Zacks Investment Research upgraded shares of Post Properties Inc. (NYSE:PPS) from a hold rating to a buy rating in a report released on Thursday. The firm currently has $69.00 target price on the real estate investment trust’s stock.
According to Zacks, “Post Properties, Inc. is one of the largest developers and operators of upscale multifamily apartment communities in the Southeastern and Southwestern United States. The company owns a number of stabilized communities containing apartment units located primarily in metropolitan Atlanta, Georgia; Dallas, Texas and Tampa, Florida. “
Several other brokerages also recently commented on PPS. Deutsche Bank AG lifted their target price on shares of Post Properties from $61.00 to $65.00 and gave the stock a hold rating in a report on Tuesday, August 16th. Barclays PLC lifted their target price on shares of Post Properties from $64.00 to $65.00 and gave the stock an equal weight rating in a report on Wednesday, August 24th. Raymond James Financial Inc. upgraded shares of Post Properties from a market perform rating to an outperform rating and set a $72.50 target price on the stock in a report on Monday, August 29th. Cantor Fitzgerald reiterated a hold rating on shares of Post Properties in a report on Monday, August 1st. Finally, Citigroup Inc. lifted their target price on shares of Post Properties from $62.00 to $63.00 and gave the stock a neutral rating in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Post Properties currently has a consensus rating of Hold and an average target price of $64.77.
Shares of Post Properties (NYSE:PPS) opened at 60.55 on Thursday. The company’s 50-day moving average is $65.69 and its 200 day moving average is $61.81. Post Properties has a 1-year low of $52.08 and a 1-year high of $69.39. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 41.19 and a beta of 0.38.
Post Properties (NYSE:PPS) last announced its earnings results on Monday, August 1st. The real estate investment trust reported $0.82 EPS for the quarter, topping the consensus estimate of $0.79 by $0.03. The firm had revenue of $99.70 million for the quarter, compared to the consensus estimate of $99.30 million. Post Properties had a net margin of 20.21% and a return on equity of 6.49%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 EPS. On average, equities research analysts expect that Post Properties will post $3.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.88 annualized dividend and a dividend yield of 3.10%. Post Properties’s dividend payout ratio (DPR) is currently 127.89%.
Several hedge funds have recently modified their holdings of the stock. Rafferty Asset Management LLC raised its stake in shares of Post Properties by 49.0% in the first quarter. Rafferty Asset Management LLC now owns 7,195 shares of the real estate investment trust’s stock valued at $430,000 after buying an additional 2,366 shares during the period. State Street Corp raised its position in Post Properties by 1.6% in the first quarter. State Street Corp now owns 2,362,949 shares of the real estate investment trust’s stock worth $141,161,000 after buying an additional 36,643 shares during the period. Kempen Capital Management N.V. raised its position in Post Properties by 18.6% in the first quarter. Kempen Capital Management N.V. now owns 14,188 shares of the real estate investment trust’s stock worth $848,000 after buying an additional 2,222 shares during the period. Menta Capital LLC purchased a new position in Post Properties during the first quarter worth approximately $2,342,000. Finally, NN Investment Partners Holdings N.V. purchased a new position in Post Properties during the first quarter worth approximately $756,000. Institutional investors and hedge funds own 95.66% of the company’s stock.
About Post Properties
Post Properties, Inc is a self-administrated and self-managed equity real estate investment trust (REIT). The Company’s segments include Fully stabilized (same store) communities, which includes apartment communities that have been stabilized for both the current and prior year; Newly stabilized communities, which includes communities that reached stabilized occupancy in the prior year; Lease-up communities, which includes communities that are under development, rehabilitation and in lease-up but were not stabilized by the beginning of the current year, including communities that stabilized during the current year; Acquired communities, which include communities acquired in the current or prior year, and Held for sale and sold communities, which include apartment and mixed-use communities classified as held for sale or sold.
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