Shares of Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) earned an average recommendation of “Hold” from the six research firms that cover the company, Marketbeat reports. One investment analyst rated the stock with a sell recommendation, one assigned a hold recommendation and three gave the company a buy recommendation. The 12-month average target price among analysts who have reported on the stock over the past year is $58.20.
AIRC has been the subject of a number of reports by research analysts. Truist Financial raised its price target on shares of Apartment Income REIT from $56.00 to $59.00 in a Tuesday, January 18 research note. Jefferies Financial Group upgraded shares of Apartment Income REIT from a “hold” rating to a “buy” rating and raised its price target for the company from $52.00 to $63.00 in a Monday report January 10. Zacks Investment Research moved shares of Apartment Income REIT from a “buy” rating to a “hold” rating in a Wednesday, March 23 report. Finally, Mizuho lowered its price target on Apartment Income REIT shares from $62.00 to $59.00 and set a “buy” rating for the company in a Wednesday, February 16 report.
NYSE:AIRC shares traded down $0.67 at midday Tuesday, hitting $53.20. The company’s shares had a trading volume of 10,043 shares, compared to an average volume of 787,198. The company has a debt ratio of 1.93, a quick ratio of 1.06 and a current ratio of 1, 06. The company’s 50-day simple moving average is $52.77 and its 200-day simple moving average is $52.73. Apartment Income REIT has a 12-month low of $42.96 and a 12-month high of $55.82. The company has a market capitalization of $8.36 billion, a P/E ratio of 18.63 and a beta of 1.04.
The company also recently announced a quarterly dividend, which was paid on Friday, February 25. Shareholders of record on Thursday, February 17 received a dividend of $0.45. This is a boost from Apartment Income REIT’s previous quarterly dividend of $0.44. This represents an annualized dividend of $1.80 and a yield of 3.38%. The ex-dividend date was Wednesday, February 16. Apartment Income REIT’s payout ratio is currently 62.72%.
Separately, CFO Paul Beldin sold 14,500 shares of the company in a deal that took place on Friday, March 25. The shares were sold at an average price of $52.84, for a total value of $766,180.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Additionally, General Counsel Lisa R. Cohn sold 16,000 shares in a transaction that took place on Monday, January 31. The shares were sold at an average price of $52.29, for a total transaction of $836,640.00. The disclosure of this sale can be found here. During the last quarter, insiders acquired 3,258 shares of the company worth $170,544 and sold 41,500 shares worth $2,184,830. 1.06% of the shares are held by insiders of the company.
A number of institutional investors have recently increased or reduced their stake in AIRC. Cohen & Steers Inc. increased its stake in Apartment Income REIT by 8.3% in Q3. Cohen & Steers Inc. now owns 26,851,923 shares of the company valued at $1,310,743,000 after purchasing an additional 2,064,781 shares during the period. Waterfront Capital Partners LLC acquired a new position in Apartment Income REIT in Q4 worth approximately $78,330,000. Norges Bank acquired a new position in Apartment Income REIT in Q4, valued at around $75,144,000. BlackRock Inc. increased its stake in Apartment Income REIT by 4.6% in Q4. BlackRock Inc. now owns 18,252,479 shares of the company valued at $997,863,000 after purchasing an additional 799,670 shares during the period. Finally, Deutsche Bank AG increased its holding in shares of Apartment Income REIT by 20.6% during the third quarter. Deutsche Bank AG now owns 3,480,652 shares of the company worth $169,891,000 after purchasing an additional 594,184 shares in the last quarter. Hedge funds and other institutional investors hold 98.61% of the company’s shares.
About Apartment Income REIT (Get a rating)
AIR is a real estate investment trust focused on owning and managing quality apartment communities located in the largest markets in the United States. AIR is one of the largest apartment owners and operators in the nation, with 99 communities in 12 states and the District of Columbia.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Apartment Income REIT right now?
Before you consider Apartment Income REIT, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes over… and Apartment Income REIT was not on the list.
Although Apartment Income REIT currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here