Post Properties Inc. (PPS) Sets New 12-Month High at $63.99
Shares of Post Properties Inc. (NYSE:PPS) hit a new 52-week high on Friday . The stock traded as high as $63.99 and last traded at $63.67, with a volume of 171,755 shares changing hands. The stock had previously closed at $62.20.
PPS has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Post Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, April 12th. Deutsche Bank AG dropped their price target on shares of Post Properties from $61.00 to $60.00 and set a “hold” rating on the stock in a research report on Friday, May 13th. Cantor Fitzgerald restated a “hold” rating on shares of Post Properties in a research report on Saturday, June 4th. Finally, Zelman & Associates downgraded shares of Post Properties from a “hold” rating to a “sell” rating in a research report on Tuesday, May 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Post Properties presently has a consensus rating of “Hold” and an average target price of $62.89.
The stock has a market cap of $3.40 billion and a price-to-earnings ratio of 44.78. The firm has a 50-day moving average of $60.67 and a 200-day moving average of $58.64.
Post Properties (NYSE:PPS) last posted its earnings results on Monday, May 2nd. The real estate investment trust reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.01. The firm earned $98.50 million during the quarter, compared to the consensus estimate of $97.36 million. During the same period in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts predict that Post Properties Inc. will post $3.20 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Tuesday, June 28th.
In related news, EVP David C. Ward sold 3,220 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $60.00, for a total transaction of $193,200.00. Following the transaction, the executive vice president now owns 29,207 shares in the company, valued at approximately $1,752,420. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sheila J. Teabo sold 2,080 shares of the company’s stock in a transaction dated 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 owns 37,703 shares in the company, valued at approximately $2,306,292.51. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently modified their holdings of the company. Rhumbline Advisers increased its position in shares of 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 period. Matarin Capital Management LLC bought a new position in shares of Post Properties during the fourth quarter valued at about $4,143,000. Cornerstone Capital Management Holdings LLC. increased its position in shares of Post Properties by 63.6% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 51,893 shares of the real estate investment trust’s stock valued at $3,070,000 after buying an additional 20,167 shares during the period. Globeflex Capital L P increased its position in shares of Post Properties by 25.0% in the fourth quarter. Globeflex Capital L P now owns 41,981 shares of the real estate investment trust’s stock valued at $2,484,000 after buying an additional 8,386 shares during the period. Finally, Mutual of America Capital Management LLC bought a new position in shares of Post Properties during the fourth quarter valued at about $2,185,000.
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.
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