Preferred Apartment Communities Inc. (NYSE:APTS) announced a quarterly dividend on Monday, November 5th, Wall Street Journal reports. Investors of record on Friday, December 14th will be paid a dividend of 0.26 per share by the real estate investment trust on Tuesday, January 15th. This represents a $1.04 dividend on an annualized basis and a yield of 6.92%. 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 has raised its dividend by an average of 12.4% per year over the last three years and has raised its dividend every year for the last 2 years. Preferred Apartment Communities has a payout ratio of 70.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Preferred Apartment Communities to earn $1.62 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 64.2%.
Shares of NYSE:APTS opened at $15.03 on Friday. The firm has a market capitalization of $629.70 million, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 1.57 and a beta of 0.40. Preferred Apartment Communities has a 1 year low of $13.60 and a 1 year high of $21.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.06 and a quick ratio of 0.06.
Preferred Apartment Communities (NYSE:APTS) last issued its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.09). Preferred Apartment Communities had a return on equity of 0.88% and a net margin of 3.29%. The business had revenue of $104.20 million during the quarter, compared to the consensus estimate of $100.95 million. The company’s revenue was up 39.1% compared to the same quarter last year. As a group, equities analysts anticipate that Preferred Apartment Communities will post 1.39 EPS for the current year.
A number of research firms have issued reports on APTS. Zacks Investment Research upgraded shares of Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Thursday, November 15th. B. Riley restated a “neutral” rating on shares of Preferred Apartment Communities in a report on Wednesday, November 14th. Boenning Scattergood restated a “buy” rating on shares of Preferred Apartment Communities in a report on Tuesday, November 6th. ValuEngine cut shares of Preferred Apartment Communities from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. Finally, JMP Securities decreased their price target on shares of Preferred Apartment Communities from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Preferred Apartment Communities presently has an average rating of “Hold” and an average price target of $17.83.
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About Preferred Apartment Communities
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.
Further Reading: Return on Equity (ROE)
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