Pacific Heights Asset Management LLC Purchases Shares of 150,000 AvalonBay Communities, Inc. $AVB

Pacific Heights Asset Management LLC purchased a new position in shares of AvalonBay Communities, Inc. (NYSE:AVB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 150,000 shares of the real estate investment trust’s stock, valued at approximately $28,304,000. Pacific Heights Asset Management LLC owned about 0.11% of AvalonBay Communities at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of AvalonBay Communities in the second quarter worth $38,663,000. Adelante Capital Management LLC acquired a new position in shares of AvalonBay Communities during the 2nd quarter valued at $55,001,000. Corient Private Wealth LP purchased a new stake in AvalonBay Communities during the 2nd quarter worth $6,404,000. Palogic Value Management L.P. purchased a new stake in AvalonBay Communities during the 2nd quarter worth $853,000. Finally, Bank of America Corp DE acquired a new stake in AvalonBay Communities in the 2nd quarter valued at $358,275,000. 92.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on AVB. Cantor Fitzgerald reissued a “neutral” rating and issued a $190.00 price objective on shares of AvalonBay Communities in a research report on Wednesday, August 19th. Weiss Ratings lowered AvalonBay Communities from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Jefferies Financial Group upgraded AvalonBay Communities to a “hold” rating in a research note on Wednesday, July 22nd. UBS Group reduced their price target on AvalonBay Communities from $191.00 to $189.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Scotiabank boosted their price target on AvalonBay Communities from $187.00 to $195.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $196.87.

AvalonBay Communities Stock Performance

Shares of AVB stock opened at $184.06 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.54 and a quick ratio of 0.54. The company’s fifty day moving average price is $187.89 and its two-hundred day moving average price is $180.75. The firm has a market capitalization of $26.28 billion, a P/E ratio of 30.08, a P/E/G ratio of 2.98 and a beta of 0.76. AvalonBay Communities, Inc. has a 12 month low of $160.10 and a 12 month high of $198.63.

AvalonBay Communities (NYSE:AVB) last announced its earnings results on Thursday, July 23rd. The real estate investment trust reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.12). AvalonBay Communities had a net margin of 33.33% and a return on equity of 8.58%. The business had revenue of $777.77 million for the quarter, compared to analyst estimates of $772.37 million. During the same quarter in the prior year, the business earned $2.82 earnings per share. On average, research analysts anticipate that AvalonBay Communities, Inc. will post 11.33 earnings per share for the current fiscal year.

AvalonBay Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. AvalonBay Communities’s dividend payout ratio (DPR) is presently 116.34%.

AvalonBay Communities Company Profile

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.