Apartment Income REIT (NYSE:AIRC) Stock Rating Upgraded by BMO Capital Markets

BMO Capital Markets upgraded shares of Apartment Income REIT (NYSE:AIRC – Get Rating) from an underperform rating to a market perform rating in a report released on Wednesday, MarketBeat reports. The firm currently has $39.00 target price on the stock.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group raised Apartment Income REIT from a sell rating to a buy rating and upped their price objective for the stock from $39.00 to $43.00 in a research note on Thursday, December 8th. Truist Financial lowered their target price on shares of Apartment Income REIT from $48.00 to $39.00 and set a hold rating on the stock in a report on Tuesday, November 29th. Mizuho raised their target price on shares of Apartment Income REIT from $41.00 to $45.00 and gave the company a buy rating in a research note on Thursday, February 23rd. Citigroup decreased their price target on shares of Apartment Income REIT from $47.00 to $42.00 and set a buy rating on the stock in a research note on Tuesday, November 29th. Finally, JPMorgan Chase & Co. cut their price objective on Apartment Income REIT to $42.00 in a research report on Thursday, December 1st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Apartment Income REIT has a consensus rating of Moderate Buy and an average target price of $42.33.

Apartment Income REIT Stock Down 3.8 %

NYSE AIRC opened at $34.08 on Wednesday. Apartment Income REIT has a 52 week low of $33.57 and a 52 week high of $55.82. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $5.08 billion, a P/E ratio of 5.85 and a beta of 0.93. The stock’s 50-day moving average price is $37.50 and its 200-day moving average price is $37.49.

Apartment Income REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Friday, February 17th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 5.28%. The ex-dividend date of this dividend was Thursday, February 16th. Apartment Income REIT’s dividend payout ratio is presently 30.87%.

Insider Buying and Selling at Apartment Income REIT

In related news, insider Keith M. Kimmel sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $35.75, for a total value of $286,000.00. Following the completion of the sale, the insider now owns 34,345 shares in the company, valued at $1,227,833.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Apartment Income REIT

A number of hedge funds and other institutional investors have recently modified their holdings of AIRC. Creative Planning bought a new stake in Apartment Income REIT during the third quarter valued at about $253,000. WINTON GROUP Ltd purchased a new position in shares of Apartment Income REIT in the 2nd quarter worth approximately $477,000. Franklin Resources Inc. raised its stake in shares of Apartment Income REIT by 1,211.1% during the 2nd quarter. Franklin Resources Inc. now owns 63,956 shares of the company’s stock worth $2,660,000 after acquiring an additional 59,078 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Apartment Income REIT during the third quarter valued at approximately $1,583,000. Finally, Aurora Investment Managers LLC. boosted its stake in Apartment Income REIT by 1.3% in the third quarter. Aurora Investment Managers LLC. now owns 53,382 shares of the company’s stock valued at $2,062,000 after acquiring an additional 706 shares in the last quarter. 99.35% of the stock is currently owned by institutional investors.

Apartment Income REIT Company Profile

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AIR is a real estate investment trust focused on the ownership and management of quality apartment communities located in the largest markets in the United States. AIR is one of the country's largest owners and operators of apartments, with 99 communities in 12 states and the District of Columbia.