Wedge Capital Management L L P NC Acquires 38,592 Shares of AvalonBay Communities, Inc. (AVB)

Wedge Capital Management L L P NC grew its holdings in AvalonBay Communities, Inc. (NYSE:AVB) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 527,766 shares of the real estate investment trust’s stock after purchasing an additional 38,592 shares during the quarter. AvalonBay Communities makes up 0.9% of Wedge Capital Management L L P NC’s portfolio, making the stock its 28th biggest position. Wedge Capital Management L L P NC owned 0.38% of AvalonBay Communities worth $94,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVB. FMR LLC raised its stake in shares of AvalonBay Communities by 22.2% during the 2nd quarter. FMR LLC now owns 5,341,390 shares of the real estate investment trust’s stock worth $1,026,454,000 after acquiring an additional 969,095 shares in the last quarter. Koch Industries Inc. bought a new position in shares of AvalonBay Communities during the 2nd quarter worth approximately $365,000. Harbour Capital Advisors LLC raised its stake in shares of AvalonBay Communities by 19,117.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 329,572 shares of the real estate investment trust’s stock worth $1,715,000 after acquiring an additional 327,857 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of AvalonBay Communities by 316.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 407,714 shares of the real estate investment trust’s stock worth $72,744,000 after acquiring an additional 309,867 shares in the last quarter. Finally, PGGM Investments raised its stake in shares of AvalonBay Communities by 21.0% during the 2nd quarter. PGGM Investments now owns 1,555,616 shares of the real estate investment trust’s stock worth $298,943,000 after acquiring an additional 270,164 shares in the last quarter. Hedge funds and other institutional investors own 97.42% of the company’s stock.

AvalonBay Communities (NYSE:AVB) last released its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $1.72 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.45). The company had revenue of $550.50 million for the quarter, compared to analyst estimates of $539.69 million. AvalonBay Communities had a return on equity of 8.66% and a net margin of 41.55%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.11 EPS.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a $1.42 dividend. The ex-dividend date was Thursday, September 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.15%. AvalonBay Communities’s payout ratio is 88.75%.

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Several research analysts recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of AvalonBay Communities from $209.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday. BidaskClub lowered shares of AvalonBay Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of AvalonBay Communities from a “sell” rating to a “hold” rating in a research note on Monday. Robert W. Baird reiterated a “buy” rating and set a $202.00 price objective on shares of AvalonBay Communities in a research note on Friday, September 1st. Finally, Deutsche Bank AG boosted their price objective on shares of AvalonBay Communities from $193.00 to $195.00 and gave the stock a “hold” rating in a research note on Friday, August 18th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $195.40.

About AvalonBay Communities

AvalonBay Communities, Inc is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California.

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

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