Post Properties Inc. (PPS) Hits New 52-Week High at $62.87
Shares of Post Properties Inc. (NYSE:PPS) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $62.87 and last traded at $62.68, with a volume of 138,743 shares trading hands. The stock had previously closed at $62.40.
A number of analysts have issued reports on PPS shares. Zelman & Associates cut shares of Post Properties from a “hold” rating to a “sell” rating in a research note on Tuesday, May 10th. Zacks Investment Research upgraded shares of Post Properties from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Friday, April 15th. Deutsche Bank AG reduced their target price on shares of Post Properties from $61.00 to $60.00 and set a “hold” rating for the company in a research note on Friday, May 13th. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $61.50 price objective on shares of Post Properties in a research note on Monday, July 18th. One investment 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’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.89.
The stock has a 50-day moving average price of $60.17 and a 200 day moving average price of $58.53. The company has a market cap of $3.39 billion and a price-to-earnings ratio of 44.70.
Post Properties (NYSE:PPS) last issued its quarterly earnings results on Monday, May 2nd. The real estate investment trust reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.01. The business had revenue of $98.50 million for the quarter, compared to the consensus estimate of $97.36 million. During the same period in the prior year, the business earned $0.70 earnings per share. Post Properties’s revenue was up 5.5% compared to the same quarter last year. On average, equities research analysts expect that Post Properties Inc. will post $3.20 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a dividend of $0.47 per share. The ex-dividend date was Tuesday, June 28th. This represents a $1.88 annualized dividend and a dividend yield of 2.96%.
In other news, CAO Arthur J. Quirk sold 4,340 shares of the firm’s 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 completion of the transaction, the chief accounting officer now directly owns 17,657 shares of the company’s stock, valued at approximately $1,071,603.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sheila J. Teabo sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $61.17, for a total transaction of $127,233.60. Following the transaction, the insider now directly owns 37,703 shares of the company’s stock, valued at $2,306,292.51. The disclosure for this sale can be found here.
Several institutional investors have modified their holdings of PPS. Liberty Mutual Group Asset Management Inc. acquired a new position in shares of Post Properties during the fourth quarter valued at $2,082,000. Mutual of America Capital Management LLC bought a new stake in Post Properties during the fourth quarter valued at approximately $2,185,000. PNC Financial Services Group Inc. bought a new stake in Post Properties during the fourth quarter valued at approximately $1,069,000. TD Asset Management Inc. increased its stake in Post Properties by 29.6% in the fourth quarter. TD Asset Management Inc. now owns 21,900 shares of the real estate investment trust’s stock valued at $1,296,000 after buying an additional 5,000 shares during the last quarter. Finally, Rhumbline Advisers increased its stake 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.
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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