Preferred Apartment Communities Inc. (NASDAQ:APTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm presently has a $23.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.87% 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. “

Several other equities research analysts also recently issued reports on APTS. BidaskClub downgraded Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. FBR & Co reaffirmed a “market perform” rating and issued a $16.00 price target on shares of Preferred Apartment Communities in a research report on Tuesday, July 11th. Canaccord Genuity set a $17.00 price target on Preferred Apartment Communities and gave the company a “buy” rating in a research report on Monday, July 31st. ValuEngine raised Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, B. Riley raised their price target on Preferred Apartment Communities from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $18.42.

Preferred Apartment Communities (NASDAQ:APTS) last issued its quarterly earnings results on Monday, October 30th. The real estate investment trust reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.18). The business had revenue of $74.90 million during the quarter, compared to analyst estimates of $67.86 million. Preferred Apartment Communities had a net margin of 4.66% and a negative return on equity of 4.73%.

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A number of hedge funds have recently added to or reduced their stakes in APTS. Legal & General Group Plc grew its position 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 buying an additional 845 shares in the last quarter. Schroder Investment Management Group acquired a new stake in Preferred Apartment Communities during the second quarter worth about $113,000. Independent Portfolio Consultants Inc. acquired a new stake in Preferred Apartment Communities during the first quarter worth about $121,000. Wedbush Securities Inc. acquired a new stake in Preferred Apartment Communities during the first quarter worth about $138,000. Finally, First Trust Advisors LP acquired a new stake in Preferred Apartment Communities during the third quarter worth about $152,000.

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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