Shares of Preferred Apartment Communities Inc. (NYSE:APTS) have earned a consensus recommendation of “Buy” from the eight research firms that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $18.33.
Several equities research analysts have recently commented on the company. National Securities assumed coverage on Preferred Apartment Communities in a report on Monday, September 16th. They set a “buy” rating and a $18.00 price objective for the company. DA Davidson downgraded Preferred Apartment Communities from a “buy” rating to a “neutral” rating in a report on Tuesday, July 30th. ValuEngine downgraded Preferred Apartment Communities from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. Compass Point reiterated a “buy” rating and set a $19.00 price target on shares of Preferred Apartment Communities in a report on Monday, July 22nd. Finally, Zacks Investment Research downgraded Preferred Apartment Communities from a “buy” rating to a “hold” rating in a report on Thursday, July 25th.
Institutional investors have recently made changes to their positions in the stock. Homrich & Berg bought a new stake in Preferred Apartment Communities during the first quarter worth $744,000. Swiss National Bank grew its holdings in Preferred Apartment Communities by 4.0% during the second quarter. Swiss National Bank now owns 77,800 shares of the real estate investment trust’s stock worth $1,163,000 after buying an additional 3,000 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Preferred Apartment Communities by 82.3% during the second quarter. Sound Income Strategies LLC now owns 2,215 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,000 shares in the last quarter. Ibex Wealth Advisors grew its holdings in Preferred Apartment Communities by 8.9% during the second quarter. Ibex Wealth Advisors now owns 146,425 shares of the real estate investment trust’s stock worth $2,189,000 after buying an additional 11,977 shares in the last quarter. Finally, AE Wealth Management LLC bought a new stake in Preferred Apartment Communities during the second quarter worth $392,000. Institutional investors and hedge funds own 60.94% of the company’s stock.
Preferred Apartment Communities (NYSE:APTS) last issued its earnings results on Monday, July 29th. The real estate investment trust reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.97). The business had revenue of $113.85 million during the quarter, compared to the consensus estimate of $115.58 million. Preferred Apartment Communities had a return on equity of 1.87% and a net margin of 7.08%. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Research analysts anticipate that Preferred Apartment Communities 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 issued a dividend of $0.262 per share. The ex-dividend date of this dividend 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 74.47%.
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.
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