Zacks Investment Research upgraded shares of America First Multifamily Investors LP (NASDAQ:ATAX) from a hold rating to a buy rating in a research report sent to investors on Tuesday. Zacks Investment Research currently has $6.50 price objective on the stock.
According to Zacks, “America First Tax Exempt Investors, L.P. is a consistently performing fund with a portfolio of federally tax-exempt mortgage revenue bonds; interest on these bonds is excludable from gross income for federal tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. “
Several other research firms also recently weighed in on ATAX. TheStreet raised shares of America First Multifamily Investors from a hold rating to a buy rating in a research note on Thursday, August 11th. Oppenheimer Holdings Inc. set a $6.00 price target on shares of America First Multifamily Investors and gave the company a buy rating in a research note on Wednesday, August 10th.
Shares of America First Multifamily Investors (NASDAQ:ATAX) traded up 0.52% during midday trading on Tuesday, reaching $5.78. 2,936 shares of the company traded hands. America First Multifamily Investors has a 12-month low of $4.27 and a 12-month high of $6.11. The firm has a market capitalization of $348.26 million, a PE ratio of 16.01 and a beta of 0.53. The company has a 50-day moving average of $5.92 and a 200 day moving average of $5.60.
America First Multifamily Investors (NASDAQ:ATAX) last posted its quarterly earnings results on Friday, August 5th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. America First Multifamily Investors had a net margin of 46.56% and a return on equity of 8.12%. On average, equities analysts forecast that America First Multifamily Investors will post $0.48 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 8.70%. The ex-dividend date of this dividend is Wednesday, September 28th. America First Multifamily Investors’s payout ratio is presently 135.14%.
In other America First Multifamily Investors news, CEO Chad L. Daffer bought 28,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was bought at an average cost of $5.65 per share, with a total value of $158,200.00. Following the completion of the transaction, the chief executive officer now directly owns 73,486 shares in the company, valued at approximately $415,195.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Creative Planning increased its stake in America First Multifamily Investors by 253.2% in the third quarter. Creative Planning now owns 81,114 shares of the company’s stock valued at $479,000 after buying an additional 58,150 shares during the last quarter. First Allied Advisory Services Inc. boosted its position in America First Multifamily Investors by 13.9% in the second quarter. First Allied Advisory Services Inc. now owns 156,837 shares of the company’s stock valued at $860,000 after buying an additional 19,172 shares during the period. Citigroup Inc. boosted its position in America First Multifamily Investors by 0.4% in the second quarter. Citigroup Inc. now owns 32,636 shares of the company’s stock valued at $179,000 after buying an additional 123 shares during the period. TFS Capital LLC purchased a new position in America First Multifamily Investors during the second quarter valued at $102,000. Finally, Janney Montgomery Scott LLC boosted its position in America First Multifamily Investors by 75.0% in the second quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $106,000 after buying an additional 9,000 shares during the period. 7.92% of the stock is owned by institutional investors.
About America First Multifamily Investors
America First Multifamily Investors, L.P. is engaged in acquiring, holding, selling and dealing with a portfolio of mortgage revenue bonds, which have been issued to provide construction and/or permanent financing for multifamily and student housing (collectively Residential Properties) and commercial properties.
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