Preferred Apartment Communities (APTS) Price Target Raised to $26.00
Preferred Apartment Communities (NYSE:APTS) had its price target boosted by National Securities from $20.00 to $26.00 in a research report sent to investors on Wednesday. They currently have a buy rating on the real estate investment trust’s stock.
“APTS 3Q17 Earnings Recap: Conventional logic states that monoline REITs should trade at a premium to multiline REITs, yet but for APTS’s example, it seems as if it is blowing the standard conventions out of the water! How can an investor possibly justify discounting a firm that has grown its dividend at a 12.6% CAGR over a 5-year period? How is a discount warranted when an investment in APTS’ April 2011 IPO has yielded an average annual return of 28.7%? It isn’t warranted at all. Continuing to differentiate APTS from peers is its budding student housing portfolio, now at a 3 properties with 2,232 beds (each bed generates revenue vs. each unit in MF) and an additional 2,122 units under contract which should translate to roughly another 7,400 beds at $745 per month. Yes, APTS owns MF investments. Yes, APTS owns grocery anchored retail investments. Yes, APTS class A office. Yes, APTS owns student housing properties. Yes, it has experienced management teams running each business unit which is the reason its breaking all the rules as its shares appreciate at a near exponential clip. We are reiterating our BUY rating on APTS and increasing our $20.00 price target to $26.00 to account for the significant embedded value of the owned real estate and purchase options APTS has yet to exercise and are entitled to.,” the firm’s analyst wrote.
Several other equities analysts have also recently issued reports on APTS. BidaskClub upgraded Preferred Apartment Communities from a buy rating to a strong-buy rating in a research report on Tuesday, August 1st. Zacks Investment Research upgraded Preferred Apartment Communities from a strong sell rating to a hold rating in a research report on Friday, August 4th. Canaccord Genuity set a $20.00 target price on Preferred Apartment Communities and gave the stock a buy rating in a research report on Thursday, August 10th. ValuEngine raised Preferred Apartment Communities from a buy rating to a strong-buy rating in a research note on Friday, September 1st. Finally, B. Riley boosted their price target on Preferred Apartment Communities from $16.00 to $17.00 and gave the stock a neutral rating in a research note on Wednesday, November 1st. Three analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $20.40.
Preferred Apartment Communities (NYSE:APTS) opened at $21.34 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.07 and a current ratio of 0.07. Preferred Apartment Communities has a 52-week low of $12.42 and a 52-week high of $22.71. The stock has a market capitalization of $780.07, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 2.09 and a beta of 0.43.
Preferred Apartment Communities (NYSE:APTS) last released its earnings results on Monday, October 30th. The real estate investment trust reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.18). Preferred Apartment Communities had a return on equity of 2.78% and a net margin of 10.49%. The business had revenue of $74.90 million for the quarter, compared to analyst estimates of $67.86 million. sell-side analysts forecast that Preferred Apartment Communities will post 1.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.25 per share. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, December 14th. This represents a $1.00 annualized dividend and a dividend yield of 4.69%. Preferred Apartment Communities’s payout ratio is -93.07%.
In other news, insider Daniel M. Dupree sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $21.08, for a total transaction of $358,360.00. Following the sale, the insider now owns 99,564 shares of the company’s stock, valued at approximately $2,098,809.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 1,850 shares of company stock worth $39,349 in the last three months. Corporate insiders own 3.11% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted 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 buying an additional 134,981 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Preferred Apartment Communities by 119.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,158,689 shares of the real estate investment trust’s stock valued at $21,841,000 after buying an additional 629,616 shares in the last quarter. LSV Asset Management lifted 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 buying an additional 360,601 shares in the last quarter. Hillcrest Asset Management LLC purchased a new stake in Preferred Apartment Communities in the 3rd quarter valued at approximately $12,257,000. Finally, Teachers Advisors LLC lifted 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 buying an additional 473,918 shares in the last quarter. 52.29% of the stock is currently owned by hedge funds and other institutional investors.
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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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