Apartment Income REIT (NYSE:AIRC) Sees Large Volume Increase

Apartment Income REIT Corp. (NYSE:AIRC) shares saw unusually-strong trading volume on Tuesday . Approximately 6,533,318 shares traded hands during trading, an increase of 204% from the previous session’s volume of 2,148,910 shares.The stock last traded at $38.31 and had previously closed at $38.32.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AIRC shares. Wedbush reissued a “neutral” rating and set a $39.00 price target (up from $35.00) on shares of Apartment Income REIT in a report on Thursday, April 11th. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Apartment Income REIT in a report on Monday, April 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $34.00 target price on shares of Apartment Income REIT in a report on Thursday, February 22nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Apartment Income REIT in a report on Thursday, April 11th. Finally, Truist Financial lowered their target price on Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, April 9th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Apartment Income REIT currently has an average rating of “Hold” and a consensus target price of $36.59.

Apartment Income REIT Price Performance

The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.10. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 9.06 and a beta of 0.90. The stock has a 50-day moving average of $32.33 and a two-hundred day moving average of $32.19.

Apartment Income REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Friday, February 16th were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.70%. Apartment Income REIT’s dividend payout ratio (DPR) is 42.55%.

Insider Activity at Apartment Income REIT

In other Apartment Income REIT news, Director Thomas N. Bohjalian acquired 889 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average cost of $31.50 per share, for a total transaction of $28,003.50. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $630,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apartment Income REIT

A number of institutional investors have recently bought and sold shares of AIRC. Alliancebernstein L.P. boosted its position in Apartment Income REIT by 1,327.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,969,503 shares of the company’s stock worth $143,259,000 after acquiring an additional 3,691,350 shares during the period. Norges Bank purchased a new stake in shares of Apartment Income REIT during the 4th quarter worth about $59,835,000. JPMorgan Chase & Co. raised its stake in shares of Apartment Income REIT by 12.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,572,680 shares of the company’s stock worth $416,681,000 after purchasing an additional 1,470,804 shares in the last quarter. State Street Corp raised its stake in shares of Apartment Income REIT by 13.8% during the 1st quarter. State Street Corp now owns 8,563,449 shares of the company’s stock worth $457,802,000 after purchasing an additional 1,041,150 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC raised its stake in shares of Apartment Income REIT by 195.6% during the 3rd quarter. Lasalle Investment Management Securities LLC now owns 1,555,044 shares of the company’s stock worth $47,740,000 after purchasing an additional 1,029,054 shares in the last quarter. 98.13% of the stock is currently owned by institutional investors and hedge funds.

Apartment Income REIT Company Profile

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management.