Equities research analysts expect that Preferred Apartment (NYSE:APTS) will report sales of $89.64 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Preferred Apartment’s earnings. The highest sales estimate is $93.98 million and the lowest is $86.97 million. Preferred Apartment posted sales of $66.56 million in the same quarter last year, which would indicate a positive year over year growth rate of 34.7%. The firm is expected to announce its next earnings report on Monday, May 7th.
According to Zacks, analysts expect that Preferred Apartment will report full-year sales of $398.85 million for the current year, with estimates ranging from $387.48 million to $411.83 million. For the next fiscal year, analysts expect that the business will report sales of $488.54 million per share, with estimates ranging from $457.54 million to $519.54 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Preferred Apartment.
Preferred Apartment (NYSE:APTS) last released its earnings results on Monday, February 26th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $1.00. Preferred Apartment had a net margin of 9.41% and a return on equity of 2.46%. The firm had revenue of $81.65 million for the quarter, compared to analyst estimates of $83.27 million. During the same period in the prior year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was up 38.4% compared to the same quarter last year.
A number of research firms recently weighed in on APTS. ValuEngine upgraded shares of Preferred Apartment from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of Preferred Apartment from a “sell” rating to a “hold” rating in a research note on Tuesday, March 13th. SunTrust Banks began coverage on shares of Preferred Apartment in a research note on Thursday, January 11th. They set a “hold” rating and a $20.00 target price on the stock. DA Davidson set a $18.00 target price on shares of Preferred Apartment and gave the stock a “buy” rating in a research note on Thursday, March 1st. Finally, B. Riley set a $16.00 target price on shares of Preferred Apartment and gave the stock a “hold” rating in a research note on Wednesday, February 28th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Preferred Apartment currently has an average rating of “Buy” and a consensus price target of $19.29.
Shares of APTS stock traded up $0.10 during trading hours on Monday, reaching $14.59. 324,213 shares of the stock were exchanged, compared to its average volume of 469,428. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.06 and a current ratio of 0.06. Preferred Apartment has a 12-month low of $13.60 and a 12-month high of $22.71. The firm has a market capitalization of $567.42, a price-to-earnings ratio of 9.93, a PEG ratio of 1.41 and a beta of 0.29.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 15th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.00 annualized dividend and a yield of 6.85%. Preferred Apartment’s dividend payout ratio is currently 68.03%.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Preferred Apartment by 14.8% in the fourth quarter. BlackRock Inc. now owns 2,805,319 shares of the real estate investment trust’s stock valued at $56,807,000 after purchasing an additional 362,272 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Preferred Apartment by 119.0% in the third quarter. JPMorgan Chase & Co. now owns 1,158,689 shares of the real estate investment trust’s stock valued at $21,841,000 after purchasing an additional 629,616 shares during the last quarter. Teachers Advisors LLC increased its stake in Preferred Apartment by 14.5% in the fourth quarter. Teachers Advisors LLC now owns 702,050 shares of the real estate investment trust’s stock valued at $14,217,000 after purchasing an additional 88,996 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Preferred Apartment by 73.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 411,320 shares of the real estate investment trust’s stock valued at $7,766,000 after purchasing an additional 174,578 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Preferred Apartment by 3.9% in the fourth quarter. Bank of New York Mellon Corp now owns 346,091 shares of the real estate investment trust’s stock valued at $7,008,000 after purchasing an additional 13,078 shares during the last quarter. Institutional investors own 59.28% of the company’s stock.
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Preferred Apartment Company Profile
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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