Post Properties Inc. (PPS) Sets New 52-Week High at $62.56
Post Properties Inc. (NYSE:PPS) shares reached a new 52-week high on Wednesday . The stock traded as high as $62.56 and last traded at $62.25, with a volume of 369,811 shares. The stock had previously closed at $62.17.
Several research firms have recently weighed in on PPS. Cantor Fitzgerald restated a “hold” rating on shares of Post Properties in a research note on Saturday, June 4th. Deutsche Bank AG lowered their price objective on shares of Post Properties from $61.00 to $60.00 and set a “hold” rating on the stock in a research note on Friday, May 13th. Zelman & Associates lowered shares of Post Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. Zacks Investment Research lowered shares of Post Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, April 27th. Finally, Mizuho boosted their price objective on shares of Post Properties to $64.00 in a research note on Monday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $62.83.
The stock’s 50 day moving average price is $59.76 and its 200-day moving average price is $58.39. The firm has a market capitalization of $3.32 billion and a PE ratio of 43.75.
Post Properties (NYSE:PPS) last announced its earnings results on Monday, May 2nd. The real estate investment trust reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The company had revenue of $98.50 million for the quarter, compared to the consensus estimate of $97.36 million. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts expect that Post Properties Inc. will post $3.20 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $1.88 annualized dividend and a yield of 3.03%.
In other Post Properties news, CFO Christopher J. Papa sold 26,650 shares of Post Properties stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $60.59, for a total transaction of $1,614,723.50. Following the completion of the sale, the chief financial officer now directly owns 35,662 shares in the company, valued at $2,160,760.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Arthur J. Quirk sold 4,340 shares of Post Properties stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $60.69, for a total transaction of $263,394.60. Following the sale, the chief accounting officer now owns 17,657 shares of the company’s stock, valued at $1,071,603.33. The disclosure for this sale can be found here.
Several large investors have made changes to their positions in the company. Liberty Mutual Group Asset Management Inc. acquired a new stake in shares of Post Properties during the fourth quarter worth $2,082,000. Green Street Investors LLC raised its stake in shares of Post Properties by 38.3% in the fourth quarter. Green Street Investors LLC now owns 22,400 shares of the real estate investment trust’s stock worth $1,325,000 after buying an additional 6,200 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of 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 worth $4,560,000 after buying an additional 70,371 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Post Properties by 31.6% in the fourth quarter. ProShare Advisors LLC now owns 24,544 shares of the real estate investment trust’s stock worth $1,452,000 after buying an additional 5,890 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Post Properties during the fourth quarter worth $1,069,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.