Apartment Income REIT Corp. (NYSE:AIRC) Receives $36.59 Consensus Price Target from Brokerages

Shares of Apartment Income REIT Corp. (NYSE:AIRC) have received an average recommendation of “Hold” from the nine research firms that are covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $36.59.

AIRC has been the topic of several recent research reports. Mizuho downgraded shares of Apartment Income REIT from a “buy” rating to a “neutral” rating and cut their price objective for the company from $37.00 to $31.00 in a research report on Wednesday, February 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $34.00 price target on shares of Apartment Income REIT in a report on Thursday, February 22nd. Wolfe Research reissued a “peer perform” rating on shares of Apartment Income REIT in a report on Thursday, April 11th. BMO Capital Markets reaffirmed a “market perform” rating and set a $39.12 target price (up previously from $36.00) on shares of Apartment Income REIT in a research note on Tuesday, April 9th. Finally, Raymond James cut Apartment Income REIT from an “outperform” rating to a “market perform” rating in a research note on Monday, March 18th.

Insiders Place Their Bets

In other Apartment Income REIT news, Director Thomas N. Bohjalian bought 889 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average cost of $31.50 per share, with a total value of $28,003.50. Following the completion of the purchase, the director now directly owns 20,000 shares in the company, valued at $630,000. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apartment Income REIT

Institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its stake in Apartment Income REIT by 2.4% in the 3rd quarter. Invesco Ltd. now owns 975,323 shares of the company’s stock worth $29,942,000 after purchasing an additional 22,830 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in shares of Apartment Income REIT by 353.0% during the third quarter. Wolverine Asset Management LLC now owns 55,317 shares of the company’s stock valued at $1,698,000 after acquiring an additional 43,107 shares during the period. Capital Square LLC lifted its position in shares of Apartment Income REIT by 6.9% in the 4th quarter. Capital Square LLC now owns 22,627 shares of the company’s stock valued at $786,000 after acquiring an additional 1,468 shares in the last quarter. Strs Ohio purchased a new stake in shares of Apartment Income REIT in the 4th quarter valued at approximately $6,383,000. Finally, Treasurer of the State of North Carolina boosted its stake in Apartment Income REIT by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 65,340 shares of the company’s stock worth $2,006,000 after purchasing an additional 330 shares during the period. 98.13% of the stock is owned by institutional investors and hedge funds.

Apartment Income REIT Stock Performance

AIRC stock opened at $38.41 on Friday. The stock’s fifty day moving average is $32.96 and its two-hundred day moving average is $32.48. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 9.08 and a beta of 0.90. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.65 and a current ratio of 0.65. Apartment Income REIT has a 1 year low of $28.22 and a 1 year high of $38.68.

Apartment Income REIT Dividend Announcement

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

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.