Smith Asset Management Group LP boosted its holdings in shares of Preferred Apartment (NYSE:APTS) by 58.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,241 shares of the real estate investment trust’s stock after purchasing an additional 3,401 shares during the period. Smith Asset Management Group LP’s holdings in Preferred Apartment were worth $131,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Swiss National Bank purchased a new position in shares of Preferred Apartment during the 4th quarter worth approximately $1,128,000. RMR Advisors LLC purchased a new position in shares of Preferred Apartment during the 4th quarter worth approximately $739,000. Homrich & Berg purchased a new position in shares of Preferred Apartment during the 4th quarter worth approximately $608,000. Advisory Services Network LLC grew its holdings in shares of Preferred Apartment by 716.1% during the 4th quarter. Advisory Services Network LLC now owns 32,234 shares of the real estate investment trust’s stock worth $653,000 after acquiring an additional 28,284 shares during the period. Finally, QS Investors LLC purchased a new position in shares of Preferred Apartment during the 4th quarter worth approximately $148,000. Institutional investors own 59.42% of the company’s stock.
Shares of APTS opened at $14.01 on Friday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.02. Preferred Apartment has a 52 week low of $13.94 and a 52 week high of $14.10. The company has a market capitalization of $553.00 million, a PE ratio of 9.53, a P/E/G ratio of 1.38 and a beta of 0.30.
Preferred Apartment (NYSE:APTS) last issued its quarterly earnings results on Monday, April 30th. The real estate investment trust reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.38. Preferred Apartment had a return on equity of 1.02% and a net margin of 3.93%. The firm had revenue of $90.40 million for the quarter, compared to analysts’ expectations of $88.96 million. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. analysts forecast that Preferred Apartment will post 1.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 15th will be given a $0.255 dividend. This is a boost from Preferred Apartment’s previous quarterly dividend of $0.25. This represents a $1.02 dividend on an annualized basis and a dividend yield of 7.28%. The ex-dividend date is Thursday, June 14th. Preferred Apartment’s payout ratio is currently 68.03%.
A number of research firms have weighed in on APTS. ValuEngine downgraded Preferred Apartment from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Zacks Investment Research upgraded Preferred Apartment from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. B. Riley set a $16.00 target price on Preferred Apartment and gave the stock a “hold” rating in a report on Tuesday, April 17th. SunTrust Banks set a $16.00 target price on Preferred Apartment and gave the stock a “hold” rating in a report on Monday, April 9th. Finally, DA Davidson set a $18.00 target price on Preferred Apartment and gave the stock a “buy” rating in a report on Thursday, March 1st. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $19.29.
Preferred Apartment 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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