JustInvest LLC trimmed its holdings in shares of Apartment Income REIT Corp. (NYSE:AIRC) by 22.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,511 shares of the company’s stock after selling 2,214 shares during the quarter. JustInvest LLC’s holdings in Apartment Income REIT were worth $367,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Invesco Ltd. raised its stake in shares of Apartment Income REIT by 39.6% during the 2nd quarter. Invesco Ltd. now owns 408,906 shares of the company’s stock worth $19,394,000 after buying an additional 116,045 shares during the period. WINTON GROUP Ltd purchased a new stake in shares of Apartment Income REIT during the third quarter worth approximately $1,843,000. DekaBank Deutsche Girozentrale increased its position in shares of Apartment Income REIT by 12.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 110,582 shares of the company’s stock worth $5,465,000 after purchasing an additional 12,352 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Apartment Income REIT by 10.7% during the third quarter. Fifth Third Bancorp now owns 28,145 shares of the company’s stock worth $1,374,000 after purchasing an additional 2,711 shares in the last quarter. Finally, Ibex Wealth Advisors increased its position in shares of Apartment Income REIT by 4.8% during the second quarter. Ibex Wealth Advisors now owns 60,365 shares of the company’s stock worth $2,863,000 after purchasing an additional 2,784 shares in the last quarter. 98.12% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Terry Considine sold 31,052 shares of the stock in a transaction on Monday, December 27th. The stock was sold at an average price of $53.38, for a total transaction of $1,657,555.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.06% of the company’s stock.
Apartment Income REIT (NYSE:AIRC) last released its quarterly earnings results on Thursday, October 28th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.48). Apartment Income REIT had a negative return on equity of 3.63% and a negative net margin of 6.99%. As a group, equities research analysts expect that Apartment Income REIT Corp. will post 2.15 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 30th. Stockholders of record on Friday, November 12th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Wednesday, November 10th. Apartment Income REIT’s dividend payout ratio is presently -382.61%.
Several brokerages recently commented on AIRC. Truist Securities boosted their price target on Apartment Income REIT from $53.00 to $56.00 and gave the stock a “hold” rating in a research report on Monday, December 6th. Jefferies Financial Group upgraded Apartment Income REIT from a “hold” rating to a “buy” rating and boosted their price target for the stock from $52.00 to $63.00 in a research report on Monday, January 10th. Mizuho boosted their price target on Apartment Income REIT from $53.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, September 29th. Truist boosted their price target on Apartment Income REIT from $53.00 to $56.00 and gave the stock a “hold” rating in a research report on Monday, December 6th. Finally, The Goldman Sachs Group began coverage on Apartment Income REIT in a report on Thursday, September 23rd. They issued a “sell” rating and a $50.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $58.00.
Apartment Income REIT Company 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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