Preferred Apartment Communities Inc. (NASDAQ:APTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

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 analysts have also issued reports on APTS. BidaskClub lowered shares of Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. B. Riley boosted their price objective on Preferred Apartment Communities from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday. Canaccord Genuity set a $20.00 price objective on Preferred Apartment Communities and gave the stock a “buy” rating in a research report on Thursday, August 10th. ValuEngine raised Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, FBR & Co reissued a “market perform” rating and set a $16.00 price objective on shares of Preferred Apartment Communities in a research report on Tuesday, July 11th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $19.20.

Shares of Preferred Apartment Communities (NASDAQ:APTS) traded up $0.26 during trading hours on Friday, reaching $20.56. 280,085 shares of the company’s stock were exchanged, compared to its average volume of 335,656. Preferred Apartment Communities has a one year low of $12.42 and a one year high of $20.84.

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 Zacks’ consensus estimate of ($0.31) by ($0.18). The business had revenue of $74.90 million for the quarter, compared to analysts’ expectations of $67.86 million. Preferred Apartment Communities had a negative return on equity of 4.73% and a net margin of 4.66%.

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Institutional investors and hedge funds have recently made changes to their positions in the stock. Schroder Investment Management Group acquired a new position in Preferred Apartment Communities in the second quarter valued at approximately $113,000. Legal & General Group Plc boosted its holdings in Preferred Apartment Communities by 13.3% in the second quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock valued at $113,000 after purchasing an additional 845 shares in the last quarter. Pitcairn Co. purchased a new stake in Preferred Apartment Communities in the third quarter valued at approximately $205,000. Citigroup Inc. lifted its stake in Preferred Apartment Communities by 338.2% in the second quarter. Citigroup Inc. now owns 11,831 shares of the real estate investment trust’s stock valued at $187,000 after buying an additional 9,131 shares during the last quarter. Finally, CAPROCK Group Inc. purchased a new stake in Preferred Apartment Communities in the third quarter valued at approximately $226,000.

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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