Principal Financial Group Inc. Sells 1,343,276 Shares of Apartment Income REIT Corp. (NYSE:AIRC)

Principal Financial Group Inc. lessened its holdings in Apartment Income REIT Corp. (NYSE:AIRC) by 14.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,788,167 shares of the company’s stock after selling 1,343,276 shares during the quarter. Principal Financial Group Inc. owned approximately 5.30% of Apartment Income REIT worth $270,483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AIRC. Bank of New York Mellon Corp grew its position in shares of Apartment Income REIT by 5.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,831,113 shares of the company’s stock worth $56,215,000 after buying an additional 93,029 shares during the period. New York State Teachers Retirement System increased its stake in Apartment Income REIT by 6.1% in the third quarter. New York State Teachers Retirement System now owns 199,564 shares of the company’s stock valued at $6,127,000 after purchasing an additional 11,465 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Apartment Income REIT by 4.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,260 shares of the company’s stock worth $2,157,000 after purchasing an additional 3,201 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Apartment Income REIT by 87.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,687 shares of the company’s stock worth $40,637,000 after purchasing an additional 618,134 shares in the last quarter. Finally, Perigon Wealth Management LLC acquired a new position in shares of Apartment Income REIT in the 3rd quarter valued at $257,000. 98.13% of the stock is owned by institutional investors.

Insider Activity at Apartment Income REIT

In related news, Director Thomas N. Bohjalian acquired 889 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $31.50 per share, with a total value of $28,003.50. Following the acquisition, the director now owns 20,000 shares in the company, valued at approximately $630,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by company insiders.

Apartment Income REIT Stock Up 0.0 %

AIRC stock traded up $0.01 during midday trading on Friday, hitting $38.60. The company’s stock had a trading volume of 1,074,642 shares, compared to its average volume of 4,317,995. The company’s fifty day moving average price is $35.03 and its 200 day moving average price is $33.19. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.63 and a quick ratio of 0.65. Apartment Income REIT Corp. has a twelve month low of $28.22 and a twelve month high of $38.70. The stock has a market capitalization of $5.60 billion, a P/E ratio of 9.13 and a beta of 0.78.

Wall Street Analyst Weigh In

Several research firms have weighed in on AIRC. Wolfe Research reiterated a “peer perform” rating on shares of Apartment Income REIT in a report on Thursday, April 11th. Janney Montgomery Scott reissued a “neutral” rating on shares of Apartment Income REIT in a research note on Monday, April 8th. Truist Financial dropped their target price on shares of Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, April 9th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $34.00 price target on shares of Apartment Income REIT in a report on Thursday, February 22nd. Finally, Raymond James lowered shares of Apartment Income REIT from an “outperform” rating to a “market perform” rating in a report on Monday, March 18th. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $36.59.

Apartment Income REIT Company Profile

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management.