Apartment Investment and Management (NYSE:AIV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have underperformed its industry, in the past year. Moreover, the Zacks Consensus Estimate for funds from operation (FFO) per share for fourth-quarter 2017 was revised downward in a month’s time. Recently, the lawsuit of Aimco against Airbnb, which alleged that the short-term rental website has allowed tenants to violate their lease agreements through unauthorized subleases, has been dismissed by a California judge. In addition, though the company is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions, the dilutive impact on earnings from such asset dispositions cannot be bypassed in the near term. Moreover, intense competition from new supply in various markets is anticipated to dampen the company’s rent growth and new lease pricing ability.”
Other analysts have also recently issued reports about the stock. Robert W. Baird reiterated a “hold” rating and issued a $46.00 target price on shares of Apartment Investment and Management in a research note on Tuesday, October 17th. Raymond James Financial cut shares of Apartment Investment and Management from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $52.00 to $50.00 in a research note on Tuesday, December 12th. BMO Capital Markets reiterated a “sell” rating and issued a $44.00 target price on shares of Apartment Investment and Management in a research note on Monday, November 27th. TheStreet cut shares of Apartment Investment and Management from a “b-” rating to a “c+” rating in a research note on Friday, November 3rd. Finally, Mizuho upgraded shares of Apartment Investment and Management from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a research note on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $47.70.
Apartment Investment and Management (NYSE:AIV) last posted its earnings results on Thursday, October 26th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.51). Apartment Investment and Management had a return on equity of 13.81% and a net margin of 21.36%. The firm had revenue of $254.64 million during the quarter, compared to analysts’ expectations of $249.17 million. During the same quarter in the prior year, the company earned $0.54 earnings per share. equities analysts anticipate that Apartment Investment and Management will post 2.45 earnings per share for the current fiscal year.
In other news, insider John E. Bezzant sold 7,564 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $44.77, for a total transaction of $338,640.28. Following the sale, the insider now owns 48,422 shares in the company, valued at approximately $2,167,852.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Terry Considine sold 111,577 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $44.01, for a total transaction of $4,910,503.77. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Schroder Investment Management Group purchased a new stake in shares of Apartment Investment and Management during the 2nd quarter valued at $124,000. Vident Investment Advisory LLC bought a new position in shares of Apartment Investment and Management during the 3rd quarter valued at $202,000. Raymond James Trust N.A. bought a new position in shares of Apartment Investment and Management during the 2nd quarter valued at $217,000. Shelton Capital Management bought a new position in shares of Apartment Investment and Management during the 2nd quarter valued at $246,000. Finally, CAPROCK Group Inc. bought a new position in shares of Apartment Investment and Management during the 3rd quarter valued at $251,000. Hedge funds and other institutional investors own 98.17% of the company’s stock.
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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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