Preferred Apartment Communities Inc. (NYSE:APTS) has received a consensus recommendation of “Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $19.00.
A number of research analysts have recently weighed in on APTS shares. ValuEngine cut Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research report on Friday, June 1st. Zacks Investment Research raised Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research report on Monday, June 11th.
In related news, Director Timothy Alan Peterson sold 5,500 shares of Preferred Apartment Communities stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total transaction of $99,605.00. Following the sale, the director now owns 54,166 shares of the company’s stock, valued at approximately $980,946.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Joseph Cronin sold 16,460 shares of Preferred Apartment Communities stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $17.11, for a total value of $281,630.60. The disclosure for this sale can be found here. 1.62% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Smith Asset Management Group LP raised its stake in Preferred Apartment Communities by 58.2% during the 1st quarter. Smith Asset Management Group LP now owns 9,241 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 3,401 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Preferred Apartment Communities by 11.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,994 shares of the real estate investment trust’s stock valued at $482,000 after purchasing an additional 3,503 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in Preferred Apartment Communities by 18.2% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 23,400 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 3,600 shares during the period. Sei Investments Co. increased its stake in Preferred Apartment Communities by 61.3% in the 2nd quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock worth $168,000 after acquiring an additional 3,774 shares during the last quarter. Finally, MetLife Investment Advisors LLC increased its stake in Preferred Apartment Communities by 25.5% in the 2nd quarter. MetLife Investment Advisors LLC now owns 18,839 shares of the real estate investment trust’s stock worth $320,000 after acquiring an additional 3,826 shares during the last quarter. 55.61% of the stock is currently owned by institutional investors.
Shares of APTS stock traded up $0.02 during trading hours on Monday, reaching $17.57. 540 shares of the company traded hands, compared to its average volume of 211,013. Preferred Apartment Communities has a 12-month low of $13.60 and a 12-month high of $22.71. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.03. The stock has a market cap of $713.49 million, a P/E ratio of 12.01, a PEG ratio of 1.73 and a beta of 0.32.
Preferred Apartment Communities (NYSE:APTS) last posted its quarterly earnings data on Monday, July 30th. The real estate investment trust reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($1.00). Preferred Apartment Communities had a net margin of 1.21% and a return on equity of 0.32%. The company had revenue of $96.39 million for the quarter, compared to analysts’ expectations of $95.18 million. During the same period in the previous year, the firm earned $0.31 earnings per share. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. equities research analysts expect that Preferred Apartment Communities will post 1.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 14th will be given a dividend of $0.255 per share. The ex-dividend date is Thursday, September 13th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 5.81%. Preferred Apartment Communities’s payout ratio is currently 69.39%.
Preferred Apartment Communities Company Profile
Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.
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