Public Employees Retirement Association of Colorado purchased a new stake in shares of Preferred Apartment Communities Inc. (NYSE:APTS) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 18,839 shares of the real estate investment trust’s stock, valued at approximately $331,000.
A number of other institutional investors have also made changes to their positions in APTS. Boston Advisors LLC acquired a new stake in Preferred Apartment Communities during the 2nd quarter valued at $6,471,000. BlackRock Inc. lifted its holdings in Preferred Apartment Communities by 13.3% during the 1st quarter. BlackRock Inc. now owns 3,177,501 shares of the real estate investment trust’s stock valued at $45,088,000 after purchasing an additional 372,182 shares during the last quarter. Millennium Management LLC lifted its holdings in Preferred Apartment Communities by 119.5% during the 1st quarter. Millennium Management LLC now owns 523,585 shares of the real estate investment trust’s stock valued at $7,430,000 after purchasing an additional 285,026 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Preferred Apartment Communities by 116.3% during the 2nd quarter. Renaissance Technologies LLC now owns 409,533 shares of the real estate investment trust’s stock valued at $6,958,000 after purchasing an additional 220,233 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Preferred Apartment Communities by 16.8% during the 2nd quarter. LSV Asset Management now owns 1,491,348 shares of the real estate investment trust’s stock valued at $25,338,000 after purchasing an additional 214,825 shares during the last quarter. 56.40% of the stock is owned by institutional investors and hedge funds.
APTS stock opened at $16.85 on Thursday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.03. The firm has a market cap of $670.65 million, a price-to-earnings ratio of 11.46, a PEG ratio of 1.63 and a beta of 0.34. Preferred Apartment Communities Inc. has a fifty-two week low of $13.60 and a fifty-two week high of $22.71.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 14th were given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 6.05%. The ex-dividend date of this dividend was Thursday, September 13th. Preferred Apartment Communities’s payout ratio is 69.39%.
In other Preferred Apartment Communities news, insider Michael Joseph Cronin sold 16,460 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total transaction of $281,630.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Timothy Alan Peterson sold 5,500 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total value of $99,605.00. Following 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 owned by company insiders.
Several equities research analysts have issued reports on the company. Boenning Scattergood assumed coverage on Preferred Apartment Communities in a report on Monday, September 17th. They set an “outperform” rating and a $22.00 price target for the company. Zacks Investment Research raised Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.17.
Preferred Apartment Communities 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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