Preferred Apartment (APTS) Expected to Post Quarterly Sales of $96.91 Million

Brokerages predict that Preferred Apartment (NYSE:APTS) will report sales of $96.91 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Preferred Apartment’s earnings. The lowest sales estimate is $95.44 million and the highest is $99.66 million. Preferred Apartment posted sales of $70.89 million in the same quarter last year, which suggests a positive year over year growth rate of 36.7%. The company is expected to issue its next quarterly earnings results on Monday, July 30th.

According to Zacks, analysts expect that Preferred Apartment will report full year sales of $397.03 million for the current fiscal year, with estimates ranging from $394.95 million to $399.12 million. For the next financial year, analysts anticipate that the business will post sales of $489.03 million per share, with estimates ranging from $461.53 million to $519.54 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Preferred Apartment.

Preferred Apartment (NYSE:APTS) last issued its quarterly earnings results on Monday, April 30th. The real estate investment trust reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.38. The company had revenue of $90.40 million during the quarter, compared to the consensus estimate of $88.96 million. Preferred Apartment had a return on equity of 1.02% and a net margin of 3.93%. Preferred Apartment’s revenue was up 35.7% compared to the same quarter last year.

APTS has been the subject of a number of research analyst reports. SunTrust Banks set a $16.00 price target on Preferred Apartment and gave the company a “hold” rating in a research report on Monday, April 9th. Zacks Investment Research downgraded Preferred Apartment from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. DA Davidson set a $18.00 price target on Preferred Apartment and gave the company a “buy” rating in a research report on Thursday, March 1st. B. Riley set a $16.00 price target on Preferred Apartment and gave the company a “hold” rating in a research report on Wednesday, February 28th. Finally, ValuEngine downgraded Preferred Apartment from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $19.29.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Smith Asset Management Group LP grew its holdings in Preferred Apartment by 58.2% during the first quarter. Smith Asset Management Group LP now owns 9,241 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 3,401 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Preferred Apartment by 11.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,994 shares of the real estate investment trust’s stock valued at $482,000 after purchasing an additional 3,503 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Preferred Apartment by 18.2% during the first quarter. Nomura Asset Management Co. Ltd. now owns 23,400 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 3,600 shares during the period. American International Group Inc. grew its holdings in Preferred Apartment by 20.0% during the fourth quarter. American International Group Inc. now owns 24,568 shares of the real estate investment trust’s stock valued at $498,000 after purchasing an additional 4,100 shares during the period. Finally, Hancock Holding Co. grew its holdings in Preferred Apartment by 33.1% during the first quarter. Hancock Holding Co. now owns 17,637 shares of the real estate investment trust’s stock valued at $250,000 after purchasing an additional 4,388 shares during the period. 59.42% of the stock is owned by institutional investors and hedge funds.

Shares of APTS traded up $0.02 on Friday, reaching $14.03. 330,237 shares of the company’s stock traded hands, compared to its average volume of 438,970. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $553.00 million, a price-to-earnings ratio of 9.54, a PEG ratio of 1.38 and a beta of 0.30. Preferred Apartment has a 52-week low of $13.60 and a 52-week high of $22.71.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 7.27%. This is a positive change from Preferred Apartment’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, June 14th. Preferred Apartment’s dividend payout ratio is 68.03%.

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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Earnings History and Estimates for Preferred Apartment (NYSE:APTS)

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