Preferred Apartment Communities (NYSE:APTS) Upgraded at Zacks Investment Research

Preferred Apartment Communities (NYSE:APTS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports.

According to Zacks, “Preferred Apartment Communities, Inc. is a real estate investment trust. The company acquire and operate multifamily properties primarily in the United States. It also acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily assets. Preferred Apartment Communities, Inc. is based in Atlanta, United States. “

Shares of APTS stock opened at $10.35 on Monday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.03. Preferred Apartment Communities has a one year low of $5.01 and a one year high of $11.17. The company’s fifty day moving average price is $10.12. The company has a market cap of $518.48 million, a P/E ratio of -3.09 and a beta of 1.13.

Preferred Apartment Communities (NYSE:APTS) last announced its quarterly earnings data on Sunday, May 9th. The real estate investment trust reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.97). Preferred Apartment Communities had a negative net margin of 0.83% and a negative return on equity of 0.26%. As a group, equities analysts expect that Preferred Apartment Communities will post 0.85 earnings per share for the current year.

In other news, Director Sara Finley bought 5,000 shares of the stock in a transaction dated Monday, June 7th. The stock was purchased at an average cost of $10.51 per share, for a total transaction of $52,550.00. Following the transaction, the director now owns 32,594 shares of the company’s stock, valued at $342,562.94. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.62% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of APTS. Carolina Wealth Advisors LLC raised its stake in shares of Preferred Apartment Communities by 65.7% in the first quarter. Carolina Wealth Advisors LLC now owns 2,522 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 1,000 shares during the period. Marshall Wace LLP purchased a new position in shares of Preferred Apartment Communities during the first quarter valued at approximately $80,000. International Assets Investment Management LLC boosted its stake in shares of Preferred Apartment Communities by 113.0% during the first quarter. International Assets Investment Management LLC now owns 8,200 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 4,350 shares during the period. ProShare Advisors LLC bought a new position in shares of Preferred Apartment Communities in the fourth quarter worth about $78,000. Finally, Citigroup Inc. increased its stake in Preferred Apartment Communities by 169.6% in the 4th quarter. Citigroup Inc. now owns 11,491 shares of the real estate investment trust’s stock worth $85,000 after buying an additional 7,228 shares during the period. 51.13% of the stock is currently owned by institutional investors.

About Preferred Apartment Communities

Preferred Apartment Communities, Inc (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans for multifamily properties.

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