Apartment Investment and Management (NYSE:AIV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have underperformed its industry in the past six months. Moreover, the trend in estimate revisions of current-year funds from operations (FFO) per share does not indicate a favorable earnings outlook for the company. Notably, Aimco is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions. However, the dilutive impact on earnings from such asset dispositions cannot be bypassed in the near term. Also, new supply in various markets is anticipated to dampen the company’s rent growth and new-lease pricing ability. Hike in interest rate adds to its woes. Nevertheless, Aimco’s portfolio is diversified in terms of geography and price point and its revamping efforts have the capability to drive long term growth.”
AIV has been the topic of a number of other reports. Barclays restated a “buy” rating and set a $48.00 price target on shares of Apartment Investment and Management in a report on Tuesday, March 13th. ValuEngine upgraded Apartment Investment and Management from a “sell” rating to a “hold” rating in a report on Thursday, May 31st. Jefferies Financial Group started coverage on Apartment Investment and Management in a report on Monday, June 11th. They set a “hold” rating and a $40.00 price target on the stock. Bank of America increased their price target on Apartment Investment and Management from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, June 8th. Finally, Zelman & Associates cut Apartment Investment and Management from a “hold” rating to a “sell” rating in a report on Thursday, May 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $46.08.
Shares of Apartment Investment and Management stock traded down $0.50 on Monday, reaching $41.80. 16,656 shares of the company’s stock were exchanged, compared to its average volume of 988,721. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 3.68 and a beta of 0.41. Apartment Investment and Management has a 52 week low of $37.97 and a 52 week high of $46.72. The company has a debt-to-equity ratio of 2.77, a quick ratio of 0.62 and a current ratio of 0.62.
Apartment Investment and Management (NYSE:AIV) last posted its quarterly earnings results on Monday, May 7th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.08). The business had revenue of $247.72 million for the quarter, compared to the consensus estimate of $240.46 million. Apartment Investment and Management had a return on equity of 26.79% and a net margin of 38.11%. Apartment Investment and Management’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 earnings per share. equities research analysts forecast that Apartment Investment and Management will post 2.44 EPS for the current year.
In related news, Director Kathleen M. Nelson sold 1,318 shares of the stock in a transaction on Friday, May 11th. The stock was sold at an average price of $41.12, for a total value of $54,196.16. Following the transaction, the director now directly owns 43,782 shares in the company, valued at approximately $1,800,315.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI bought a new position in shares of Apartment Investment and Management in the 1st quarter worth $204,000. Zeke Capital Advisors LLC bought a new position in Apartment Investment and Management during the 4th quarter valued at $210,000. Allianz Asset Management GmbH bought a new position in Apartment Investment and Management during the 4th quarter valued at $266,000. Cullen Frost Bankers Inc. bought a new position in Apartment Investment and Management during the 1st quarter valued at $274,000. Finally, MANA Advisors LLC bought a new position in Apartment Investment and Management during the 4th quarter valued at $288,000.
Apartment Investment and Management Company Profile
Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with ownership interests in 184 communities in 22 states and the District of Columbia.
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