Ellington Management Group LLC purchased a new position in Preferred Apartment (NYSE:APTS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,100 shares of the real estate investment trust’s stock, valued at approximately $346,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Teachers Insurance & Annuity Association of America increased its position in shares of Preferred Apartment by 28.7% in the fourth quarter. Teachers Insurance & Annuity Association of America now owns 39,774 shares of the real estate investment trust’s stock worth $805,000 after purchasing an additional 8,880 shares during the period. QS Investors LLC bought a new position in shares of Preferred Apartment in the fourth quarter worth $148,000. Deutsche Bank AG increased its position in shares of Preferred Apartment by 127.5% in the fourth quarter. Deutsche Bank AG now owns 157,281 shares of the real estate investment trust’s stock worth $3,183,000 after purchasing an additional 88,147 shares during the period. Advisor Group Inc. increased its position in shares of Preferred Apartment by 29.3% in the fourth quarter. Advisor Group Inc. now owns 58,392 shares of the real estate investment trust’s stock worth $1,183,000 after purchasing an additional 13,248 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Preferred Apartment by 113.3% in the fourth quarter. Renaissance Technologies LLC now owns 162,300 shares of the real estate investment trust’s stock worth $3,287,000 after purchasing an additional 86,200 shares during the period. Institutional investors own 58.39% of the company’s stock.
A number of brokerages recently commented on APTS. Zacks Investment Research cut Preferred Apartment from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. B. Riley set a $16.00 price target on Preferred Apartment and gave the stock a “hold” rating in a research report on Wednesday, February 28th. DA Davidson set a $18.00 price objective on Preferred Apartment and gave the company a “buy” rating in a research note on Thursday, March 1st. SunTrust Banks initiated coverage on Preferred Apartment in a research note on Thursday, January 11th. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, ValuEngine raised Preferred Apartment from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. One analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $19.86.
NYSE:APTS traded down $0.22 during trading hours on Friday, hitting $14.23. The company’s stock had a trading volume of 316,581 shares, compared to its average volume of 344,391. The firm has a market capitalization of $557.23, a PE ratio of 9.68, a price-to-earnings-growth ratio of 1.41 and a beta of 0.29. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.04. Preferred Apartment has a twelve month low of $13.37 and a twelve month high of $22.71.
Preferred Apartment (NYSE:APTS) last released its quarterly earnings data on Monday, February 26th. The real estate investment trust reported $0.36 earnings per share for the quarter, beating the consensus estimate of ($0.64) by $1.00. The business had revenue of $81.65 million for the quarter, compared to analyst estimates of $83.27 million. Preferred Apartment had a return on equity of 2.46% and a net margin of 9.41%. Preferred Apartment’s revenue was up 38.4% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. analysts anticipate that Preferred Apartment will post 1.44 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.03%. The ex-dividend date is Wednesday, March 14th. Preferred Apartment’s payout ratio is 68.03%.
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About Preferred Apartment
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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