AvalonBay Communities Inc (AVB) reported quarterly earnings results on Wednesday, Apr-27-2016. The company said it had a profit of $1.97 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $1.96. The company posted revenue of $508.49 million in the period, compared to analysts expectations of $483.66 million. The company’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS.
Many Wall Street Analysts have commented on AvalonBay Communities Inc. Company shares were Downgraded by UBS on Apr 11, 2016 to ” Neutral”, Firm has raised the Price Target to $ 184 from a previous price target of $180 .Shares were Reiterated by RBC Capital Mkts on Feb 12, 2016 to “Outperform” and Lowered the Price Target to $ 196 from a previous price target of $205 .
AvalonBay Communities Inc opened for trading at $178.77 and hit $180.73 on the upside on Friday, eventually ending the session at $180.17, with a gain of 1.44% or 2.55 points. The heightened volatility saw the trading volume jump to 5,75,332 shares. Company has a market cap of $24,684 M.
In a different news, on Mar 7, 2016, Kevin P. O’shea (Chief Financial Officer) sold 1,250 shares at $178.79 per share price. According to the SEC, on Mar 3, 2016, Leo S Iii Horey (Chief Administrative Officer) sold 1,958 shares at $178.25 per share price. On Feb 10, 2016, John J Jr Healy (director) sold 1,318 shares at $163.29 per share price, according to the Form-4 filing with the securities and exchange commission.
AvalonBay Communities Inc. is a real estate investment trust (REIT). The Company develops redevelops acquires owns and operates multifamily communities primarily in New England the New York/New Jersey metro area the Mid-Atlantic the Pacific Northwest and Northern and Southern California. It focuses on metropolitan areas in these regions. The Company operates in three segments: Established Communities Other Stabilized Communities and Development/Redevelopment Communities. It owns an ownership interest in around 252 operating apartment communities containing 74240 apartment homes in 11 states and the District of Columbia of which around 228 communities contain around 66631 apartment homes; two communities containing over 618 apartment homes were held by joint ventures in which it holds an ownership interest and approximately 22 communities contain around 6991 apartment homes. It operates apartment communities under three core brands: Avalon AVA and Eaves by Avalon.