Ratings Change: AvalonBay (NYSE:AVB) Hit With Downgrade by BofA Merrill, Is This a Concern?

November 23, 2016 - By Clifton Ray

Ratings Change: AvalonBay (NYSE:AVB) Hit With Downgrade by BofA Merrill, Is This a Concern?

AvalonBay (NYSE:AVB) Downgrade

BofA Merrill has downgraded AvalonBay (NYSE:AVB) stock to Neutral in a a note sent to investors on 23 November. AVB’s old rating was Buy.

AvalonBay Communities Inc (NYSE:AVB) Ratings Coverage

Out of 17 analysts covering Avalonbay Communities Inc. (NYSE:AVB), 8 rate it a “Buy”, 1 “Sell”, while 8 “Hold”. This means 47% are positive. $210 is the highest target while $180 is the lowest. The $194.57 average target is 21.93% above today’s ($159.57) stock price. Avalonbay Communities Inc. has been the topic of 32 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was initiated by JMP Securities with “Market Perform” on Friday, January 8. The stock has “Buy” rating given by SunTrust on Tuesday, July 21. The firm has “Buy” rating given on Thursday, August 25 by BTIG Research. The firm has “Buy” rating by Sandler O’Neill given on Tuesday, September 6. On Thursday, August 20 the stock rating was upgraded by Credit Suisse to “Outperform”. The firm earned “Underweight” rating on Tuesday, November 10 by BB&T Capital. Barclays Capital maintained it with “Equal-Weight” rating and $195 target price in Thursday, April 14 report. Jefferies maintained AvalonBay Communities Inc (NYSE:AVB) rating on Wednesday, August 10. Jefferies has “Hold” rating and $187 price target. Evercore maintained AvalonBay Communities Inc (NYSE:AVB) rating on Tuesday, September 8. Evercore has “Buy” rating and $187 price target. On Wednesday, August 10 the stock rating was maintained by Deutsche Bank with “Buy”.

About 230,359 shares traded hands. AvalonBay Communities Inc (NYSE:AVB) has declined 8.57% since April 21, 2016 and is downtrending. It has underperformed by 13.90% the S&P500.

Insitutional Activity: The institutional sentiment decreased to 0.79 in Q2 2016. Its down 0.47, from 1.26 in 2016Q1. The ratio turned negative, as 37 funds sold all AvalonBay Communities Inc shares owned while 134 reduced positions. 47 funds bought stakes while 169 increased positions. They now own 130.20 million shares or 5.40% less from 137.63 million shares in 2016Q1.

Stephens Ar holds 16,229 shares or 0.13% of its portfolio. Zurcher Kantonalbank (Zurich Cantonalbank) holds 50,185 shares or 0.12% of its portfolio. Hartford Fincl Mngmt holds 0.01% of its portfolio in AvalonBay Communities Inc (NYSE:AVB) for 68 shares. Hexavest has invested 0.36% of its portfolio in AvalonBay Communities Inc (NYSE:AVB). Piedmont Inv Advsrs Ltd Liability Com reported 3 shares or 0% of all its holdings. 1St Advsr has 6,234 shares for 0.16% of their US portfolio. Moreover, Amica Pension Fund Board Of Trustees has 0.26% invested in AvalonBay Communities Inc (NYSE:AVB) for 10,925 shares. Phocas Fincl owns 11,496 shares or 0.15% of their US portfolio. State Treasurer State Of Michigan, a Michigan-based fund reported 47,619 shares. Peak6 Invests L P has invested 0% of its portfolio in AvalonBay Communities Inc (NYSE:AVB). Invesco has 0.37% invested in the company for 5.51M shares. Rs Investment Limited Liability holds 0.07% of its portfolio in AvalonBay Communities Inc (NYSE:AVB) for 35,492 shares. New Jersey Better Educational Savings Trust last reported 0.49% of its portfolio in the stock. Moreover, Alyeska Inv Group Ltd Partnership has 0.02% invested in AvalonBay Communities Inc (NYSE:AVB) for 10,865 shares. Teacher Retirement System Of Texas has invested 0.05% of its portfolio in AvalonBay Communities Inc (NYSE:AVB).

Insider Transactions: Since August 8, 2016, the stock had 0 insider purchases, and 2 insider sales for $1.48 million net activity. The insider Birenbaum Matthew H. sold $1.29M. Another trade for 1,000 shares valued at $185,711 was made by Breslin Sean J. on Tuesday, August 9.

AvalonBay Communities, Inc. is a real estate investment trust. The company has a market cap of $22.28 billion. The Firm focuses 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. It has a 23.22 P/E ratio. It operates through divisions, which include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities.

According to Zacks Investment Research, “AvalonBay Communities, Inc. is a real estate investment trust. They focus on the ownership and operation of upscale apartment communities in high barrier-to-entry markets of the United States. These markets include Northern and Southern California and selected states in the Mid-Atlantic, Northeast, Midwest and Pacific Northwest regions of the country. AvalonBay is the surviving corporation from the merger of Avalon Properties, Inc. with and into Bay Apartment Communities, Inc.”

AVB Company Profile

AvalonBay Communities, Inc., incorporated on March 13, 1995, is a real estate investment trust (REIT). The Firm focuses 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. The Firm operates through divisions, which include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. The Firm owns or holds an interest in approximately 260 operating apartment communities containing over 75,380 apartment homes in approximately 10 states and the District of Columbia, of which over 10 communities containing approximately 3,430 apartment homes are under reconstruction. The Firm operates its apartment communities under three core brands: Avalon, AVA and Eaves by Avalon.

More important recent AvalonBay Communities Inc (NYSE:AVB) news were published by: Forbes.com which released: “AvalonBay Communities Enters Oversold Territory” on August 24, 2016, also Businesswire.com published article titled: “AvalonBay Communities, Inc. Announces First Quarter 2016 Operating Results”, Businesswire.com published: “AvalonBay Communities, Inc. Announces Third Quarter 2016 Operating Results” on October 24, 2016. More interesting news about AvalonBay Communities Inc (NYSE:AVB) was released by: Moodys.com and their article: “Moody’s upgrades AvalonBay to A3, outlook stable” with publication date: October 07, 2016.

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