Associated Estates Realty Corp. (AEC) Releases Quarterly Earnings, Meets Expectations
Associated Estates Realty Corp. (NYSE:AEC) issued its quarterly earnings data on Tuesday. The company reported $0.32 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.32, American Banking News reports. The company had revenue of $47.30 million for the quarter, compared to the consensus estimate of $47.24 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 10.4% on a year-over-year basis. Associated Estates Realty Corp. updated its FY13 guidance to $1.27 EPS.
Associated Estates Realty Corp. (NYSE:AEC) traded up 1.17% on Tuesday, hitting $15.58. 424,849 shares of the company’s stock traded hands. Associated Estates Realty Corp. has a one year low of $13.83 and a one year high of $19.09. The stock’s 50-day moving average is $14.64 and its 200-day moving average is $16.64. The company has a market cap of $786.1 million and a P/E ratio of 36.75.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date of this dividend is Thursday, October 10th.
AEC has been the subject of a number of recent research reports. Analysts at Jefferies Group reiterated a “hold” rating on shares of Associated Estates Realty Corp. in a research note to investors on Friday, September 13th. They now have a $16.00 price target on the stock, down previously from $17.00. On a related note, analysts at MLV Capital initiated coverage on shares of Associated Estates Realty Corp. in a research note to investors on Wednesday, September 4th. They set a “buy” rating and a $18.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Associated Estates Realty Corp. 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. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $17.01.
Associated Estates Realty Corporation (NYSE:AEC) is a real estate investment trust (REIT).
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