Ramirez Asset Management Inc. Reduces Position in AvalonBay Communities, Inc. $AVB

Key Points

• Ramirez Asset Management cut its stake in AvalonBay by 86.3% in Q3, selling 9,955 shares and leaving 1,586 shares valued at about $306,000.
• Other large investors increased positions (e.g., Barclays up 41.9%, Dimensional Fund Advisors owns ~2.08M shares) and institutional investors now hold 92.61% of the company.
• AvalonBay raised its quarterly dividend to $1.78 ($7.12 annualized, ~4.0% yield); the company slightly beat Q4 EPS estimates ($2.85 vs. $2.84) and carries an average analyst rating of "Hold" with a $199.66 target.

Ramirez Asset Management Inc. lessened its holdings in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 86.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,586 shares of the real estate investment trust's stock after selling 9,955 shares during the quarter. Ramirez Asset Management Inc.'s holdings in AvalonBay Communities were worth $306,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Barclays PLC raised its position in shares of AvalonBay Communities by 41.9% in the third quarter. Barclays PLC now owns 364,194 shares of the real estate investment trust's stock valued at $70,351,000 after purchasing an additional 107,622 shares during the period. Dimensional Fund Advisors LP boosted its holdings in AvalonBay Communities by 1.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,075,371 shares of the real estate investment trust's stock worth $400,901,000 after buying an additional 26,736 shares during the period. Insigneo Advisory Services LLC bought a new position in AvalonBay Communities in the 3rd quarter worth approximately $225,000. Cresset Asset Management LLC grew its stake in AvalonBay Communities by 4.8% in the 3rd quarter. Cresset Asset Management LLC now owns 3,030 shares of the real estate investment trust's stock valued at $591,000 after buying an additional 140 shares in the last quarter. Finally, CI Investments Inc. grew its stake in AvalonBay Communities by 0.5% in the 3rd quarter. CI Investments Inc. now owns 29,954 shares of the real estate investment trust's stock valued at $5,786,000 after buying an additional 159 shares in the last quarter. Hedge funds and other institutional investors own 92.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AVB shares. Weiss Ratings restated a "hold (c)" rating on shares of AvalonBay Communities in a research report on Friday, January 9th. Scotiabank reduced their price target on AvalonBay Communities from $193.00 to $190.00 and set a "sector perform" rating for the company in a research report on Wednesday. Barclays decreased their price objective on AvalonBay Communities from $217.00 to $202.00 and set an "overweight" rating on the stock in a research note on Friday. Royal Bank Of Canada dropped their price objective on AvalonBay Communities from $191.00 to $187.00 and set a "sector perform" rating on the stock in a report on Friday, February 6th. Finally, Wall Street Zen downgraded AvalonBay Communities from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Five investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $199.66.

AvalonBay Communities Stock Performance

Shares of AVB opened at $177.94 on Friday. AvalonBay Communities, Inc. has a 12-month low of $166.73 and a 12-month high of $222.38. The company has a current ratio of 0.77, a quick ratio of 0.67 and a debt-to-equity ratio of 0.79. The company has a market cap of $24.93 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 3.14 and a beta of 0.75. The stock has a 50-day moving average price of $178.24 and a 200-day moving average price of $182.87.

AvalonBay Communities (NYSE:AVB - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The real estate investment trust reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.01. AvalonBay Communities had a net margin of 34.57% and a return on equity of 8.78%. The company had revenue of $767.86 million for the quarter, compared to analysts' expectations of $766.38 million. During the same period in the prior year, the business earned $2.80 earnings per share. As a group, equities analysts forecast that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current fiscal year.

AvalonBay Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $1.78 per share. This is an increase from AvalonBay Communities's previous quarterly dividend of $1.75. The ex-dividend date is Tuesday, March 31st. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. AvalonBay Communities's dividend payout ratio is 85.47%.

About AvalonBay Communities

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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