Brokerages Set Apartment Income REIT Corp. (NYSE:AIRC) Price Target at $36.59

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

Several equities research analysts recently commented on AIRC shares. Truist Financial cut their price target on shares of Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, April 9th. Wedbush reissued a “neutral” rating and issued a $39.00 target price (up from $35.00) on shares of Apartment Income REIT in a research report on Thursday, April 11th. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Apartment Income REIT in a research report on Monday, April 8th. The Goldman Sachs Group restated a “neutral” rating and issued a $34.00 price target on shares of Apartment Income REIT in a research note on Thursday, February 22nd. Finally, BMO Capital Markets reiterated 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.

Insider Transactions at Apartment Income REIT

In related news, Director Thomas N. Bohjalian acquired 889 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were bought at an average price of $31.50 per share, for a total transaction of $28,003.50. Following the purchase, the director now directly owns 20,000 shares in the company, valued at approximately $630,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Apartment Income REIT

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Apartment Income REIT by 12.2% in the third quarter. JPMorgan Chase & Co. now owns 13,572,680 shares of the company’s stock valued at $416,681,000 after purchasing an additional 1,470,804 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Apartment Income REIT by 2.4% during the third quarter. Principal Financial Group Inc. now owns 9,131,443 shares of the company’s stock worth $280,334,000 after acquiring an additional 213,160 shares during the last quarter. FMR LLC raised its position in shares of Apartment Income REIT by 7.7% during the third quarter. FMR LLC now owns 5,758,309 shares of the company’s stock worth $176,780,000 after acquiring an additional 411,299 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC raised its position in shares of Apartment Income REIT by 13.1% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,566,800 shares of the company’s stock worth $89,145,000 after acquiring an additional 296,523 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. raised its position in shares of Apartment Income REIT by 4.0% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 2,443,819 shares of the company’s stock worth $84,874,000 after acquiring an additional 93,750 shares during the last quarter. 98.13% of the stock is owned by institutional investors and hedge funds.

Apartment Income REIT Stock Performance

NYSE:AIRC opened at $38.47 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market capitalization of $5.58 billion, a P/E ratio of 9.09 and a beta of 0.90. The company has a 50 day moving average price of $33.24 and a 200 day moving average price of $32.57. Apartment Income REIT has a fifty-two week low of $28.22 and a fifty-two week high of $38.68.

Apartment Income REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Friday, February 16th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 4.68%. Apartment Income REIT’s payout ratio is currently 42.55%.

Apartment Income REIT Company Profile

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.