Preferred Apartment Communities Inc. (NASDAQ:APTS) has been given a $20.00 price objective by stock analysts at Canaccord Genuity in a report released on Thursday. The firm currently has a “buy” rating on the real estate investment trust’s stock. Canaccord Genuity’s price objective indicates a potential upside of 13.64% from the stock’s current price.
APTS has been the subject of several other research reports. Zacks Investment Research cut shares of Preferred Apartment Communities from a “hold” rating to a “sell” rating in a report on Monday, May 15th. FBR & Co set a $15.00 price target on shares of Preferred Apartment Communities and gave the stock a “hold” rating in a report on Wednesday, May 31st. National Securities reiterated a “buy” rating and set a $20.00 price target (up previously from $16.00) on shares of Preferred Apartment Communities in a report on Tuesday, May 23rd. Finally, BidaskClub cut shares of Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 8th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.30.
Shares of Preferred Apartment Communities (NASDAQ APTS) traded up 0.97% during midday trading on Thursday, reaching $17.77. 156,337 shares of the company’s stock traded hands. The stock’s market capitalization is $592.11 million. Preferred Apartment Communities has a 1-year low of $12.02 and a 1-year high of $18.11. The firm’s 50-day moving average price is $16.49 and its 200 day moving average price is $14.88.
Preferred Apartment Communities (NASDAQ:APTS) last posted its quarterly earnings results on Monday, July 31st. The real estate investment trust reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Preferred Apartment Communities had a net margin of 4.66% and a negative return on equity of 4.73%. The company had revenue of $70.89 million during the quarter, compared to analysts’ expectations of $63.74 million. On average, equities analysts predict that Preferred Apartment Communities will post ($1.10) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc boosted its position in shares of Preferred Apartment Communities by 13.3% in the second quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock valued at $113,000 after buying an additional 845 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Preferred Apartment Communities during the second quarter valued at about $113,000. Independent Portfolio Consultants Inc. bought a new position in shares of Preferred Apartment Communities during the first quarter valued at about $121,000. Wedbush Securities Inc. bought a new position in shares of Preferred Apartment Communities during the first quarter valued at about $138,000. Finally, 361 Capital LLC bought a new position in shares of Preferred Apartment Communities during the first quarter valued at about $174,000.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.
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