Preferred Apartment Communities Inc. (NYSE:APTS) fell 11.1% during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $14.00 and last traded at $14.48. 1,131,069 shares changed hands during mid-day trading, an increase of 212% from the average session volume of 363,014 shares. The stock had previously closed at $16.29.
The real estate investment trust reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.09). The business had revenue of $104.20 million during the quarter, compared to analysts’ expectations of $100.95 million. Preferred Apartment Communities had a return on equity of 0.32% and a net margin of 1.21%. The company’s revenue for the quarter was up 39.1% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, December 14th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 7.18%. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, December 13th. Preferred Apartment Communities’s dividend payout ratio is presently 69.39%.
Several brokerages recently weighed in on APTS. Boenning Scattergood reiterated a “buy” rating on shares of Preferred Apartment Communities in a research report on Tuesday. Zacks Investment Research upgraded Preferred Apartment Communities from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Finally, ValuEngine cut Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $19.17.
In other Preferred Apartment Communities news, insider Michael Joseph Cronin sold 16,460 shares of the company’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total transaction of $281,630.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy Alan Peterson sold 5,500 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total value of $99,605.00. Following the transaction, the director now owns 54,166 shares in the company, valued at $980,946.26. The disclosure for this sale can be found here. 1.62% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its stake in Preferred Apartment Communities by 61.3% during the second quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 3,774 shares in the last quarter. MetLife Investment Advisors LLC raised its stake in shares of Preferred Apartment Communities by 25.5% in the second quarter. MetLife Investment Advisors LLC now owns 18,839 shares of the real estate investment trust’s stock valued at $320,000 after acquiring an additional 3,826 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Preferred Apartment Communities by 37.3% in the second quarter. Envestnet Asset Management Inc. now owns 16,174 shares of the real estate investment trust’s stock valued at $275,000 after acquiring an additional 4,395 shares in the last quarter. Acorn Wealth Advisors LLC raised its stake in shares of Preferred Apartment Communities by 36.6% in the second quarter. Acorn Wealth Advisors LLC now owns 17,360 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 4,648 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Preferred Apartment Communities by 7.1% in the first quarter. UBS Group AG now owns 71,896 shares of the real estate investment trust’s stock valued at $1,020,000 after acquiring an additional 4,745 shares in the last quarter. Institutional investors own 56.48% of the company’s stock.
The company has a market cap of $638.22 million, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.55 and a beta of 0.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.05 and a quick ratio of 0.05.
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About Preferred Apartment Communities (NYSE:APTS)
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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