Camden National Bank purchased a new stake in shares of AvalonBay Communities Inc (NYSE:AVB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,384 shares of the real estate investment trust’s stock, valued at approximately $2,109,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its holdings in AvalonBay Communities by 84.2% in the first quarter. Parallel Advisors LLC now owns 337 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 154 shares during the period. Gyroscope Capital Management Group LLC increased its position in shares of AvalonBay Communities by 10.8% during the second quarter. Gyroscope Capital Management Group LLC now owns 1,924 shares of the real estate investment trust’s stock worth $400,000 after purchasing an additional 188 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of AvalonBay Communities during the first quarter worth approximately $229,000. Campbell & CO Investment Adviser LLC increased its position in shares of AvalonBay Communities by 202.2% during the first quarter. Campbell & CO Investment Adviser LLC now owns 3,783 shares of the real estate investment trust’s stock worth $759,000 after purchasing an additional 2,531 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of AvalonBay Communities by 2.7% during the first quarter. Wedge Capital Management L L P NC now owns 472,813 shares of the real estate investment trust’s stock worth $94,908,000 after purchasing an additional 12,221 shares in the last quarter. Institutional investors own 92.42% of the company’s stock.
In related news, EVP Edward M. Schulman sold 1,301 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $213.47, for a total value of $277,724.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William M. Mclaughlin sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $215.11, for a total value of $537,775.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,801 shares of company stock worth $1,243,499. Insiders own 0.42% of the company’s stock.
Several brokerages have issued reports on AVB. ValuEngine cut AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Co upped their target price on AvalonBay Communities from $218.00 to $224.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Morgan Stanley upped their price target on AvalonBay Communities from $217.00 to $229.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Citigroup upped their price target on AvalonBay Communities from $205.00 to $210.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on AvalonBay Communities from $214.00 to $224.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $212.87.
Shares of AvalonBay Communities stock opened at $209.53 on Friday. AvalonBay Communities Inc has a twelve month low of $167.01 and a twelve month high of $216.80. The stock has a market capitalization of $29.36 billion, a P/E ratio of 23.28, a PEG ratio of 3.88 and a beta of 0.52. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.70. The business’s fifty day moving average price is $208.44 and its 200 day moving average price is $203.90.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.31 by ($1.10). AvalonBay Communities had a return on equity of 8.63% and a net margin of 41.83%. The company had revenue of $577.26 million for the quarter, compared to analyst estimates of $572.69 million. During the same quarter in the prior year, the firm earned $2.23 EPS. As a group, sell-side analysts predict that AvalonBay Communities Inc will post 9.32 EPS for the current year.
AvalonBay Communities Profile
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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