Wedbush Securities Inc. acquired a new position in Preferred Apartment Communities Inc. (NYSE:APTS) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 10,920 shares of the real estate investment trust’s stock, valued at approximately $163,000.
A number of other institutional investors have also made changes to their positions in APTS. Sound Income Strategies LLC grew its holdings in shares of Preferred Apartment Communities by 82.3% during the 2nd quarter. Sound Income Strategies LLC now owns 2,215 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,000 shares in the last quarter. New York State Teachers Retirement System bought a new stake in shares of Preferred Apartment Communities during the first quarter worth $52,000. Private Capital Group LLC raised its position in shares of Preferred Apartment Communities by 18.6% during the first quarter. Private Capital Group LLC now owns 4,629 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 725 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Preferred Apartment Communities during the first quarter worth $80,000. Finally, Legal & General Group Plc raised its position in shares of Preferred Apartment Communities by 11.7% during the fourth quarter. Legal & General Group Plc now owns 6,873 shares of the real estate investment trust’s stock worth $97,000 after acquiring an additional 721 shares during the last quarter. 59.99% of the stock is owned by hedge funds and other institutional investors.
Shares of APTS stock traded up $0.16 on Tuesday, hitting $14.46. 2,459 shares of the stock were exchanged, compared to its average volume of 300,125. The firm has a market capitalization of $632.44 million, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 1.42 and a beta of 0.41. The business has a 50-day moving average of $14.59 and a 200 day moving average of $15.35. Preferred Apartment Communities Inc. has a fifty-two week low of $13.14 and a fifty-two week high of $18.60.
Preferred Apartment Communities (NYSE:APTS) last posted its quarterly earnings data on Monday, July 29th. The real estate investment trust reported ($0.66) earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.97). The firm had revenue of $113.85 million for the quarter, compared to analyst estimates of $115.58 million. Preferred Apartment Communities had a return on equity of 1.87% and a net margin of 7.08%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.37 earnings per share. As a group, equities research analysts expect that Preferred Apartment Communities Inc. will post 1.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be given a dividend of $0.262 per share. The ex-dividend date is Thursday, September 12th. This represents a $1.05 annualized dividend and a dividend yield of 7.25%. Preferred Apartment Communities’s dividend payout ratio is currently 74.47%.
A number of equities research analysts have recently weighed in on APTS shares. ValuEngine downgraded Preferred Apartment Communities from a “buy” rating to a “hold” rating in a research report on Thursday, June 13th. Zacks Investment Research cut Preferred Apartment Communities from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Compass Point reiterated a “buy” rating and set a $19.00 price target on shares of Preferred Apartment Communities in a research note on Monday, July 22nd. DA Davidson cut Preferred Apartment Communities from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th. Finally, Boenning Scattergood reissued a “buy” rating on shares of Preferred Apartment Communities in a research note on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Preferred Apartment Communities presently has a consensus rating of “Hold” and a consensus target price of $18.75.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States.
Featured Story: Intrinsic Value
Want to see what other hedge funds are holding APTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Preferred Apartment Communities Inc. (NYSE:APTS).
Receive News & Ratings for Preferred Apartment Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Preferred Apartment Communities and related companies with MarketBeat.com's FREE daily email newsletter.