Shares of Preferred Apartment Communities, Inc. (NYSE:APTS) shot up 1.9% during trading on Monday . The company traded as high as $11.72 and last traded at $11.72. 2,046 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 407,113 shares. The stock had previously closed at $11.50.
A number of brokerages have commented on APTS. Zacks Investment Research upgraded Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Friday, August 13th. Colliers Securities reaffirmed a “buy” rating and set a $13.00 price target on shares of Preferred Apartment Communities in a report on Tuesday, August 10th. JMP Securities lifted their price target on Preferred Apartment Communities from $11.00 to $15.00 and gave the company a “market outperform” rating in a report on Wednesday, September 1st. They noted that the move was a valuation call. Finally, Jonestrading lifted their price target on Preferred Apartment Communities from $11.00 to $13.50 and gave the company a “buy” rating in a report on Friday, August 27th.
The firm’s 50-day simple moving average is $11.36 and its two-hundred day simple moving average is $10.54. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $606.48 million, a PE ratio of -3.92, a PEG ratio of 1.66 and a beta of 1.17.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Wednesday, September 15th will be paid a $0.175 dividend. The ex-dividend date of this dividend is Tuesday, September 14th. This represents a $0.70 dividend on an annualized basis and a yield of 6.05%. Preferred Apartment Communities’s payout ratio is currently 65.42%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC lifted its holdings in Preferred Apartment Communities by 93.5% in the second quarter. Nuveen Asset Management LLC now owns 906,399 shares of the real estate investment trust’s stock valued at $8,837,000 after buying an additional 438,052 shares during the period. BlackRock Inc. raised its position in shares of Preferred Apartment Communities by 7.4% in the 1st quarter. BlackRock Inc. now owns 3,783,099 shares of the real estate investment trust’s stock valued at $37,264,000 after buying an additional 259,619 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Preferred Apartment Communities by 432.5% in the 2nd quarter. Renaissance Technologies LLC now owns 307,796 shares of the real estate investment trust’s stock valued at $3,001,000 after buying an additional 249,996 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Preferred Apartment Communities by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 5,044,253 shares of the real estate investment trust’s stock valued at $49,181,000 after purchasing an additional 230,935 shares during the last quarter. Finally, Miller Value Partners LLC bought a new stake in shares of Preferred Apartment Communities during the 2nd quarter valued at approximately $2,047,000. 49.56% of the stock is currently owned by institutional investors and hedge funds.
Preferred Apartment Communities Company Profile (NYSE:APTS)
Preferred Apartment Communities, Inc engages in the acquisition and operation of multifamily properties in select targeted markets throughout the United States. It operates through the following segments: Multifamily Communities, Financing, New Market Properties, Preferred Office Properties, and Others.
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