Envestnet Asset Management Inc. increased its stake in shares of Preferred Apartment Communities Inc. (NYSE:APTS) by 37.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,174 shares of the real estate investment trust’s stock after purchasing an additional 4,395 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Preferred Apartment Communities were worth $275,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APTS. UBS Group AG lifted its holdings in Preferred Apartment Communities by 7.1% during the 1st quarter. UBS Group AG now owns 71,896 shares of the real estate investment trust’s stock worth $1,020,000 after buying an additional 4,745 shares during the last quarter. Northern Trust Corp lifted its holdings in Preferred Apartment Communities by 8.7% during the 1st quarter. Northern Trust Corp now owns 436,367 shares of the real estate investment trust’s stock worth $6,193,000 after buying an additional 35,030 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Preferred Apartment Communities by 43.9% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 55,150 shares of the real estate investment trust’s stock worth $937,000 after buying an additional 16,832 shares during the last quarter. Element Capital Management LLC purchased a new stake in Preferred Apartment Communities during the 1st quarter worth about $313,000. Finally, Swiss National Bank lifted its holdings in Preferred Apartment Communities by 15.7% during the 2nd quarter. Swiss National Bank now owns 71,600 shares of the real estate investment trust’s stock worth $1,216,000 after buying an additional 9,700 shares during the last quarter. 55.15% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Michael Joseph Cronin sold 16,460 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total value of $281,630.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy Alan Peterson sold 5,500 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $18.11, for a total value of $99,605.00. Following the completion of the sale, the director now directly owns 54,166 shares of the company’s stock, valued at $980,946.26. The disclosure for this sale can be found here. 1.62% of the stock is currently owned by insiders.
Preferred Apartment Communities (NYSE:APTS) last posted its earnings results on Monday, July 30th. The real estate investment trust reported ($0.66) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($1.00). Preferred Apartment Communities had a net margin of 1.21% and a return on equity of 0.32%. The firm had revenue of $96.39 million during the quarter, compared to analysts’ expectations of $95.18 million. During the same period in the previous year, the firm posted $0.31 earnings per share. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. equities research analysts expect that Preferred Apartment Communities Inc. will post 1.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 14th will be issued a $0.255 dividend. This represents a $1.02 annualized dividend and a dividend yield of 5.91%. The ex-dividend date of this dividend is Thursday, September 13th. Preferred Apartment Communities’s payout ratio is currently 69.39%.
A number of analysts have issued reports on APTS shares. Zacks Investment Research raised Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Monday, June 11th. ValuEngine raised Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Thursday, June 21st. Finally, Boenning Scattergood started coverage on Preferred Apartment Communities in a report on Monday, September 17th. They set an “outperform” rating and a $22.00 price target for the company. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $19.17.
Preferred Apartment Communities Company Profile
Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.
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