Apartment Investment and Management Co. (NYSE:AIV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “Aimco reported third-quarter 2016 pro forma funds from operations (FFO) of $0.55 per share, missing the Zacks Consensus Estimate of $0.56. Loss of income from apartment sales in 2015 and early 2016 adversely affected the bottom line. Yet, the negative was partly mitigated with net operating income (NOI) growth in the conventional same store property portfolio as well as enhanced contribution from redevelopment and acquisition communities. In fact, the company has a solid portfolio diversified both in terms of geography and price point. This raises hope for relatively lesser impact on the top line, despite new supply in various markets. Moreover, its persistent property sales and reinvestment of proceeds in select apartment homes with higher rents and superior margins continue to fortify its position in high-growth potential markets. But, even if the divestitures pay off in the long run, near-term adverse effects on earnings cannot be ignored.”

A number of other research firms also recently issued reports on AIV. Canaccord Genuity boosted their price target on shares of Apartment Investment and Management from $41.00 to $47.00 and gave the company a “hold” rating in a research note on Tuesday, August 2nd. Mizuho downgraded shares of Apartment Investment and Management from a “buy” rating to a “neutral” rating and upped their target price for the stock from $47.00 to $48.00 in a research note on Monday, August 1st. Citigroup Inc. downgraded shares of Apartment Investment and Management from a “buy” rating to a “neutral” rating and upped their target price for the stock from $43.00 to $48.00 in a research note on Monday, July 18th. Barclays PLC upped their target price on shares of Apartment Investment and Management from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 19th. Finally, JMP Securities downgraded shares of Apartment Investment and Management from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 20th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Apartment Investment and Management currently has a consensus rating of “Hold” and a consensus target price of $45.78.

Analyst Recommendations for Apartment Investment and Management (NYSE:AIV)

Shares of Apartment Investment and Management (NYSE:AIV) opened at 40.70 on Monday. Apartment Investment and Management has a 52 week low of $34.97 and a 52 week high of $47.91. The firm has a 50-day moving average of $43.79 and a 200 day moving average of $43.60. The firm has a market capitalization of $6.39 billion, a P/E ratio of 19.68 and a beta of 0.45.

Apartment Investment and Management (NYSE:AIV) last released its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by $0.01. The company earned $244.12 million during the quarter, compared to analysts’ expectations of $239.45 million. Apartment Investment and Management had a net margin of 33.39% and a return on equity of 19.95%. Apartment Investment and Management’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. On average, equities research analysts expect that Apartment Investment and Management will post $2.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Friday, November 18th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $1.32 dividend on an annualized basis and a yield of 3.22%. Apartment Investment and Management’s payout ratio is currently 64.08%.

A number of institutional investors have recently made changes to their positions in AIV. State of Alaska Department of Revenue increased its position in shares of Apartment Investment and Management by 0.4% in the second quarter. State of Alaska Department of Revenue now owns 74,486 shares of the real estate investment trust’s stock worth $3,289,000 after buying an additional 291 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Apartment Investment and Management during the second quarter worth about $318,000. Sarasin & Partners LLP increased its position in shares of Apartment Investment and Management by 1.1% in the second quarter. Sarasin & Partners LLP now owns 71,301 shares of the real estate investment trust’s stock worth $3,149,000 after buying an additional 771 shares in the last quarter. Capstone Asset Management Co. increased its position in shares of Apartment Investment and Management by 1.8% in the second quarter. Capstone Asset Management Co. now owns 10,604 shares of the real estate investment trust’s stock worth $468,000 after buying an additional 189 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its position in shares of Apartment Investment and Management by 1.2% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 135,988 shares of the real estate investment trust’s stock worth $6,005,000 after buying an additional 1,631 shares in the last quarter.

About Apartment Investment and Management

Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust. The Company, through its subsidiaries, AIMCO-GP, Inc and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. Its segments include conventional real estate and affordable real estate.

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