Brokerages forecast that Preferred Apartment Communities Inc. (NYSE:APTS) will report $80.15 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Preferred Apartment Communities’ earnings, with the highest sales estimate coming in at $82.58 million and the lowest estimate coming in at $78.33 million. Preferred Apartment Communities posted sales of $58.99 million in the same quarter last year, which would indicate a positive year over year growth rate of 35.9%. The business is expected to issue its next earnings results on Monday, February 26th.
On average, analysts expect that Preferred Apartment Communities will report full year sales of $80.15 million for the current fiscal year, with estimates ranging from $290.68 million to $294.93 million. For the next year, analysts forecast that the business will report sales of $402.89 million per share, with estimates ranging from $401.25 million to $404.54 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Preferred Apartment Communities.
Several equities research analysts have commented on the stock. BidaskClub raised shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 14th. Zacks Investment Research cut shares of Preferred Apartment Communities from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. ValuEngine raised shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. B. Riley reissued a “neutral” rating and set a $17.00 price target (up from $16.00) on shares of Preferred Apartment Communities in a research report on Thursday, November 2nd. Finally, SunTrust Banks started coverage on shares of Preferred Apartment Communities in a report on Thursday, January 11th. They issued a “hold” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $20.33.
Shares of Preferred Apartment Communities (NYSE:APTS) opened at $14.42 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.07 and a current ratio of 0.07. Preferred Apartment Communities has a 52-week low of $12.42 and a 52-week high of $22.71. The company has a market cap of $555.51, a PE ratio of 10.07, a price-to-earnings-growth ratio of 1.41 and a beta of 0.19.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.93%. Preferred Apartment Communities’s payout ratio is -99.01%.
In other news, insider Michael Joseph Cronin sold 2,500 shares of the company’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $21.25, for a total value of $53,125.00. Following the sale, the insider now directly owns 16,460 shares of the company’s stock, valued at approximately $349,775. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 4,500 shares of company stock worth $94,325. 3.11% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. bought a new stake in shares of Preferred Apartment Communities in the 3rd quarter valued at about $118,000. QS Investors LLC bought a new stake in shares of Preferred Apartment Communities in the 4th quarter valued at about $148,000. Intrust Bank NA bought a new stake in shares of Preferred Apartment Communities in the 4th quarter valued at about $206,000. Jane Street Group LLC bought a new stake in shares of Preferred Apartment Communities in the 4th quarter valued at about $217,000. Finally, Stifel Financial Corp bought a new stake in shares of Preferred Apartment Communities in the 3rd quarter valued at about $202,000. 48.73% of the stock is currently owned by institutional investors.
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About Preferred Apartment Communities
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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