Zacks: Brokerages Anticipate Preferred Apartment Communities Inc. (APTS) to Post $0.37 Earnings Per Share
Wall Street brokerages expect Preferred Apartment Communities Inc. (NYSE:APTS) to announce $0.37 earnings per share for the current quarter, Zacks reports. Three analysts have made estimates for Preferred Apartment Communities’ earnings. Preferred Apartment Communities posted earnings of $0.38 per share during the same quarter last year, which would suggest a negative year over year growth rate of 2.6%. The firm is expected to report its next earnings report on Monday, October 29th.
According to Zacks, analysts expect that Preferred Apartment Communities will report full-year earnings of $1.48 per share for the current year, with EPS estimates ranging from $1.45 to $1.50. For the next fiscal year, analysts forecast that the company will report earnings of $1.64 per share, with EPS estimates ranging from $1.63 to $1.65. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that follow Preferred Apartment Communities.
Preferred Apartment Communities (NYSE:APTS) last issued its quarterly earnings results on Monday, July 30th. The real estate investment trust reported ($0.66) EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($1.00). Preferred Apartment Communities had a return on equity of 0.32% and a net margin of 1.21%. The company had revenue of $96.39 million during the quarter, compared to the consensus estimate of $95.18 million. During the same quarter in the previous year, the business posted $0.31 EPS. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis.
In other Preferred Apartment Communities news, insider Michael Joseph Cronin sold 16,460 shares of Preferred Apartment Communities stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total value of $281,630.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.62% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Smith Asset Management Group LP grew its position in Preferred Apartment Communities by 58.2% in the first quarter. Smith Asset Management Group LP now owns 9,241 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 3,401 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Preferred Apartment Communities by 11.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,994 shares of the real estate investment trust’s stock valued at $482,000 after acquiring an additional 3,503 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in Preferred Apartment Communities by 18.2% in the first quarter. Nomura Asset Management Co. Ltd. now owns 23,400 shares of the real estate investment trust’s stock valued at $332,000 after acquiring an additional 3,600 shares during the last quarter. Sei Investments Co. grew its position in Preferred Apartment Communities by 61.3% in the second quarter. Sei Investments Co. now owns 9,930 shares of the real estate investment trust’s stock valued at $168,000 after acquiring an additional 3,774 shares during the last quarter. Finally, Hancock Holding Co. grew its position in Preferred Apartment Communities by 33.1% in the first quarter. Hancock Holding Co. now owns 17,637 shares of the real estate investment trust’s stock valued at $250,000 after acquiring an additional 4,388 shares during the last quarter. Hedge funds and other institutional investors own 58.25% of the company’s stock.
Shares of NYSE APTS traded up $0.03 during mid-day trading on Monday, reaching $17.03. The company had a trading volume of 233,300 shares, compared to its average volume of 406,988. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.06 and a current ratio of 0.05. Preferred Apartment Communities has a one year low of $13.60 and a one year high of $22.71. The stock has a market capitalization of $680.66 million, a P/E ratio of 11.57, a PEG ratio of 1.65 and a beta of 0.37.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 14th will be given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date is Thursday, September 13th. Preferred Apartment Communities’s dividend payout ratio is presently 69.39%.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.
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