Preferred Apartment Communities Inc. (NASDAQ:APTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $14.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 15.13% from the stock’s current price.

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. “

APTS has been the subject of a number of other reports. Canaccord Genuity reaffirmed a “buy” rating on shares of Preferred Apartment Communities in a research note on Tuesday, June 28th. Compass Point reaffirmed a “buy” rating and set a $16.50 price target (up from $14.00) on shares of Preferred Apartment Communities in a research note on Wednesday, August 3rd. FBR & Co reaffirmed an “outperform” rating and set a $17.00 price target (up from $16.00) on shares of Preferred Apartment Communities in a research note on Thursday, August 11th. Finally, Wunderlich reaffirmed a “buy” rating and set a $15.50 price target (up from $14.00) on shares of Preferred Apartment Communities in a research note on Thursday, August 4th. Five research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $15.75.

Preferred Apartment Communities (NASDAQ:APTS) traded down 3.11% during trading on Tuesday, hitting $12.16. The stock had a trading volume of 252,019 shares. The company’s 50-day moving average is $13.50 and its 200 day moving average is $13.73. Preferred Apartment Communities has a 52 week low of $10.29 and a 52 week high of $15.39.

Preferred Apartment Communities (NASDAQ:APTS) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. Equities research analysts forecast that Preferred Apartment Communities will post $1.28 earnings per share for the current fiscal year.

The business also recently disclosed a dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 15th will be paid a $0.203 dividend. This is an increase from Preferred Apartment Communities’s previous dividend of $0.20. The ex-dividend date is Tuesday, September 13th.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. bought a new position in shares of Preferred Apartment Communities during the second quarter worth $172,000. California Public Employees Retirement System increased its position in shares of Preferred Apartment Communities by 31.7% in the second quarter. California Public Employees Retirement System now owns 76,000 shares of the company’s stock worth $1,119,000 after buying an additional 18,300 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Preferred Apartment Communities by 16.5% in the second quarter. Sunbelt Securities Inc. now owns 27,874 shares of the company’s stock worth $410,000 after buying an additional 3,954 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of Preferred Apartment Communities by 57.9% in the second quarter. Baird Financial Group Inc. now owns 53,583 shares of the company’s stock worth $789,000 after buying an additional 19,651 shares during the last quarter. Finally, WFG Advisors LP increased its position in shares of Preferred Apartment Communities by 1.3% in the second quarter. WFG Advisors LP now owns 104,938 shares of the company’s stock worth $1,545,000 after buying an additional 1,371 shares during the last quarter.

About Preferred Apartment Communities

Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate multifamily properties in select-targeted markets throughout the United States. It operates through three segments: multifamily communities, retail, and real estate related financing.

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