Preferred Apartment Communities Inc. (NASDAQ:APTS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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 research reports. FBR & Co reaffirmed a “market perform” rating and issued a $16.00 price target on shares of Preferred Apartment Communities in a report on Tuesday, July 11th. BidaskClub lowered Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 8th. Canaccord Genuity set a $20.00 price objective on Preferred Apartment Communities and gave the stock a “buy” rating in a report on Thursday, August 10th. Finally, ValuEngine upgraded shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. Preferred Apartment Communities has a consensus rating of “Buy” and a consensus target price of $17.30.

Shares of Preferred Apartment Communities (NASDAQ APTS) traded down 1.10% on Tuesday, reaching $18.93. The company’s stock had a trading volume of 250,589 shares. The firm’s 50-day moving average price is $18.33 and its 200-day moving average price is $16.15. Preferred Apartment Communities has a 12 month low of $12.02 and a 12 month high of $19.19. The stock’s market cap is $630.77 million.

Preferred Apartment Communities (NASDAQ:APTS) last posted its earnings results on Monday, July 31st. The real estate investment trust reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Preferred Apartment Communities had a negative return on equity of 4.73% and a net margin of 4.66%. The business had revenue of $70.89 million during the quarter, compared to analysts’ expectations of $63.74 million. On average, analysts forecast that Preferred Apartment Communities will post ($1.08) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APTS. Legal & General Group Plc lifted its stake in Preferred Apartment Communities by 13.3% during the second quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 845 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Preferred Apartment Communities during the 2nd quarter valued at about $113,000. American International Group Inc. increased its position in shares of Preferred Apartment Communities by 7.4% during the 1st quarter. American International Group Inc. now owns 14,006 shares of the real estate investment trust’s stock valued at $185,000 after purchasing an additional 966 shares during the last quarter. Citigroup Inc. increased its position in shares of Preferred Apartment Communities by 338.2% during the 2nd quarter. Citigroup Inc. now owns 11,831 shares of the real estate investment trust’s stock valued at $187,000 after purchasing an additional 9,131 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. bought a new position in shares of Preferred Apartment Communities during the 2nd quarter valued at about $189,000.

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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