Prudential Financial Inc. Lowers Position in AvalonBay Communities, Inc. (NYSE:AVB)

Prudential Financial Inc. lowered its stake in shares of AvalonBay Communities, Inc. (NYSE:AVB - Free Report) by 28.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,964 shares of the real estate investment trust's stock after selling 33,552 shares during the quarter. Prudential Financial Inc. owned 0.06% of AvalonBay Communities worth $18,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Raymond James Trust N.A. raised its position in AvalonBay Communities by 3.1% in the 3rd quarter. Raymond James Trust N.A. now owns 2,015 shares of the real estate investment trust's stock valued at $454,000 after purchasing an additional 60 shares in the last quarter. Swedbank AB increased its stake in shares of AvalonBay Communities by 46.6% during the third quarter. Swedbank AB now owns 34,791 shares of the real estate investment trust's stock worth $7,837,000 after buying an additional 11,064 shares during the period. Larson Financial Group LLC increased its stake in shares of AvalonBay Communities by 2,775.9% during the third quarter. Larson Financial Group LLC now owns 1,553 shares of the real estate investment trust's stock worth $350,000 after buying an additional 1,499 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in AvalonBay Communities in the third quarter valued at approximately $215,000. Finally, The Manufacturers Life Insurance Company lifted its stake in AvalonBay Communities by 2.5% in the third quarter. The Manufacturers Life Insurance Company now owns 112,392 shares of the real estate investment trust's stock worth $25,316,000 after acquiring an additional 2,702 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

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AvalonBay Communities Stock Performance

AvalonBay Communities stock traded up $3.19 during midday trading on Monday, hitting $215.02. 97,174 shares of the company's stock were exchanged, compared to its average volume of 667,171. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market cap of $30.59 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 3.11 and a beta of 1.00. AvalonBay Communities, Inc. has a 12-month low of $177.40 and a 12-month high of $239.29. The firm's 50 day simple moving average is $217.50 and its 200 day simple moving average is $222.39.

AvalonBay Communities (NYSE:AVB - Get Free Report) last released its quarterly 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 return on equity of 9.15% and a net margin of 37.13%. Equities research analysts predict that AvalonBay Communities, Inc. will post 11.48 EPS for the current year.

AvalonBay Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $1.75 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.26%. This is a positive change from AvalonBay Communities's previous quarterly dividend of $1.70. AvalonBay Communities's payout ratio is presently 92.23%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVB. Morgan Stanley lowered shares of AvalonBay Communities from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $236.00 to $223.00 in a report on Friday, January 24th. Mizuho upgraded AvalonBay Communities from a "neutral" rating to an "outperform" rating and raised their price target for the company from $239.00 to $242.00 in a research note on Monday, January 6th. Royal Bank of Canada lifted their price target on AvalonBay Communities from $226.00 to $229.00 and gave the stock a "sector perform" rating in a report on Friday, February 7th. Zelman & Associates upgraded AvalonBay Communities from a "neutral" rating to an "outperform" rating in a report on Thursday, February 13th. Finally, Barclays lowered their price target on AvalonBay Communities from $230.00 to $226.00 and set an "equal weight" rating for the company in a report on Wednesday, February 19th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $238.64.

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.