Post Properties Inc. (PPS) Hits New 1-Year High at $62.56
Shares of Post Properties Inc. (NYSE:PPS) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $62.56 and last traded at $62.25, with a volume of 369,811 shares trading hands. The stock had previously closed at $62.17.
Several analysts have issued reports on PPS shares. Zacks Investment Research cut Post Properties from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Mizuho upped their target price on Post Properties to $64.00 in a report on Monday, March 21st. Zelman & Associates cut Post Properties from a “hold” rating to a “sell” rating in a report on Tuesday, May 10th. Deutsche Bank AG decreased their price target on Post Properties from $61.00 to $60.00 and set a “hold” rating on the stock in a research note on Friday, May 13th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating on shares of Post Properties in a research note on Saturday, June 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $62.83.
The stock has a 50-day moving average of $59.64 and a 200-day moving average of $58.33. The stock has a market cap of $3.33 billion and a PE ratio of 43.81.
Post Properties (NYSE:PPS) last issued its quarterly earnings data on Monday, May 2nd. The real estate investment trust reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. The firm had revenue of $98.50 million for the quarter, compared to analyst estimates of $97.36 million. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 earnings per share. On average, equities research analysts forecast that Post Properties Inc. will post $3.20 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, June 28th. This represents a $1.88 annualized dividend and a yield of 3.02%.
In other Post Properties news, CAO Arthur J. Quirk sold 4,340 shares of the firm’s stock in a transaction on Thursday, May 12th. The stock was sold at an average price of $60.69, for a total transaction of $263,394.60. Following the completion of the transaction, the chief accounting officer now owns 17,657 shares of the company’s stock, valued at $1,071,603.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher J. Papa sold 26,650 shares of the firm’s stock in a transaction on Friday, May 13th. The stock was sold at an average price of $60.59, for a total value of $1,614,723.50. Following the transaction, the chief financial officer now directly owns 35,662 shares of the company’s stock, valued at approximately $2,160,760.58. The disclosure for this sale can be found here.
A number of institutional investors recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased its position in Post Properties by 415.7% in the fourth quarter. Nationwide Fund Advisors now owns 107,770 shares of the real estate investment trust’s stock valued at $6,376,000 after buying an additional 86,871 shares during the last quarter. California State Teachers Retirement System increased its position in Post Properties by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 103,301 shares of the real estate investment trust’s stock valued at $6,111,000 after buying an additional 1,582 shares during the last quarter. Rhumbline Advisers increased its position in Post Properties by 60.4% in the fourth quarter. Rhumbline Advisers now owns 85,345 shares of the real estate investment trust’s stock valued at $5,049,000 after buying an additional 32,149 shares during the last quarter. Teacher Retirement System of Texas increased its position in Post Properties by 1,048.3% in the fourth quarter. Teacher Retirement System of Texas now owns 77,084 shares of the real estate investment trust’s stock valued at $4,560,000 after buying an additional 70,371 shares during the last quarter. Finally, Sei Investments Co. increased its position in Post Properties by 149.7% in the fourth quarter. Sei Investments Co. now owns 72,590 shares of the real estate investment trust’s stock valued at $4,294,000 after buying an additional 43,522 shares during the last quarter.
Post Properties, Inc is a self-administrated and self-managed equity real estate investment trust (REIT). The Company’s segments include Fully stabilized (same store) communities, which includes apartment communities that have been stabilized for both the current and prior year; Newly stabilized communities, which includes communities that reached stabilized occupancy in the prior year; Lease-up communities, which includes communities that are under development, rehabilitation and in lease-up but were not stabilized by the beginning of the current year, including communities that stabilized during the current year; Acquired communities, which include communities acquired in the current or prior year, and Held for sale and sold communities, which include apartment and mixed-use communities classified as held for sale or sold.
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