Apartment Income REIT (NYSE:AIRC) Reaches New 1-Year High at $38.68

Apartment Income REIT Corp. (NYSE:AIRC)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $38.68 and last traded at $38.66, with a volume of 347861 shares trading hands. The stock had previously closed at $38.59.

Analyst Ratings Changes

Several research analysts have recently commented on the company. BMO Capital Markets reiterated a “market perform” rating and set a $39.12 price target (up previously from $36.00) on shares of Apartment Income REIT in a report on Tuesday, April 9th. Wedbush restated a “neutral” rating and set a $39.00 price target (up previously from $35.00) on shares of Apartment Income REIT in a report on Thursday, April 11th. Wolfe Research reiterated a “peer perform” rating on shares of Apartment Income REIT in a report on Thursday, April 11th. Janney Montgomery Scott reissued a “neutral” rating on shares of Apartment Income REIT in a research note on Monday, April 8th. Finally, Truist Financial decreased their price target on Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, April 9th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $36.59.

Apartment Income REIT Stock Down 0.0 %

The firm has a 50 day moving average price of $34.71 and a 200-day moving average price of $33.08. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.10. The firm has a market cap of $5.60 billion, a PE ratio of 9.13 and a beta of 0.78.

Insider Activity

In other Apartment Income REIT news, Director Thomas N. Bohjalian bought 889 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average price of $31.50 per share, for a total transaction of $28,003.50. Following the completion of the purchase, the director now directly owns 20,000 shares in the company, valued at $630,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AIRC. Bank of New York Mellon Corp increased its position in Apartment Income REIT by 5.4% during the third quarter. Bank of New York Mellon Corp now owns 1,831,113 shares of the company’s stock worth $56,215,000 after buying an additional 93,029 shares during the period. New York State Teachers Retirement System grew its holdings in Apartment Income REIT by 6.1% during the third quarter. New York State Teachers Retirement System now owns 199,564 shares of the company’s stock worth $6,127,000 after acquiring an additional 11,465 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Apartment Income REIT by 4.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,260 shares of the company’s stock worth $2,157,000 after acquiring an additional 3,201 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Apartment Income REIT by 87.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,687 shares of the company’s stock worth $40,637,000 after acquiring an additional 618,134 shares during the period. Finally, Perigon Wealth Management LLC acquired a new position in Apartment Income REIT during the third quarter worth $257,000. Institutional investors and hedge funds own 98.13% of the company’s stock.

About Apartment Income REIT

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management.