Preferred Apartment Communities Inc. (NASDAQ:APTS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

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. “

APTS has been the topic of several other reports. FBR & Co set a $15.00 price objective on Preferred Apartment Communities and gave the company a “hold” rating in a research report on Wednesday, May 31st. National Securities reaffirmed a “buy” rating and set a $20.00 price objective (up from $16.00) on shares of Preferred Apartment Communities in a research report on Tuesday, May 23rd. Finally, BidaskClub cut Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $16.50.

Preferred Apartment Communities (NASDAQ APTS) traded up 0.76% during midday trading on Thursday, hitting $15.99. The stock had a trading volume of 242,219 shares. The firm’s market cap is $449.13 million. Preferred Apartment Communities has a 52 week low of $12.02 and a 52 week high of $16.50. The firm has a 50 day moving average of $15.78 and a 200 day moving average of $14.38.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Thursday, June 15th will be given a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 5.88%. This is a boost from Preferred Apartment Communities’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, June 13th.

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A number of hedge funds and other institutional investors have recently made changes to their positions in APTS. Russell Investments Group Ltd. purchased a new position in shares of Preferred Apartment Communities during the fourth quarter valued at about $2,003,000. National Asset Management Inc. boosted its position in shares of Preferred Apartment Communities by 9.1% in the third quarter. National Asset Management Inc. now owns 50,125 shares of the real estate investment trust’s stock valued at $678,000 after buying an additional 4,200 shares during the last quarter. Crow Point Partners LLC purchased a new position in shares of Preferred Apartment Communities during the third quarter valued at about $6,080,000. Oppenheimer & Co. Inc. boosted its position in shares of Preferred Apartment Communities by 14.0% in the first quarter. Oppenheimer & Co. Inc. now owns 51,607 shares of the real estate investment trust’s stock valued at $682,000 after buying an additional 6,334 shares during the last quarter. Finally, ICM Asset Management Inc. WA boosted its position in shares of Preferred Apartment Communities by 13.0% in the third quarter. ICM Asset Management Inc. WA now owns 121,695 shares of the real estate investment trust’s stock valued at $1,644,000 after buying an additional 14,045 shares during the last quarter.

About Preferred Apartment Communities

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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Analyst Recommendations for Preferred Apartment Communities (NASDAQ:APTS)

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