Cambridge Investment Research Advisors Inc. raised its stake in shares of Preferred Apartment Communities Inc. (NYSE:APTS) by 43.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,150 shares of the real estate investment trust’s stock after buying an additional 16,832 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Preferred Apartment Communities were worth $937,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of APTS. SG Americas Securities LLC acquired a new position in shares of Preferred Apartment Communities in the 2nd quarter valued at approximately $122,000. Sun Life Financial INC acquired a new position in shares of Preferred Apartment Communities in the 2nd quarter valued at approximately $150,000. Private Advisor Group LLC acquired a new position in shares of Preferred Apartment Communities in the 1st quarter valued at approximately $152,000. Mount Yale Investment Advisors LLC acquired a new position in shares of Preferred Apartment Communities in the 1st quarter valued at approximately $168,000. Finally, Sei Investments Co. grew its position in shares of Preferred Apartment Communities by 61.3% in the 2nd quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock valued at $168,000 after purchasing an additional 3,774 shares during the period. Institutional investors own 55.61% of the company’s stock.
In other news, Director Timothy Alan Peterson sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total transaction of $99,605.00. Following the sale, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Joseph Cronin sold 16,460 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total value of $281,630.60. The disclosure for this sale can be found here. Insiders own 1.62% of the company’s stock.
Several research firms have commented on APTS. Zacks Investment Research upgraded Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Monday, June 11th. ValuEngine cut Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research note on Friday, June 1st. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Preferred Apartment Communities currently has a consensus rating of “Buy” and a consensus price target of $18.60.
NYSE APTS opened at $17.96 on Friday. The company has a market capitalization of $711.49 million, a price-to-earnings ratio of 12.22, a PEG ratio of 1.73 and a beta of 0.32. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.03. Preferred Apartment Communities Inc. has a 52 week low of $13.60 and a 52 week high of $22.71.
Preferred Apartment Communities (NYSE:APTS) last released its earnings results on Monday, July 30th. The real estate investment trust reported ($0.66) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($1.00). The firm had revenue of $96.39 million during the quarter, compared to the consensus estimate of $95.18 million. Preferred Apartment Communities had a net margin of 1.21% and a return on equity of 0.32%. The company’s revenue was up 36.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 EPS. equities 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. Shareholders of record on Friday, September 14th will be paid a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 5.68%. The ex-dividend date of this dividend is Thursday, September 13th. Preferred Apartment Communities’s payout ratio is 69.39%.
About Preferred Apartment Communities
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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