Zacks Investment Research upgraded shares of Apartment Investment and Management Company (NYSE:AIV) from a hold rating to a buy rating in a research note published on Monday morning. Zacks Investment Research currently has $50.00 target price on the real estate investment trust’s stock.
According to Zacks, “Shares of Aimco underperformed the industry year to date. However, over the past 30 days, the second-quarter funds from operations (FFO) per share estimate remained unchanged, while the same for full-year 2017 moved north. Recently, Aimco announced the acquisition of 47% stake in the Palazzo joint venture owned by institutional investors. The $451.5 million deal enabled the residential REIT gain full ownership of three Palazzo communities. It is in sync with Aimco’s strategy of revamping its portfolio through property sales and reinvesting the proceeds in select apartment homes with higher rents, superior margins and higher-than-expected growth. Also, the company’s solid portfolio, diversified in terms of geography, and price point and improving balance sheet are anticipated to drive growth. However, growth in supply and dilutive effects of sale of assets remain concerns.”
A number of other brokerages have also commented on AIV. Barclays PLC increased their price target on shares of Apartment Investment and Management from $48.00 to $49.00 and gave the stock an overweight rating in a report on Wednesday, April 19th. Bank of America Corporation lowered shares of Apartment Investment and Management from a buy rating to a neutral rating and set a $47.00 price target on the stock. in a report on Friday, June 16th. BidaskClub lowered shares of Apartment Investment and Management from a hold rating to a sell rating in a report on Tuesday, June 27th. Mizuho lowered shares of Apartment Investment and Management from a buy rating to a neutral rating and decreased their price target for the stock from $50.00 to $45.00 in a report on Monday, May 1st. Finally, Canaccord Genuity decreased their price target on shares of Apartment Investment and Management from $48.00 to $47.00 and set a buy rating on the stock in a report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $46.50.
Shares of Apartment Investment and Management (NYSE AIV) opened at 43.68 on Monday. The firm’s 50-day moving average is $43.64 and its 200 day moving average is $44.13. The firm has a market capitalization of $6.86 billion, a P/E ratio of 16.88 and a beta of 0.43. Apartment Investment and Management has a 12 month low of $39.66 and a 12 month high of $47.91.
Apartment Investment and Management (NYSE:AIV) last announced its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $0.58 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.58. The company had revenue of $246.50 million for the quarter, compared to analysts’ expectations of $242.87 million. Apartment Investment and Management had a net margin of 41.53% and a return on equity of 23.66%. Apartment Investment and Management’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. On average, equities research analysts anticipate that Apartment Investment and Management will post $0.50 EPS for the current year.
In other Apartment Investment and Management news, Director Kathleen M. Nelson sold 1,220 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $43.59, for a total value of $53,179.80. Following the sale, the director now owns 40,630 shares of the company’s stock, valued at approximately $1,771,061.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in Apartment Investment and Management during the second quarter valued at approximately $1,605,000. Quantitative Systematic Strategies LLC bought a new stake in Apartment Investment and Management during the second quarter valued at approximately $1,093,000. Forsta AP Fonden boosted its stake in Apartment Investment and Management by 159.6% in the second quarter. Forsta AP Fonden now owns 47,500 shares of the real estate investment trust’s stock valued at $2,041,000 after buying an additional 29,200 shares in the last quarter. Aperio Group LLC boosted its stake in Apartment Investment and Management by 15.4% in the second quarter. Aperio Group LLC now owns 44,735 shares of the real estate investment trust’s stock valued at $1,922,000 after buying an additional 5,962 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in Apartment Investment and Management by 8.6% in the second quarter. LS Investment Advisors LLC now owns 6,615 shares of the real estate investment trust’s stock valued at $284,000 after buying an additional 523 shares in the last quarter. 99.95% of the stock is owned by hedge funds and other institutional investors.
Apartment Investment and Management Company Profile
Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust (REIT). Aimco, through its subsidiaries, AIMCO-GP, Inc and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. It operates through two segments: conventional real estate and affordable real estate.
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