Wolverine Asset Management LLC Sells 34,883 Shares of Apartment Income REIT Corp. (NYSE:AIRC)

Wolverine Asset Management LLC trimmed its position in shares of Apartment Income REIT Corp. (NYSE:AIRC) by 63.1% in the fourth quarter, Holdings Channel reports. The fund owned 20,434 shares of the company’s stock after selling 34,883 shares during the quarter. Wolverine Asset Management LLC’s holdings in Apartment Income REIT were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Treasurer of the State of North Carolina lifted its stake in shares of Apartment Income REIT by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 65,340 shares of the company’s stock valued at $2,006,000 after buying an additional 330 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Apartment Income REIT by 66.7% in the third quarter. EverSource Wealth Advisors LLC now owns 882 shares of the company’s stock valued at $27,000 after buying an additional 353 shares during the period. Penserra Capital Management LLC lifted its stake in shares of Apartment Income REIT by 2.5% in the third quarter. Penserra Capital Management LLC now owns 15,180 shares of the company’s stock valued at $465,000 after buying an additional 374 shares during the period. Manning & Napier Group LLC lifted its stake in shares of Apartment Income REIT by 0.5% in the fourth quarter. Manning & Napier Group LLC now owns 92,293 shares of the company’s stock valued at $3,205,000 after buying an additional 463 shares during the period. Finally, CWM LLC lifted its stake in shares of Apartment Income REIT by 64.2% in the fourth quarter. CWM LLC now owns 1,281 shares of the company’s stock valued at $44,000 after buying an additional 501 shares during the period. 98.13% of the stock is currently owned by institutional investors.

Apartment Income REIT Stock Performance

NYSE AIRC opened at $38.42 on Friday. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 9.08 and a beta of 0.90. The company has a 50 day moving average of $33.51 and a 200-day moving average of $32.67. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.10. Apartment Income REIT Corp. has a 1-year low of $28.22 and a 1-year high of $38.68.

Apartment Income REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Friday, February 16th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend was Thursday, February 15th. Apartment Income REIT’s dividend payout ratio is currently 42.55%.

Insider Activity at Apartment Income REIT

In related news, Director Thomas N. Bohjalian purchased 889 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $31.50 per share, with a total value of $28,003.50. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $630,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on the stock. BMO Capital Markets restated a “market perform” rating and set a $39.12 price target (up previously from $36.00) on shares of Apartment Income REIT in a research note on Tuesday, April 9th. Truist Financial cut their price target on shares of Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, April 9th. Janney Montgomery Scott restated a “neutral” rating on shares of Apartment Income REIT in a research note on Monday, April 8th. Raymond James cut shares of Apartment Income REIT from an “outperform” rating to a “market perform” rating in a research note on Monday, March 18th. Finally, Wedbush reaffirmed a “neutral” rating and set a $39.00 price objective (up previously from $35.00) on shares of Apartment Income REIT in a report on Thursday, April 11th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.59.

About Apartment Income REIT

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management.