Cbre Clarion Securities LLC raised its stake in shares of Apartment Income REIT Corp. (NYSE:AIRC) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,773,660 shares of the company’s stock after purchasing an additional 42,855 shares during the period. Apartment Income REIT accounts for approximately 2.4% of Cbre Clarion Securities LLC’s investment portfolio, making the stock its 13th biggest position. Cbre Clarion Securities LLC’s holdings in Apartment Income REIT were worth $118,602,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Daiwa Securities Group Inc. bought a new position in Apartment Income REIT during the 4th quarter worth $97,300,000. Junson Asset Management Hong Kong Ltd acquired a new stake in Apartment Income REIT during the 4th quarter worth about $2,343,000. Comerica Bank acquired a new stake in Apartment Income REIT during the 4th quarter worth about $3,627,000. M&T Bank Corp acquired a new stake in Apartment Income REIT during the 4th quarter worth about $502,000. Finally, Toronto Dominion Bank acquired a new stake in Apartment Income REIT during the 4th quarter worth about $1,278,000. 92.23% of the stock is owned by institutional investors and hedge funds.
In other Apartment Income REIT news, Director Kathleen M. Nelson sold 2,435 shares of Apartment Income REIT stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $45.31, for a total transaction of $110,329.85. Following the transaction, the director now owns 47,608 shares of the company’s stock, valued at approximately $2,157,118.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Paul Beldin sold 7,500 shares of Apartment Income REIT stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief financial officer now directly owns 76,038 shares in the company, valued at approximately $3,410,304.30. The disclosure for this sale can be found here.
Apartment Income REIT (NYSE:AIRC) last released its quarterly earnings results on Thursday, April 29th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.07. On average, research analysts forecast that Apartment Income REIT Corp. will post 2.02 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Friday, May 14th were paid a dividend of $0.43 per share. The ex-dividend date was Thursday, May 13th. This represents a $1.72 dividend on an annualized basis and a yield of 3.45%. Apartment Income REIT’s dividend payout ratio (DPR) is currently 99.42%.
A number of analysts have weighed in on the company. Mizuho upgraded Apartment Income REIT from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Thursday, June 3rd. Zelman & Associates upgraded Apartment Income REIT from a “sell” rating to a “hold” rating in a report on Tuesday, March 23rd. Finally, Zacks Investment Research upgraded Apartment Income REIT from a “sell” rating to a “hold” rating in a report on Monday, April 19th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Apartment Income REIT currently has an average rating of “Hold” and an average target price of $43.78.
Apartment Income REIT Profile
AIR is a real estate investment trust focused on the ownership and management of quality apartment communities located in the largest markets in the United States. AIR is one of the country's largest owners and operators of apartments, with 99 communities in 12 states and the District of Columbia.
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