Bank of New York Mellon Corp grew its position in shares of Preferred Apartment Communities Inc. (NYSE:APTS) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 357,630 shares of the real estate investment trust’s stock after buying an additional 9,955 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of Preferred Apartment Communities worth $6,076,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. increased its holdings in shares of Preferred Apartment Communities by 18.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 23,400 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 3,600 shares in the last quarter. Sei Investments Co. grew its stake in Preferred Apartment Communities by 61.3% in the 2nd quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock valued at $168,000 after acquiring an additional 3,774 shares during the last quarter. Hancock Holding Co. grew its stake in Preferred Apartment Communities by 33.1% in the 1st quarter. Hancock Holding Co. now owns 17,637 shares of the real estate investment trust’s stock valued at $250,000 after acquiring an additional 4,388 shares during the last quarter. Pitcairn Co. grew its stake in Preferred Apartment Communities by 45.3% in the 1st quarter. Pitcairn Co. now owns 14,805 shares of the real estate investment trust’s stock valued at $210,000 after acquiring an additional 4,617 shares during the last quarter. Finally, UBS Group AG grew its stake in Preferred Apartment Communities by 7.1% in the 1st quarter. UBS Group AG now owns 71,896 shares of the real estate investment trust’s stock valued at $1,020,000 after acquiring an additional 4,745 shares during the last quarter. Institutional investors own 55.15% of the company’s stock.
In related news, insider Michael Joseph Cronin sold 16,460 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $17.11, for a total value of $281,630.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy Alan Peterson sold 5,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $18.11, for a total transaction of $99,605.00. Following the completion of the transaction, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The disclosure for this sale can be found here. 1.62% of the stock is currently owned by company insiders.
Preferred Apartment Communities stock opened at $17.35 on Tuesday. Preferred Apartment Communities Inc. has a 12-month low of $13.60 and a 12-month high of $22.71. The stock has a market cap of $703.88 million, a price-to-earnings ratio of 11.78, a PEG ratio of 1.71 and a beta of 0.34. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.05 and a current ratio of 0.05.
Preferred Apartment Communities (NYSE:APTS) last released its quarterly earnings results on Monday, July 30th. The real estate investment trust reported ($0.66) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($1.00). Preferred Apartment Communities had a return on equity of 0.32% and a net margin of 1.21%. The firm had revenue of $96.39 million for the quarter, compared to analyst estimates of $95.18 million. During the same period in the prior year, the business earned $0.31 earnings per share. Preferred Apartment Communities’s revenue for the quarter was up 36.0% on a year-over-year basis. As a group, equities research analysts expect that Preferred Apartment Communities Inc. will post 1.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 14th will be given a $0.255 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.02 annualized dividend and a dividend yield of 5.88%. Preferred Apartment Communities’s dividend payout ratio is presently 69.39%.
A number of equities research analysts recently commented on APTS shares. Zacks Investment Research raised shares of Preferred Apartment Communities from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Monday, June 11th. ValuEngine raised shares of Preferred Apartment Communities from a “sell” rating to a “hold” rating in a research note on Thursday, June 21st. Finally, Boenning Scattergood started coverage on shares of Preferred Apartment Communities in a research note on Monday, September 17th. They issued an “outperform” rating and a $22.00 price objective on the stock. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $19.17.
Preferred Apartment Communities Company Profile
Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.
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