Preferred Apartment Communities (APTS) Announces Earnings Results

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Preferred Apartment Communities (NYSE:APTS) posted its quarterly earnings data on Monday. The real estate investment trust reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09), Briefing.com reports. The business had revenue of $104.20 million during the quarter, compared to analyst estimates of $100.95 million. Preferred Apartment Communities had a return on equity of 0.32% and a net margin of 1.21%. Preferred Apartment Communities’s quarterly revenue was up 39.1% compared to the same quarter last year. Preferred Apartment Communities updated its FY 2018 guidance to $1.39-1.42 EPS and its FY18 guidance to $1.39-1.42 EPS.

APTS stock opened at $14.48 on Wednesday. The firm has a market cap of $638.22 million, a PE ratio of 9.85, a PEG ratio of 1.55 and a beta of 0.40. Preferred Apartment Communities has a twelve month low of $13.60 and a twelve month high of $22.71. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.03.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 7.18%. This is an increase from Preferred Apartment Communities’s previous quarterly dividend of $0.26. Preferred Apartment Communities’s payout ratio is presently 69.39%.

In related news, Director Timothy Alan Peterson sold 5,500 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total value of $99,605.00. Following the completion of the sale, the director now owns 54,166 shares in the company, valued at $980,946.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.62% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Preferred Apartment Communities by 19.1% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 42,767 shares of the real estate investment trust’s stock worth $752,000 after purchasing an additional 6,871 shares during the period. LSV Asset Management increased its stake in shares of Preferred Apartment Communities by 29.0% during the third quarter. LSV Asset Management now owns 1,923,112 shares of the real estate investment trust’s stock worth $33,808,000 after purchasing an additional 431,764 shares during the period. Virginia Retirement Systems ET AL bought a new position in shares of Preferred Apartment Communities during the third quarter worth approximately $447,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Preferred Apartment Communities by 117.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 119,850 shares of the real estate investment trust’s stock worth $2,107,000 after purchasing an additional 64,700 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Preferred Apartment Communities by 3.0% during the third quarter. Wells Fargo & Company MN now owns 291,640 shares of the real estate investment trust’s stock worth $5,127,000 after purchasing an additional 8,433 shares during the period. Institutional investors and hedge funds own 56.48% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Preferred Apartment Communities from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Boenning Scattergood assumed coverage on Preferred Apartment Communities in a research report on Monday, September 17th. They set an “outperform” rating and a $22.00 target price for the company. Finally, ValuEngine downgraded Preferred Apartment Communities from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $19.17.

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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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Earnings History for Preferred Apartment Communities (NYSE:APTS)

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