Legacy Capital Group California Inc. Takes Position in AvalonBay Communities, Inc. (NYSE:AVB)

Legacy Capital Group California Inc. bought a new stake in AvalonBay Communities, Inc. (NYSE:AVB) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,402 shares of the real estate investment trust’s stock, valued at approximately $528,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC acquired a new stake in shares of AvalonBay Communities in the 3rd quarter worth $26,000. Brooklyn Investment Group acquired a new stake in shares of AvalonBay Communities during the 3rd quarter valued at approximately $39,000. Prospera Private Wealth LLC purchased a new stake in shares of AvalonBay Communities during the 3rd quarter worth approximately $51,000. Catalyst Capital Advisors LLC grew its holdings in shares of AvalonBay Communities by 312.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 275 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in AvalonBay Communities by 59.9% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 478 shares of the real estate investment trust’s stock valued at $105,000 after purchasing an additional 179 shares in the last quarter. 92.61% of the stock is owned by institutional investors and hedge funds.

AvalonBay Communities Stock Up 0.8 %

AVB opened at $219.26 on Friday. AvalonBay Communities, Inc. has a 12 month low of $172.85 and a 12 month high of $239.29. The business has a 50-day moving average of $218.91 and a two-hundred day moving average of $222.76. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market capitalization of $31.19 billion, a price-to-earnings ratio of 28.89, a price-to-earnings-growth ratio of 3.10 and a beta of 0.99.

AvalonBay Communities (NYSE:AVB) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.03). AvalonBay Communities had a net margin of 37.13% and a return on equity of 9.15%. On average, research analysts expect that AvalonBay Communities, Inc. will post 11.48 earnings per share for the current year.

AvalonBay Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.19%. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, March 31st. AvalonBay Communities’s dividend payout ratio is presently 89.59%.

Analyst Ratings Changes

AVB has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded shares of AvalonBay Communities from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $247.00 to $262.00 in a research report on Tuesday, December 17th. Zelman & Associates upgraded shares of AvalonBay Communities from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 13th. Barclays cut their price objective on AvalonBay Communities from $230.00 to $226.00 and set an “equal weight” rating for the company in a research report on Wednesday. Royal Bank of Canada increased their target price on AvalonBay Communities from $226.00 to $229.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Finally, Mizuho raised AvalonBay Communities from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $239.00 to $242.00 in a report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $235.47.

AvalonBay Communities Company Profile

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.