BlackRock Inc. reduced its position in Preferred Apartment Communities Inc. (NYSE:APTS) by 0.4% in the third quarter, HoldingsChannel reports. The firm owned 3,215,239 shares of the real estate investment trust’s stock after selling 12,599 shares during the quarter. BlackRock Inc. owned approximately 0.08% of Preferred Apartment Communities worth $56,523,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. boosted its holdings in shares of Preferred Apartment Communities by 61.3% in the 2nd quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 3,774 shares in the last quarter. MetLife Investment Advisors LLC boosted its holdings in shares of Preferred Apartment Communities by 25.5% in the 2nd quarter. MetLife Investment Advisors LLC now owns 18,839 shares of the real estate investment trust’s stock worth $320,000 after purchasing an additional 3,826 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Preferred Apartment Communities by 37.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 16,174 shares of the real estate investment trust’s stock worth $275,000 after purchasing an additional 4,395 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Preferred Apartment Communities by 12.9% in the 2nd quarter. Rhumbline Advisers now owns 46,315 shares of the real estate investment trust’s stock worth $787,000 after purchasing an additional 5,304 shares in the last quarter. Finally, Clarus Wealth Advisors boosted its holdings in shares of Preferred Apartment Communities by 17.7% in the 3rd quarter. Clarus Wealth Advisors now owns 43,908 shares of the real estate investment trust’s stock worth $772,000 after purchasing an additional 6,588 shares in the last quarter. Hedge funds and other institutional investors own 59.56% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Boenning Scattergood assumed coverage on Preferred Apartment Communities in a report on Monday, September 17th. They issued an “outperform” rating and a $22.00 price objective for the company. Zacks Investment Research upgraded Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Thursday, November 15th. JMP Securities cut their price objective on Preferred Apartment Communities from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday, December 4th. B. Riley reiterated a “neutral” rating on shares of Preferred Apartment Communities in a report on Wednesday, November 14th. Finally, ValuEngine lowered Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Preferred Apartment Communities presently has an average rating of “Hold” and an average price target of $17.83.
NYSE APTS opened at $16.53 on Friday. Preferred Apartment Communities Inc. has a 1-year low of $13.14 and a 1-year high of $18.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market capitalization of $656.79 million, a PE ratio of 11.24, a P/E/G ratio of 1.41 and a beta of 0.44.
Preferred Apartment Communities (NYSE:APTS) last released its earnings results on Monday, November 5th. The real estate investment trust reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09). Preferred Apartment Communities had a net margin of 3.29% and a return on equity of 0.88%. The company had revenue of $104.20 million during the quarter, compared to the consensus estimate of $100.95 million. Preferred Apartment Communities’s revenue was up 39.1% on a year-over-year basis. Equities research analysts forecast that Preferred Apartment Communities Inc. 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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 6.29%. 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 70.75%.
In other news, Director William J. Gresham, Jr. sold 1,800 shares of the business’s stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $14.91, for a total value of $26,838.00. Following the completion of the sale, the director now owns 31,833 shares of the company’s stock, valued at approximately $474,630.03. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.62% of the company’s stock.
Preferred Apartment Communities 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.
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