Wells Fargo & Company MN raised its position in shares of Preferred Apartment Communities Inc. (NASDAQ:APTS) by 37.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 200,217 shares of the real estate investment trust’s stock after buying an additional 54,378 shares during the period. Wells Fargo & Company MN’s holdings in Preferred Apartment Communities were worth $2,645,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Independent Portfolio Consultants Inc. acquired a new stake in shares of Preferred Apartment Communities during the first quarter worth approximately $121,000. Koshinski Asset Management Inc. boosted its stake in shares of Preferred Apartment Communities by 0.8% in the first quarter. Koshinski Asset Management Inc. now owns 35,337 shares of the real estate investment trust’s stock worth $467,000 after buying an additional 288 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of Preferred Apartment Communities by 3.8% in the fourth quarter. Teachers Advisors LLC now owns 49,415 shares of the real estate investment trust’s stock worth $737,000 after buying an additional 1,789 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Preferred Apartment Communities by 8.1% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 25,658 shares of the real estate investment trust’s stock worth $369,000 after buying an additional 1,913 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Preferred Apartment Communities by 0.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 17,845 shares of the real estate investment trust’s stock worth $266,000 after buying an additional 78 shares in the last quarter.

Institutional Ownership by Quarter for Preferred Apartment Communities (NASDAQ:APTS)

Shares of Preferred Apartment Communities Inc. (APTS) opened at 16.07 on Tuesday. Preferred Apartment Communities Inc. has a one year low of $12.02 and a one year high of $16.40. The firm’s 50-day moving average is $15.54 and its 200-day moving average is $14.25. The stock’s market capitalization is $451.37 million.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be paid a $0.235 dividend. This is a boost from Preferred Apartment Communities’s previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a dividend yield of 5.85%. The ex-dividend date is Tuesday, June 13th.

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A number of analysts have commented on the stock. FBR & Co set a $15.00 target price on shares of Preferred Apartment Communities and gave the company a “hold” rating in a report on Wednesday, May 31st. Zacks Investment Research raised shares of Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Wednesday, May 31st. National Securities reaffirmed a “buy” rating and set a $20.00 target price (up from $16.00) on shares of Preferred Apartment Communities in a report on Tuesday, May 23rd. Finally, Canaccord Genuity set a $16.00 target price on shares of Preferred Apartment Communities and gave the company a “buy” rating in a report on Monday, February 27th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Preferred Apartment Communities has a consensus rating of “Buy” and a consensus price target of $16.33.

About Preferred Apartment Communities

Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.

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