Cambridge Investment Research Advisors Inc. lifted its position in shares of Preferred Apartment Communities Inc. (NYSE:APTS) by 7.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 414,313 shares of the real estate investment trust’s stock after acquiring an additional 28,162 shares during the quarter. Cambridge Investment Research Advisors Inc. owned 0.87% of Preferred Apartment Communities worth $3,149,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of APTS. Advisor Group Holdings Inc. acquired a new position in shares of Preferred Apartment Communities during the first quarter worth about $1,933,000. Private Advisory Group LLC acquired a new position in Preferred Apartment Communities during the second quarter worth about $1,717,000. Matarin Capital Management LLC acquired a new position in Preferred Apartment Communities during the first quarter worth about $1,323,000. State Street Corp grew its position in Preferred Apartment Communities by 12.1% during the first quarter. State Street Corp now owns 1,060,940 shares of the real estate investment trust’s stock worth $7,864,000 after buying an additional 114,468 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Preferred Apartment Communities by 830.7% during the first quarter. Thrivent Financial for Lutherans now owns 126,357 shares of the real estate investment trust’s stock worth $907,000 after buying an additional 112,781 shares during the period. Institutional investors and hedge funds own 56.23% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $11.00.
Preferred Apartment Communities (NYSE:APTS) last released its quarterly earnings results on Monday, May 11th. The real estate investment trust reported ($4.44) EPS for the quarter, missing the consensus estimate of ($0.76) by ($3.68). The business had revenue of $131.10 million during the quarter, compared to analyst estimates of $125.37 million. Preferred Apartment Communities had a negative net margin of 36.91% and a negative return on equity of 9.83%. Analysts predict that Preferred Apartment Communities Inc. will post 1.04 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a $0.175 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.70 annualized dividend and a dividend yield of 9.68%. Preferred Apartment Communities’s dividend payout ratio is presently 51.09%.
Preferred Apartment Communities Company Profile
Preferred Apartment Communities, Inc is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States.
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