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 report released on Monday morning.

According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have outperformed its industry in the past three months. However, the Zacks Consensus Estimate for funds from operation (FFO) per share for 2018 was revised downward in a month’s time. The company’s fourth-quarter 2017 results displayed growth in same-store property net operating income (NOI). Notably, the company is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions. However, new supply in various markets is anticipated to dampen the company’s rent growth and new lease pricing ability. Also, the dilutive impact on earnings from asset dispositions cannot be bypassed in the near term. Further, rate hike add to its woes.”

Several other research firms also recently issued reports on AIV. TheStreet downgraded shares of Apartment Investment and Management from a b- rating to a c+ rating in a report on Friday, November 3rd. BMO Capital Markets restated a sell rating and set a $44.00 price objective on shares of Apartment Investment and Management in a report on Monday, November 27th. Raymond James Financial downgraded shares of Apartment Investment and Management from a strong-buy rating to an outperform rating and cut their price objective for the company from $52.00 to $50.00 in a report on Tuesday, December 12th. Mizuho upgraded shares of Apartment Investment and Management from an underperform rating to a neutral rating and set a $47.00 price objective on the stock in a report on Monday, November 6th. Finally, Robert W. Baird restated a hold rating and set a $42.00 price objective on shares of Apartment Investment and Management in a report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Apartment Investment and Management presently has a consensus rating of Hold and a consensus target price of $46.64.

Apartment Investment and Management (NYSE:AIV) opened at $39.69 on Monday. Apartment Investment and Management has a fifty-two week low of $38.19 and a fifty-two week high of $46.85. The company has a current ratio of 0.65, a quick ratio of 0.59 and a debt-to-equity ratio of 2.67. The stock has a market cap of $6,210.57, a PE ratio of 20.35, a PEG ratio of 2.63 and a beta of 0.41.

Apartment Investment and Management (NYSE:AIV) last posted its quarterly earnings data on Thursday, February 1st. The real estate investment trust reported $0.63 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. Apartment Investment and Management had a net margin of 31.19% and a return on equity of 21.25%. The firm had revenue of $250.23 million for the quarter, compared to the consensus estimate of $243.24 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. sell-side analysts forecast that Apartment Investment and Management will post 2.51 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Friday, February 16th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, February 15th. This is an increase from Apartment Investment and Management’s previous quarterly dividend of $0.36. Apartment Investment and Management’s dividend payout ratio is 77.95%.

In related news, EVP Miles Cortez sold 2,587 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $41.90, for a total value of $108,395.30. Following the transaction, the executive vice president now owns 102,456 shares in the company, valued at approximately $4,292,906.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 owns 48,422 shares in the company, valued at approximately $2,167,852.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,534 shares of company stock worth $979,784. 1.20% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of AIV. Vident Investment Advisory LLC acquired a new stake in shares of Apartment Investment and Management during the 3rd quarter worth approximately $202,000. Zeke Capital Advisors LLC acquired a new stake in shares of Apartment Investment and Management during the 4th quarter worth approximately $210,000. CAPROCK Group Inc. acquired a new stake in shares of Apartment Investment and Management during the 3rd quarter worth approximately $251,000. Allianz Asset Management GmbH acquired a new stake in shares of Apartment Investment and Management during the 4th quarter worth approximately $266,000. Finally, MANA Advisors LLC acquired a new stake in shares of Apartment Investment and Management during the 4th quarter worth approximately $288,000. Institutional investors own 98.30% of the company’s stock.

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Apartment Investment and Management Company Profile

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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