Boenning Scattergood restated their buy rating on shares of Preferred Apartment Communities (NYSE:APTS) in a research report sent to investors on Tuesday morning. Boenning Scattergood also issued estimates for Preferred Apartment Communities’ Q4 2018 earnings at $0.36 EPS, FY2018 earnings at $1.39 EPS, Q2 2019 earnings at $0.42 EPS, Q3 2019 earnings at $0.35 EPS, Q4 2019 earnings at $0.48 EPS and FY2019 earnings at $1.63 EPS.
A number of other research analysts have also issued reports on the company. ValuEngine lowered Preferred Apartment Communities from a hold rating to a sell rating in a research report on Friday, November 2nd. Zacks Investment Research upgraded Preferred Apartment Communities from a sell rating to a hold rating in a research report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Preferred Apartment Communities presently has an average rating of Hold and a consensus target price of $19.17.
Shares of APTS traded down $0.43 during mid-day trading on Tuesday, hitting $15.52. The stock had a trading volume of 204,963 shares, compared to its average volume of 300,288. The firm has a market cap of $619.00 million, a price-to-earnings ratio of 10.56, a PEG ratio of 1.59 and a beta of 0.40. The company has a current ratio of 0.06, a quick ratio of 0.05 and a debt-to-equity ratio of 0.04. Preferred Apartment Communities has a fifty-two week low of $13.60 and a fifty-two week high of $22.71.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, December 14th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 6.70%. The ex-dividend date of this dividend is Thursday, December 13th. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.26. Preferred Apartment Communities’s payout ratio is 69.39%.
In other Preferred Apartment Communities news, Director Timothy Alan Peterson sold 5,500 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.62% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of APTS. LSV Asset Management raised its stake in shares of Preferred Apartment Communities by 29.0% in the 3rd quarter. LSV Asset Management now owns 1,923,112 shares of the real estate investment trust’s stock worth $33,808,000 after buying an additional 431,764 shares in the last quarter. Boston Advisors LLC acquired a new stake in shares of Preferred Apartment Communities during the second quarter worth $6,471,000. BlackRock Inc. raised its position in shares of Preferred Apartment Communities by 13.3% during the first quarter. BlackRock Inc. now owns 3,177,501 shares of the real estate investment trust’s stock worth $45,088,000 after purchasing an additional 372,182 shares during the period. Millennium Management LLC raised its position in shares of Preferred Apartment Communities by 119.5% during the first quarter. Millennium Management LLC now owns 523,585 shares of the real estate investment trust’s stock worth $7,430,000 after purchasing an additional 285,026 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Preferred Apartment Communities by 116.3% during the second quarter. Renaissance Technologies LLC now owns 409,533 shares of the real estate investment trust’s stock worth $6,958,000 after purchasing an additional 220,233 shares during the period. 56.48% of the stock is currently owned by institutional investors.
Preferred Apartment Communities Company Profile
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.
Further Reading: Asset Allocation, Balancing Your Investments
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