Short Interest in Preferred Apartment Communities Inc. (APTS) Increases By 93.6%

Preferred Apartment Communities Inc. (NYSE:APTS) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,736,034 shares, an increase of 93.6% from the November 30th total of 896,744 shares. Currently, 4.8% of the shares of the stock are short sold. Based on an average daily volume of 604,363 shares, the days-to-cover ratio is currently 2.9 days.

APTS has been the subject of a number of recent analyst reports. B. Riley upped their price target on shares of Preferred Apartment Communities from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Thursday, November 2nd. National Securities upped their price target on shares of Preferred Apartment Communities from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 29th. BidaskClub upgraded shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 14th. Finally, ValuEngine upgraded shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $20.40.

Preferred Apartment Communities (NYSE:APTS) opened at $19.00 on Friday. Preferred Apartment Communities has a 1-year low of $12.42 and a 1-year high of $22.71. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.07 and a quick ratio of 0.07. The company has a market cap of $620.71, a price-to-earnings ratio of -19.00, a PEG ratio of 1.78 and a beta of 0.43.

Preferred Apartment Communities (NYSE:APTS) last released its earnings results on Monday, October 30th. The real estate investment trust reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.18). Preferred Apartment Communities had a return on equity of 2.78% and a net margin of 10.49%. The company had revenue of $74.90 million during the quarter, compared to analysts’ expectations of $67.86 million. research analysts expect that Preferred Apartment Communities will post 1.45 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Preferred Apartment Communities’s previous quarterly dividend of $0.24. Preferred Apartment Communities’s payout ratio is -100.00%.

In other Preferred Apartment Communities news, insider Michael Joseph Cronin sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $21.25, for a total value of $53,125.00. Following the completion of the transaction, the insider now directly owns 16,460 shares in the company, valued at $349,775. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Daniel M. Dupree sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $21.08, for a total transaction of $358,360.00. Following the completion of the transaction, the insider now owns 99,564 shares of the company’s stock, valued at $2,098,809.12. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 1,850 shares of company stock valued at $39,349 and sold 21,500 shares valued at $452,685. Corporate insiders own 3.11% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in APTS. Schwab Charles Investment Management Inc. lifted its holdings in shares of Preferred Apartment Communities by 158.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 236,742 shares of the real estate investment trust’s stock worth $3,729,000 after buying an additional 145,131 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Preferred Apartment Communities by 33.7% in the second quarter. Rhumbline Advisers now owns 40,020 shares of the real estate investment trust’s stock worth $630,000 after buying an additional 10,078 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Preferred Apartment Communities by 11.9% in the second quarter. Bank of New York Mellon Corp now owns 265,129 shares of the real estate investment trust’s stock worth $4,176,000 after buying an additional 28,246 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Preferred Apartment Communities by 13.3% in the second quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 845 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Preferred Apartment Communities by 9.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 27,522 shares of the real estate investment trust’s stock worth $433,000 after buying an additional 2,314 shares in the last quarter. 51.99% of the stock is currently owned by hedge funds and other institutional investors.

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Preferred Apartment Communities Company Profile

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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