Preferred Apartment Communities (NYSE:APTS) posted its quarterly earnings data on Monday. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.09), Briefing.com reports. Preferred Apartment Communities had a net margin of 1.21% and a return on equity of 0.32%. The business had revenue of $104.20 million for the quarter, compared to the consensus estimate of $100.95 million. Preferred Apartment Communities’s revenue for the quarter was up 39.1% compared to the same quarter last year. Preferred Apartment Communities updated its FY 2018 guidance to $1.39-1.42 EPS and its FY18 guidance to $1.39-1.42 EPS.
Shares of NYSE APTS traded down $2.27 during midday trading on Tuesday, reaching $14.02. The company had a trading volume of 13,075 shares, compared to its average volume of 237,229. Preferred Apartment Communities has a one year low of $13.60 and a one year high of $22.71. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.03. The firm has a market cap of $638.22 million, a PE ratio of 9.56, a price-to-earnings-growth ratio of 1.55 and a beta of 0.40.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 7.42%. The ex-dividend date is Thursday, December 13th. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.26. Preferred Apartment Communities’s payout ratio is 69.39%.
In related news, insider Michael Joseph Cronin sold 16,460 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total transaction of $281,630.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Timothy Alan Peterson sold 5,500 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $18.11, for a total value of $99,605.00. Following the transaction, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The disclosure for this sale can be found here. Insiders own 1.62% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. boosted its position in shares of Preferred Apartment Communities by 43.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 55,150 shares of the real estate investment trust’s stock worth $937,000 after purchasing an additional 16,832 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Preferred Apartment Communities by 7.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 460,000 shares of the real estate investment trust’s stock worth $8,087,000 after purchasing an additional 30,000 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Preferred Apartment Communities by 12.9% in the 2nd quarter. Rhumbline Advisers now owns 46,315 shares of the real estate investment trust’s stock worth $787,000 after purchasing an additional 5,304 shares in the last quarter. UBS Group AG boosted its position in shares of Preferred Apartment Communities by 7.1% in the 1st quarter. UBS Group AG now owns 71,896 shares of the real estate investment trust’s stock worth $1,020,000 after purchasing an additional 4,745 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Preferred Apartment Communities by 8.7% in the 1st quarter. Northern Trust Corp now owns 436,367 shares of the real estate investment trust’s stock worth $6,193,000 after purchasing an additional 35,030 shares in the last quarter. Institutional investors own 56.48% of the company’s stock.
APTS has been the subject of several research analyst reports. Zacks Investment Research raised Preferred Apartment Communities from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Boenning Scattergood initiated coverage on Preferred Apartment Communities in a research note on Monday, September 17th. They set an “outperform” rating and a $22.00 price target for the company. Finally, ValuEngine lowered Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Preferred Apartment Communities has a consensus rating of “Buy” and a consensus price target of $19.17.
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Preferred Apartment Communities 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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