Westpac Banking Corp Increases Holdings in AvalonBay Communities, Inc. (NYSE:AVB)

Key Points

• Westpac Banking Corp increased its stake in AvalonBay Communities by 35.7%, now holding 47,825 shares worth approximately $10.26 million.
• AvalonBay has announced a quarterly dividend of $1.75 per share, which represents a 3.8% yield based on an annualized payout of $7.00.
• Numerous analysts have recently downgraded their price targets for AvalonBay, with Royal Bank Of Canada lowering its target from $216.00 to $211.00 while maintaining a "sector perform" rating.

Westpac Banking Corp boosted its position in AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 35.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,825 shares of the real estate investment trust's stock after acquiring an additional 12,574 shares during the quarter. AvalonBay Communities accounts for approximately 0.8% of Westpac Banking Corp's portfolio, making the stock its 24th largest holding. Westpac Banking Corp's holdings in AvalonBay Communities were worth $10,264,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC grew its stake in shares of AvalonBay Communities by 1.4% during the fourth quarter. Hsbc Holdings PLC now owns 604,010 shares of the real estate investment trust's stock valued at $132,751,000 after buying an additional 8,439 shares during the last quarter. Achmea Investment Management B.V. raised its holdings in AvalonBay Communities by 33.5% during the 1st quarter. Achmea Investment Management B.V. now owns 23,068 shares of the real estate investment trust's stock valued at $4,951,000 after buying an additional 5,791 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in AvalonBay Communities by 4.9% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,476 shares of the real estate investment trust's stock valued at $10,404,000 after buying an additional 2,243 shares during the last quarter. Vert Asset Management LLC raised its holdings in AvalonBay Communities by 5.0% during the 1st quarter. Vert Asset Management LLC now owns 66,660 shares of the real estate investment trust's stock valued at $14,307,000 after buying an additional 3,199 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in AvalonBay Communities by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 344,505 shares of the real estate investment trust's stock valued at $73,938,000 after buying an additional 28,608 shares during the last quarter. Institutional investors own 92.61% of the company's stock.

Wall Street Analyst Weigh In

AVB has been the topic of several recent analyst reports. Mizuho reissued a "neutral" rating and issued a $199.00 target price (down from $213.00) on shares of AvalonBay Communities in a research note on Thursday. Barclays cut their target price on AvalonBay Communities from $241.00 to $228.00 and set an "equal weight" rating on the stock in a research note on Tuesday. UBS Group cut their target price on AvalonBay Communities from $238.00 to $216.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Royal Bank Of Canada cut their target price on AvalonBay Communities from $216.00 to $211.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. Finally, Wall Street Zen raised AvalonBay Communities from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $225.64.

AvalonBay Communities Stock Up 0.5%

AvalonBay Communities stock traded up $0.87 during trading hours on Friday, hitting $190.19. 762,393 shares of the stock traded hands, compared to its average volume of 819,210. The firm's 50-day moving average price is $199.92 and its two-hundred day moving average price is $206.62. AvalonBay Communities, Inc. has a one year low of $180.40 and a one year high of $239.29. The company has a market cap of $27.08 billion, a PE ratio of 23.42, a PEG ratio of 2.74 and a beta of 0.86. 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 released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.02. AvalonBay Communities had a net margin of 38.91% and a return on equity of 9.70%. The firm had revenue of $689.90 million during the quarter, compared to analyst estimates of $759.08 million. During the same period last year, the business earned $2.77 earnings per share. On average, research analysts forecast that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Dividend Announcement

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

Insider Activity at AvalonBay Communities

In other news, CFO Kevin P. O'shea sold 6,000 shares of AvalonBay Communities stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $207.57, for a total transaction of $1,245,420.00. Following the completion of the transaction, the chief financial officer directly owned 22,782 shares in the company, valued at approximately $4,728,859.74. This trade represents a 20.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Edward M. Schulman sold 5,945 shares of AvalonBay Communities 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 transaction, the executive vice president owned 17,617 shares of the company's stock, valued at $3,623,288.39. The trade was 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 currently owned by company insiders.

About AvalonBay Communities

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.