Avalon Bay saw both a stock price increase and at least one positive stock advisory Monday despite the horrific fire that ripped through part of its Maplewood apartment complex construction site Saturday.
The stock rose slightly, 1.29 points, to close Monday at $174.82, according to Yahoo Finance.
Streetinsider.com, meanwhile, reported the company received a positive "buy" rating, despite the "bad optics" of the fire that destroyed a third of the structure still being built at Boyden and Springfield avenues.
In a related move, Avalon Bay issued the following statement on the fire and its corporate health:
ARLINGTON, Va.--(BUSINESS WIRE)--
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”) reported
today that a fire occurred on Saturday, February 4, 2017 at the
Company’s Avalon Maplewood apartment community located in Maplewood, New
Jersey. The community, which is currently under construction, was
unoccupied at the time of the incident.
The cause of the fire is under
The Company believes the losses caused by the fire will be substantially
covered by its insurance program and will not have a material effect on
the Company’s financial condition or results of operations.
AvalonBay greatly appreciates the quick actions of local emergency
responders in extinguishing the fire, and we are thankful that there are
no reports of serious injury.