AvalonBay Communities Inc (AVB) was Downgraded by Jefferies to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Jefferies advised their investors in a research report released on Jun 8, 2016.
Many Wall Street Analysts have commented on AvalonBay Communities Inc. Company shares were Reiterated by RBC Capital Mkts on May 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 198 from a previous price target of $196 .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 .
On the company’s financial health, AvalonBay Communities Inc reported $1.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $1.96. The company had revenue of $508.49 million for the quarter, 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.
AvalonBay Communities Inc closed down -0.44 points or -0.26% at $169.79 with 8,87,266 shares getting traded on Tuesday. Post opening the session at $170.49, the shares hit an intraday low of $169.47 and an intraday high of $172.11 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
Investors should note that on May 19, 2016, AvalonBay Communities Inc announced a cash dividend of $1.3500. The company’s management has announced Jun 28, 2016 as the ex-dividend date and fixed the record date on Jun 30, 2016. The payable date has been fixed on Jul 15, 2016.
In a different news, on May 12, 2016, William M Mclaughlin (Executive Vice President) sold 10,000 shares at $190.93 per share price. According to the SEC, on May 11, 2016, Edward M Schulman (EVP-General Counsel) sold 5,323 shares at $190.60 per share price. On May 11, 2016, Timothy J Naughton (Chairman & CEO) sold 59,340 shares at $190.99 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.