Preferred Apartment Communities (APTS) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Preferred Apartment Communities (NYSE:APTS) from a hold rating to a sell rating in a research note released on Friday.
According to Zacks, “Preferred Apartment Communities, Inc. is a real estate investment trust. The company acquire and operate multifamily properties primarily in the United States. It also acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily assets. Preferred Apartment Communities, Inc. is based in Atlanta, United States. “
Several other research firms have also commented on APTS. Boenning Scattergood assumed coverage on Preferred Apartment Communities in a research note on Monday, September 17th. They set an outperform rating and a $22.00 price objective for the company. ValuEngine lowered Preferred Apartment Communities from a hold rating to a sell rating in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $19.17.
Preferred Apartment Communities (NYSE:APTS) last posted its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.09). Preferred Apartment Communities had a return on equity of 0.88% and a net margin of 3.29%. The firm had revenue of $104.20 million for the quarter, compared to analysts’ expectations of $100.95 million. The company’s quarterly revenue was up 39.1% on a year-over-year basis. On average, research analysts forecast that Preferred Apartment Communities will post 1.39 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be issued a dividend of $0.26 per share. This is a boost from Preferred Apartment Communities’s previous quarterly dividend of $0.26. This represents a $1.04 annualized dividend and a dividend yield of 6.70%. The ex-dividend date of this dividend is Thursday, December 13th. Preferred Apartment Communities’s payout ratio is currently 69.39%.
In other news, Director Timothy Alan Peterson sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total transaction of $99,605.00. Following the transaction, the director now directly owns 54,166 shares in the company, valued at approximately $980,946.26. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.62% of the company’s stock.
Institutional investors have recently modified their holdings of the company. UBS Group AG lifted its holdings in Preferred Apartment Communities by 7.1% in the first quarter. UBS Group AG now owns 71,896 shares of the real estate investment trust’s stock valued at $1,020,000 after acquiring an additional 4,745 shares during the last quarter. LPL Financial LLC acquired a new position in Preferred Apartment Communities in the first quarter valued at approximately $490,000. Millennium Management LLC lifted its holdings in Preferred Apartment Communities by 119.5% in the first quarter. Millennium Management LLC now owns 523,585 shares of the real estate investment trust’s stock valued at $7,430,000 after acquiring an additional 285,026 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Preferred Apartment Communities in the first quarter valued at approximately $1,995,000. Finally, Fox Run Management L.L.C. acquired a new position in Preferred Apartment Communities in the second quarter valued at approximately $333,000. Institutional investors and hedge funds own 56.48% of the company’s stock.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.
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