Preferred Apartment Communities Inc. (APTS) Expected to Announce Quarterly Sales of $67.80 Million
Wall Street analysts expect Preferred Apartment Communities Inc. (NASDAQ:APTS) to post sales of $67.80 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Preferred Apartment Communities’ earnings, with estimates ranging from $59.54 million to $76.06 million. Preferred Apartment Communities reported sales of $53.54 million in the same quarter last year, which suggests a positive year over year growth rate of 26.6%. The business is expected to issue its next quarterly earnings results on Monday, October 30th.
According to Zacks, analysts expect that Preferred Apartment Communities will report full year sales of $67.80 million for the current financial year. For the next year, analysts forecast that the business will post sales of $304.82 million per share, with estimates ranging from $260.61 million to $349.02 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Preferred Apartment Communities.
Preferred Apartment Communities (NASDAQ:APTS) last released its quarterly earnings data on Monday, July 31st. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Preferred Apartment Communities had a net margin of 4.66% and a negative return on equity of 4.73%. The firm had revenue of $70.89 million during the quarter, compared to analysts’ expectations of $63.74 million.
Several equities research analysts recently commented on APTS shares. FBR & Co reiterated a “market perform” rating and issued a $16.00 price objective on shares of Preferred Apartment Communities in a research report on Tuesday, July 11th. BidaskClub lowered shares of Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Canaccord Genuity set a $20.00 price objective on shares of Preferred Apartment Communities and gave the stock a “buy” rating in a research report on Thursday, August 10th. Zacks Investment Research upgraded shares of Preferred Apartment Communities from a “strong sell” rating to a “hold” rating in a research report on Friday, August 4th. Finally, ValuEngine upgraded shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $17.30.
Shares of Preferred Apartment Communities (APTS) opened at 19.11 on Tuesday. The company’s 50-day moving average is $18.02 and its 200 day moving average is $15.73. Preferred Apartment Communities has a 52-week low of $12.02 and a 52-week high of $19.19. The firm’s market capitalization is $636.76 million.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 15th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 5.08%. The ex-dividend date is Thursday, September 14th.
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A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Preferred Apartment Communities by 11.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,284,654 shares of the real estate investment trust’s stock valued at $20,234,000 after purchasing an additional 134,981 shares during the last quarter. LSV Asset Management raised its stake in Preferred Apartment Communities by 97.3% in the 2nd quarter. LSV Asset Management now owns 731,366 shares of the real estate investment trust’s stock valued at $11,519,000 after purchasing an additional 360,601 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Preferred Apartment Communities by 9,708.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 529,073 shares of the real estate investment trust’s stock valued at $8,332,000 after purchasing an additional 523,679 shares during the last quarter. Teachers Advisors LLC raised its stake in Preferred Apartment Communities by 926.8% in the 2nd quarter. Teachers Advisors LLC now owns 525,054 shares of the real estate investment trust’s stock valued at $8,270,000 after purchasing an additional 473,918 shares during the last quarter. Finally, State Street Corp raised its stake in Preferred Apartment Communities by 23.2% in the 2nd quarter. State Street Corp now owns 492,213 shares of the real estate investment trust’s stock valued at $7,754,000 after purchasing an additional 92,835 shares during the last quarter.
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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