Preferred Apartment Communities (APTS) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research downgraded shares of Preferred Apartment Communities (NYSE:APTS) from a hold rating to a sell rating in a research note released on Friday morning.

According to Zacks, “Preferred Apartment Communities, Inc. is a real estate investment trust. The company acquire and operate multifamily properties primarily in the United States. It also acquire senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily assets. Preferred Apartment Communities, Inc. is based in Atlanta, United States. “

A number of other research analysts also recently issued reports on APTS. Boenning Scattergood initiated coverage on Preferred Apartment Communities in a report on Monday, September 17th. They issued an outperform rating and a $22.00 price target on the stock. ValuEngine cut Preferred Apartment Communities from a hold rating to a sell rating in a research report on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $19.17.

Shares of NYSE:APTS traded down $0.43 on Friday, reaching $15.52. The company had a trading volume of 204,963 shares, compared to its average volume of 300,288. Preferred Apartment Communities has a 52-week low of $13.60 and a 52-week high of $22.71. The company has a market capitalization of $619.00 million, a PE ratio of 10.56, a P/E/G ratio of 1.59 and a beta of 0.40. The company has a current ratio of 0.06, a quick ratio of 0.05 and a debt-to-equity ratio of 0.04.

Preferred Apartment Communities (NYSE:APTS) last announced its quarterly earnings results on Monday, November 5th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.09). Preferred Apartment Communities had a net margin of 3.29% and a return on equity of 0.88%. The company had revenue of $104.20 million during the quarter, compared to analysts’ expectations of $100.95 million. The company’s revenue was up 39.1% on a year-over-year basis. Research analysts predict that Preferred Apartment Communities will post 1.39 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, December 14th will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.04 dividend on an annualized basis and a yield of 6.70%. This is a boost from Preferred Apartment Communities’s previous quarterly dividend of $0.26. Preferred Apartment Communities’s payout ratio is currently 69.39%.

In other Preferred Apartment Communities news, Director Timothy Alan Peterson sold 5,500 shares of Preferred Apartment Communities stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total transaction of $99,605.00. Following the completion of the transaction, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.62% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APTS. LSV Asset Management raised its stake in shares of Preferred Apartment Communities by 29.0% during the 3rd quarter. LSV Asset Management now owns 1,923,112 shares of the real estate investment trust’s stock valued at $33,808,000 after buying an additional 431,764 shares during the last quarter. Boston Advisors LLC purchased a new position in shares of Preferred Apartment Communities during the 2nd quarter valued at about $6,471,000. Millennium Management LLC raised its stake in shares of 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 buying an additional 285,026 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of 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 buying an additional 220,233 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in shares of Preferred Apartment Communities during the 1st quarter valued at about $1,995,000. Institutional investors and hedge funds own 56.48% of the company’s stock.

About Preferred Apartment Communities

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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