Preferred Apartment Communities Inc. (APTS) Upgraded by Zacks Investment Research to “Buy”
Preferred Apartment Communities Inc. (NASDAQ:APTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $14.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 15.13% from the stock’s previous close.
According to Zacks, “Preferred Apartment Communities, Inc. is a real estate investment trust. The company acquire and operate multifamily properties primarily in the United States. It also acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily assets. Preferred Apartment Communities, Inc. is based in Atlanta, United States. “
A number of other research analysts have also recently issued reports on APTS. Wunderlich reissued a “buy” rating and issued a $15.50 target price (up from $14.00) on shares of Preferred Apartment Communities in a research note on Thursday, August 4th. FBR & Co reissued an “outperform” rating and issued a $17.00 target price (up from $16.00) on shares of Preferred Apartment Communities in a research note on Thursday, August 11th. Canaccord Genuity reissued a “buy” rating on shares of Preferred Apartment Communities in a research note on Tuesday, June 28th. Finally, Compass Point reaffirmed a “buy” rating and set a $16.50 price objective (up from $14.00) on shares of Preferred Apartment Communities in a research report on Wednesday, August 3rd. Five analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $15.75.
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Shares of Preferred Apartment Communities (NASDAQ:APTS) traded down 3.11% on Tuesday, hitting $12.16. The company had a trading volume of 252,019 shares. The firm has a 50 day moving average of $13.50 and a 200-day moving average of $13.73. Preferred Apartment Communities has a 12-month low of $10.29 and a 12-month high of $15.39.
Preferred Apartment Communities (NASDAQ:APTS) last posted its earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. Equities research analysts predict that Preferred Apartment Communities will post $1.28 EPS for the current year.
The company also recently disclosed a dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.203 per share. This is a boost from Preferred Apartment Communities’s previous dividend of $0.20. The ex-dividend date of this dividend is Tuesday, September 13th.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. purchased a new position in Preferred Apartment Communities during the second quarter valued at $172,000. BlackRock Advisors LLC raised its stake in Preferred Apartment Communities by 3.8% in the second quarter. BlackRock Advisors LLC now owns 11,869 shares of the company’s stock valued at $175,000 after buying an additional 431 shares during the last quarter. Allianz Asset Management AG bought a new stake in Preferred Apartment Communities during the second quarter valued at about $357,000. Sunbelt Securities Inc. raised its stake in Preferred Apartment Communities by 16.5% in the second quarter. Sunbelt Securities Inc. now owns 27,874 shares of the company’s stock valued at $410,000 after buying an additional 3,954 shares during the last quarter. Finally, A.R.T. Advisors LLC raised its stake in Preferred Apartment Communities by 86.3% in the second quarter. A.R.T. Advisors LLC now owns 29,578 shares of the company’s stock valued at $435,000 after buying an additional 13,700 shares during the last quarter.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate multifamily properties in select-targeted markets throughout the United States. It operates through three segments: multifamily communities, retail, and real estate related financing.
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