Apartment Investment and Management (AIV) Rating Lowered to Sell at Zacks Investment Research

Apartment Investment and Management (NYSE:AIV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have underperformed its industry in the past three months. Moreover, the trend in estimate revisions of current-year funds from operations (FFO) per share does not indicate a favorable earnings outlook for the company. Aimco is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions. However, the dilutive impact on earnings from such asset dispositions cannot be bypassed in the near term. Also, new supply in various markets is anticipated to dampen the company’s rent growth and new-lease pricing ability. Hike in interest rate adds to its woes. Nevertheless, Aimco’s portfolio is diversified in terms of geography and price point and its revamping efforts have the capability to drive long term growth.”

AIV has been the topic of a number of other research reports. Barclays reiterated a “buy” rating and issued a $48.00 price target on shares of Apartment Investment and Management in a research note on Tuesday, March 13th. ValuEngine upgraded shares of Apartment Investment and Management from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. BMO Capital Markets upgraded shares of Apartment Investment and Management from an “underperform” rating to a “market perform” rating and set a $42.00 target price on the stock in a research note on Friday, March 2nd. Zelman & Associates cut shares of Apartment Investment and Management from a “hold” rating to a “sell” rating in a research note on Thursday, May 10th. Finally, Bank of America upped their target price on shares of Apartment Investment and Management from $47.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, June 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $46.00.

Shares of Apartment Investment and Management stock opened at $41.45 on Tuesday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 16.92, a PEG ratio of 3.56 and a beta of 0.42. Apartment Investment and Management has a 1 year low of $37.97 and a 1 year high of $46.72. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 2.77.

Apartment Investment and Management (NYSE:AIV) last announced its quarterly earnings results on Monday, May 7th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.08). The firm had revenue of $247.72 million during the quarter, compared to the consensus estimate of $240.46 million. Apartment Investment and Management had a return on equity of 26.79% and a net margin of 38.11%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 EPS. analysts expect that Apartment Investment and Management will post 2.44 earnings per share for the current fiscal year.

In other Apartment Investment and Management news, Director Kathleen M. Nelson sold 1,318 shares of the company’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $41.12, for a total transaction of $54,196.16. Following the transaction, the director now owns 43,782 shares in the company, valued at approximately $1,800,315.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. Deutsche Bank AG lifted its stake in shares of Apartment Investment and Management by 320.4% in the 4th quarter. Deutsche Bank AG now owns 623,318 shares of the real estate investment trust’s stock worth $27,239,000 after purchasing an additional 475,057 shares during the period. Toronto Dominion Bank lifted its stake in shares of Apartment Investment and Management by 10.3% in the 4th quarter. Toronto Dominion Bank now owns 58,383 shares of the real estate investment trust’s stock worth $2,552,000 after purchasing an additional 5,450 shares during the period. Ontario Teachers Pension Plan Board lifted its stake in shares of Apartment Investment and Management by 1.4% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 149,493 shares of the real estate investment trust’s stock worth $6,534,000 after purchasing an additional 2,104 shares during the period. Ellington Management Group LLC bought a new position in shares of Apartment Investment and Management in the 4th quarter worth approximately $345,000. Finally, California State Teachers Retirement System lifted its stake in shares of Apartment Investment and Management by 0.6% in the 4th quarter. California State Teachers Retirement System now owns 262,532 shares of the real estate investment trust’s stock worth $11,475,000 after purchasing an additional 1,523 shares during the period.

Apartment Investment and Management Company Profile

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with ownership interests in 184 communities in 22 states and the District of Columbia.

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