000. Treasurer of the State of North Carolina raised its position in AvalonBay Communities by 0.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 64,056 shares of the real estate investment trust's stock valued at $14,090,000 after purchasing an additional 290 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of AvalonBay Communities by 56.3% in the fourth quarter. Sterling Capital Management LLC now owns 8,453 shares of the real estate investment trust's stock worth $1,859,000 after buying an additional 3,044 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in AvalonBay Communities by 5.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 11,100 shares of the real estate investment trust's stock valued at $2,441,000 after purchasing an additional 551 shares during the period. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Price Performance

Shares of AvalonBay Communities stock traded up $4.18 during trading hours on Wednesday, reaching $191.11. The stock had a trading volume of 826,314 shares, compared to its average volume of 888,509. The stock's 50 day moving average is $200.46 and its 200 day moving average is $206.94. The firm has a market capitalization of $27.21 billion, a PE ratio of 23.54, a PEG ratio of 2.68 and a beta of 0.86. AvalonBay Communities, Inc. has a twelve month low of $180.40 and a twelve month high of $239.29. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.71.

AvalonBay Communities (NYSE:AVB - Get Free Report) last issued its quarterly earnings data 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 net margin of 38.91% and a return on equity of 9.70%. The business had revenue of $689.90 million during the quarter, compared to the consensus estimate of $759.08 million. During the same quarter in the prior year, the firm posted $2.77 earnings per share. Equities analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $1.75 per share. The ex-dividend date was Monday, June 30th. This represents a $7.00 dividend on an annualized basis and a yield of 3.7%. AvalonBay Communities's dividend payout ratio is 86.21%.

Wall Street Analysts Forecast Growth

AVB has been the topic of a number of analyst reports. Mizuho dropped their price target on AvalonBay Communities from $238.00 to $213.00 and set an "outperform" rating on the stock in a research report on Friday, May 23rd. Barclays lowered their price objective on AvalonBay Communities from $241.00 to $228.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Evercore ISI lowered their price objective on AvalonBay Communities from $216.00 to $212.00 and set an "in-line" rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. lowered their price objective on AvalonBay Communities from $251.00 to $249.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 17th. Finally, Morgan Stanley raised AvalonBay Communities from an "equal weight" rating to an "overweight" rating and lowered their price objective for the company from $228.00 to $225.00 in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $227.36.

Get Our Latest Analysis on AVB

Insider Buying and Selling

In other AvalonBay Communities news, CFO Kevin P. O'shea sold 6,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $207.57, for a total value of $1,245,420.00. Following the sale, the chief financial officer directly owned 22,782 shares of the company's stock, valued at approximately $4,728,859.74. This represents a 20.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Edward M. Schulman sold 5,945 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were 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 approximately $3,623,288.39. This represents a 25.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

AvalonBay Communities Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for AvalonBay Communities (NYSE:AVB)

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