Preferred Apartment Communities Inc. (NASDAQ:APTS) had its price objective increased by B. Riley from $16.00 to $17.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. B. Riley currently has a neutral rating on the real estate investment trust’s stock.
A number of other brokerages also recently commented on APTS. FBR & Co reissued a market perform rating and issued a $16.00 target price on shares of Preferred Apartment Communities in a research note on Tuesday, July 11th. BidaskClub lowered shares of Preferred Apartment Communities from a strong-buy rating to a buy rating in a report on Saturday, July 8th. Canaccord Genuity set a $20.00 price target on shares of Preferred Apartment Communities and gave the company a buy rating in a report on Thursday, August 10th. Zacks Investment Research lowered shares of Preferred Apartment Communities from a strong-buy rating to a hold rating in a report on Tuesday, October 3rd. Finally, ValuEngine raised shares of Preferred Apartment Communities from a buy rating to a strong-buy rating in a report on Friday, September 1st. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $19.20.
Shares of Preferred Apartment Communities (APTS) traded up $0.26 during mid-day trading on Wednesday, hitting $20.56. 280,085 shares of the stock were exchanged, compared to its average volume of 335,656. Preferred Apartment Communities has a fifty-two week low of $12.42 and a fifty-two week high of $20.84.
Preferred Apartment Communities (NASDAQ:APTS) last issued its earnings results on Monday, October 30th. The real estate investment trust reported ($0.49) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.18). Preferred Apartment Communities had a net margin of 4.66% and a negative return on equity of 4.73%. The business had revenue of $74.90 million during the quarter, compared to analysts’ expectations of $67.86 million.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.86%. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 14th.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Schroder Investment Management Group acquired a new stake in Preferred Apartment Communities during the 2nd quarter valued at $113,000. Legal & General Group Plc grew its holdings in Preferred Apartment Communities by 13.3% during the 2nd quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 845 shares in the last quarter. Pitcairn Co. acquired a new stake in Preferred Apartment Communities during the 3rd quarter valued at $205,000. Citigroup Inc. grew its holdings in Preferred Apartment Communities by 338.2% during the 2nd quarter. Citigroup Inc. now owns 11,831 shares of the real estate investment trust’s stock worth $187,000 after acquiring an additional 9,131 shares in the last quarter. Finally, CAPROCK Group Inc. acquired a new position in Preferred Apartment Communities during the 3rd quarter worth $226,000.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.
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