Analysts Anticipate Preferred Apartment Communities Inc. (APTS) Will Post Quarterly Sales of $62.35 Million
Wall Street analysts forecast that Preferred Apartment Communities Inc. (NASDAQ:APTS) will report sales of $62.35 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Preferred Apartment Communities’ earnings, with estimates ranging from $56.26 million to $68.44 million. Preferred Apartment Communities reported sales of $45.85 million during the same quarter last year, which indicates a positive year-over-year growth rate of 36%. The company is scheduled to report its next earnings report after the market closes on Monday, July 31st.
According to Zacks, analysts expect that Preferred Apartment Communities will report full-year sales of $62.35 million for the current year, with estimates ranging from $230.06 million to $276.63 million. For the next year, analysts expect that the company will post sales of $277.07 million per share, with estimates ranging from $257.33 million to $296.81 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Preferred Apartment Communities.
Several analysts recently weighed in on the stock. Zacks Investment Research cut shares of Preferred Apartment Communities from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. National Securities reaffirmed a “buy” rating and issued a $20.00 target price (up previously from $16.00) on shares of Preferred Apartment Communities in a report on Tuesday, May 23rd. Finally, FBR & Co set a $15.00 target price on shares of Preferred Apartment Communities and gave the company a “hold” rating in a report on Wednesday, May 31st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Preferred Apartment Communities currently has a consensus rating of “Buy” and an average price target of $16.33.
A number of hedge funds have recently added to or reduced their stakes in APTS. Independent Portfolio Consultants Inc. bought a new stake in Preferred Apartment Communities during the first quarter worth $121,000. Wedbush Securities Inc. bought a new stake in Preferred Apartment Communities during the first quarter worth $138,000. 361 Capital LLC bought a new stake in Preferred Apartment Communities during the first quarter worth $174,000. American International Group Inc. boosted its stake in Preferred Apartment Communities by 7.4% in the first quarter. American International Group Inc. now owns 14,006 shares of the real estate investment trust’s stock worth $185,000 after buying an additional 966 shares during the last quarter. Finally, Stevens Capital Management LP boosted its stake in Preferred Apartment Communities by 21.4% in the first quarter. Stevens Capital Management LP now owns 15,346 shares of the real estate investment trust’s stock worth $203,000 after buying an additional 2,700 shares during the last quarter.
Preferred Apartment Communities (NASDAQ:APTS) opened at 15.45 on Friday. The stock has a 50 day moving average of $15.78 and a 200-day moving average of $14.38. The stock’s market cap is $433.96 million. Preferred Apartment Communities has a 12 month low of $12.02 and a 12 month high of $16.40.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.94 dividend on an annualized basis and a yield of 6.08%. This is a boost from Preferred Apartment Communities’s previous quarterly dividend of $0.22.
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Preferred Apartment Communities Company Profile
Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.
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