Apartment Investment and Management (AIV) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Apartment Investment and Management (NYSE:AIV) from a sell rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have outperformed its industry in the past three months. The Zacks Consensus Estimate for funds from operation (FFO) per share for 2018 remained stable in a month’s time. The company’s fourth-quarter 2017 results displayed growth in same-store property net operating income (NOI). Notably, the company is making diligent efforts to reposition its portfolio by shedding non-strategic properties and investing the proceeds in opportunistic acquisitions. Further, its improving balance sheet keeps us optimistic. However, new supply in various markets is anticipated to dampen the company’s rent growth and new lease pricing ability. Also, the dilutive impact on earnings from asset dispositions cannot be bypassed in the near term. Further, rate hike add to its woes.”
Several other equities research analysts have also weighed in on AIV. JMP Securities lowered Apartment Investment and Management from an outperform rating to a market perform rating in a report on Tuesday, January 30th. Barclays reduced their target price on Apartment Investment and Management from $48.00 to $47.00 and set an overweight rating for the company in a report on Tuesday, January 30th. Mizuho upgraded Apartment Investment and Management from an underperform rating to a neutral rating and set a $47.00 target price for the company in a report on Monday, November 6th. BMO Capital Markets reiterated a sell rating on shares of Apartment Investment and Management in a report on Friday, October 27th. Finally, Robert W. Baird reiterated a hold rating and set a $46.00 price target on shares of Apartment Investment and Management in a report on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Apartment Investment and Management currently has a consensus rating of Hold and an average price target of $47.55.
Apartment Investment and Management (NYSE:AIV) last posted its earnings results on Thursday, February 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. Apartment Investment and Management had a return on equity of 21.25% and a net margin of 31.19%. The firm had revenue of $250.23 million during the quarter, compared to analyst estimates of $243.24 million. During the same period in the previous year, the company earned $0.60 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. analysts predict that Apartment Investment and Management will post 2.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Friday, February 16th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, February 15th. This is a positive change from Apartment Investment and Management’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.88%. Apartment Investment and Management’s payout ratio is 73.85%.
In related news, insider John E. Bezzant sold 7,564 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $44.77, for a total value of $338,640.28. Following the completion of the transaction, the insider now directly owns 48,422 shares in the company, valued at $2,167,852.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa R. Cohn sold 831 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $42.38, for a total value of $35,217.78. Following the completion of the transaction, the executive vice president now owns 53,071 shares of the company’s stock, valued at $2,249,148.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,840 shares of company stock valued at $601,718. Corporate insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vident Investment Advisory LLC acquired a new position in shares of Apartment Investment and Management in the third quarter valued at $202,000. Shelton Capital Management acquired a new position in shares of Apartment Investment and Management in the second quarter valued at $246,000. CAPROCK Group Inc. acquired a new position in shares of Apartment Investment and Management in the third quarter valued at $251,000. Koch Industries Inc. raised its stake in shares of Apartment Investment and Management by 4,905.3% in the second quarter. Koch Industries Inc. now owns 264,831 shares of the real estate investment trust’s stock valued at $259,000 after purchasing an additional 259,540 shares in the last quarter. Finally, Lourd Capital LLC acquired a new position in shares of Apartment Investment and Management in the fourth quarter valued at $375,000. Institutional investors and hedge funds own 99.84% of the company’s stock.
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About Apartment Investment and Management
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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