Associated Estates Realty Corp. Stock Rating Reaffirmed by Jefferies Group (AEC)
Associated Estates Realty Corp. (NYSE:AEC)‘s stock had its “hold” rating restated by research analysts at Jefferies Group in a report released on Friday, AnalystRatingsNetwork reports. They currently have a $16.00 target price on the stock, down from their previous target price of $17.00. Jefferies Group’s target price would indicate a potential upside of 7.45% from the company’s current price.
The analysts wrote, “With: 1) several REITs lowering the high end of 2013 guidance during 2Q13 earnings season; 2) rising supply concerns; 3) rising risk of a reduction in GSE funding; and 4) continued risk of rising interest rates, we may have been early in our move to a more constructive view of sector in July. That said, the apartment sector has declined 9% since July 18, and valuation looks more reasonable; thus we maintain our neutral stance.”
AEC has been the subject of a number of other recent research reports. Analysts at MLV Capital initiated coverage on shares of Associated Estates Realty Corp. (NYSE:AEC) in a research note to investors on Wednesday, September 4th. They set a “buy” rating and a $18.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Associated Estates Realty Corp. (NYSE:AEC) from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, July 30th. They now have a $15.10 price target on the stock. Finally, analysts at Sandler O’Neill downgraded shares of Associated Estates Realty Corp. (NYSE:AEC) from a “buy” rating to a “hold” rating in a research note to investors on Thursday, July 25th. They now have a $17.00 price target on the stock, down previously from $19.00.
Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $17.01.
Associated Estates Realty Corp. (NYSE:AEC) traded up 1.18% during mid-day trading on Friday, hitting $15.065. 290,019 shares of the company’s stock traded hands. Associated Estates Realty Corp. has a 52 week low of $13.10 and a 52 week high of $19.09. The stock has a 50-day moving average of $14.65 and a 200-day moving average of $16.65. The company has a market cap of $760.1 million and a price-to-earnings ratio of 35.54.
Associated Estates Realty Corp. (NYSE:AEC) last released its earnings data on Tuesday, July 23rd. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.01. The company had revenue of $45.60 million for the quarter, compared to the consensus estimate of $45.69 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, analysts predict that Associated Estates Realty Corp. will post $1.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Thursday, October 10th.
In other Associated Estates Realty Corp. news, CEO Jeffrey Friedman unloaded 40,000 shares of the stock on the open market in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $14.06, for a total transaction of $562,400.00. Following the completion of the sale, the chief executive officer now directly owns 558,178 shares in the company. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Associated Estates Realty Corporation (NYSE:AEC) is a real estate investment trust (REIT).
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