Apartment Investment and Management (AIV) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Apartment Investment and Management (NYSE:AIV) from a hold rating to a sell rating in a research note published on Monday.

According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have underperformed its industry, in the past year. Moreover, the Zacks Consensus Estimate for funds from operation (FFO) per share for fourth-quarter 2017 was revised downward in a month’s time. Recently, the lawsuit of Aimco against Airbnb, which alleged that the short-term rental website has allowed tenants to violate their lease agreements through unauthorized subleases, has been dismissed by a California judge. In addition, though the company is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions, the dilutive impact on earnings from such asset dispositions cannot be bypassed in the near term. Moreover, intense competition from new supply in various markets is anticipated to dampen the company’s rent growth and new lease pricing ability.”

AIV has been the subject of several other research reports. Mizuho raised shares of Apartment Investment and Management from an underperform rating to a neutral rating and set a $47.00 price objective for the company in a research report on Monday, November 6th. TheStreet downgraded shares of Apartment Investment and Management from a b- rating to a c+ rating in a research report on Friday, November 3rd. BMO Capital Markets reaffirmed a sell rating on shares of Apartment Investment and Management in a research report on Friday, October 27th. Raymond James Financial cut Apartment Investment and Management from a strong-buy rating to an outperform rating and reduced their target price for the company from $52.00 to $50.00 in a research note on Tuesday, December 12th. Finally, Robert W. Baird reiterated a hold rating and set a $46.00 target price on shares of Apartment Investment and Management in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $47.70.

Shares of Apartment Investment and Management (NYSE:AIV) traded down $0.91 during trading hours on Monday, reaching $41.98. 1,002,927 shares of the company’s stock traded hands, compared to its average volume of 824,483. The company has a debt-to-equity ratio of 3.35, a current ratio of 0.59 and a quick ratio of 0.59. Apartment Investment and Management has a one year low of $41.87 and a one year high of $46.85. The firm has a market capitalization of $6,730.00, a P/E ratio of 135.42, a price-to-earnings-growth ratio of 2.47 and a beta of 0.46.

Apartment Investment and Management (NYSE:AIV) last issued its quarterly earnings data on Thursday, October 26th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.51). Apartment Investment and Management had a net margin of 21.36% and a return on equity of 13.81%. The firm had revenue of $254.64 million during the quarter, compared to analyst estimates of $249.17 million. During the same period last year, the business earned $0.54 EPS. equities research analysts anticipate that Apartment Investment and Management will post 2.45 EPS for the current year.

In other news, insider John E. Bezzant sold 7,564 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $44.77, for a total transaction of $338,640.28. Following the completion of the transaction, the insider now directly owns 48,422 shares in the company, valued at approximately $2,167,852.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Terry Considine sold 111,577 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $44.01, for a total value of $4,910,503.77. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Federated Investors Inc. PA lifted its stake in Apartment Investment and Management by 753.3% during the second quarter. Federated Investors Inc. PA now owns 32,478 shares of the real estate investment trust’s stock worth $1,396,000 after purchasing an additional 28,672 shares during the last quarter. Swiss National Bank lifted its stake in Apartment Investment and Management by 0.8% during the second quarter. Swiss National Bank now owns 261,600 shares of the real estate investment trust’s stock worth $11,241,000 after purchasing an additional 2,100 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Apartment Investment and Management by 98.4% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 68,899 shares of the real estate investment trust’s stock worth $2,961,000 after purchasing an additional 34,180 shares during the last quarter. Schroder Investment Management Group bought a new position in Apartment Investment and Management during the second quarter worth $124,000. Finally, Riverhead Capital Management LLC lifted its stake in Apartment Investment and Management by 6.0% during the second quarter. Riverhead Capital Management LLC now owns 9,800 shares of the real estate investment trust’s stock worth $421,000 after purchasing an additional 558 shares during the last quarter. Institutional investors own 98.17% of the company’s stock.

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About Apartment Investment and Management

Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust (REIT). Aimco, through its subsidiaries, AIMCO-GP, Inc and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. It operates through two segments: conventional real estate and affordable real estate.

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