Bank of Montreal Can Acquires New Position in Post Properties Inc. (PPS)
Bank of Montreal Can acquired a new stake in shares of Post Properties Inc. (NYSE:PPS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 255,629 shares of the real estate investment trust’s stock, valued at approximately $15,606,000. Bank of Montreal Can owned 0.48% of Post Properties at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Rafferty Asset Management LLC raised its position in shares of Post Properties by 49.0% in the first quarter. Rafferty Asset Management LLC now owns 7,195 shares of the real estate investment trust’s stock valued at $430,000 after buying an additional 2,366 shares during the period. State Street Corp raised its position in shares of Post Properties by 1.6% in the first quarter. State Street Corp now owns 2,362,949 shares of the real estate investment trust’s stock valued at $141,161,000 after buying an additional 36,643 shares during the period. Kempen Capital Management N.V. raised its position in shares of Post Properties by 18.6% in the first quarter. Kempen Capital Management N.V. now owns 14,188 shares of the real estate investment trust’s stock valued at $848,000 after buying an additional 2,222 shares during the period. Menta Capital LLC purchased a new position in shares of Post Properties during the first quarter valued at $2,342,000. Finally, NN Investment Partners Holdings N.V. purchased a new position in shares of Post Properties during the first quarter valued at $756,000. 95.66% of the stock is owned by institutional investors and hedge funds.
Post Properties Inc. (NYSE:PPS) traded down 2.03% during midday trading on Friday, reaching $66.13. The company’s stock had a trading volume of 810,195 shares. The firm has a 50 day moving average price of $66.49 and a 200 day moving average price of $61.64. The firm has a market cap of $3.54 billion, a P/E ratio of 44.99 and a beta of 0.56. Post Properties Inc. has a one year low of $52.08 and a one year high of $69.39.
Post Properties (NYSE:PPS) last announced its earnings results on Monday, August 1st. The real estate investment trust reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. The business earned $99.70 million during the quarter, compared to analyst estimates of $99.30 million. Post Properties had a net margin of 20.21% and a return on equity of 6.49%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 EPS. Equities research analysts forecast that Post Properties Inc. will post $3.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.88 dividend on an annualized basis and a yield of 2.84%. Post Properties’s dividend payout ratio is presently 127.89%.
Several equities analysts have weighed in on the company. Deutsche Bank AG increased their price objective on Post Properties from $61.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, August 16th. Barclays PLC raised their price target on Post Properties from $64.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 24th. Raymond James Financial Inc. raised Post Properties from a “market perform” rating to an “outperform” rating and set a $72.50 price target for the company in a report on Monday, August 29th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Post Properties in a report on Monday, August 1st. Finally, Citigroup Inc. raised their price target on Post Properties from $62.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $64.50.
Post Properties Company Profile
Post Properties, Inc is a self-administrated and self-managed equity real estate investment trust (REIT). The Company’s segments include Fully stabilized (same store) communities, which includes apartment communities that have been stabilized for both the current and prior year; Newly stabilized communities, which includes communities that reached stabilized occupancy in the prior year; Lease-up communities, which includes communities that are under development, rehabilitation and in lease-up but were not stabilized by the beginning of the current year, including communities that stabilized during the current year; Acquired communities, which include communities acquired in the current or prior year, and Held for sale and sold communities, which include apartment and mixed-use communities classified as held for sale or sold.
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