Wolverine Asset Management LLC Cuts Holdings in Apartment Income REIT Corp. (NYSE:AIRC)

Wolverine Asset Management LLC trimmed its holdings in shares of Apartment Income REIT Corp. (NYSE:AIRC) by 63.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,434 shares of the company’s stock after selling 34,883 shares during the period. Wolverine Asset Management LLC’s holdings in Apartment Income REIT were worth $710,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in shares of Apartment Income REIT by 5.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,831,113 shares of the company’s stock worth $56,215,000 after acquiring an additional 93,029 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Apartment Income REIT by 6.1% in the 3rd quarter. New York State Teachers Retirement System now owns 199,564 shares of the company’s stock worth $6,127,000 after acquiring an additional 11,465 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Apartment Income REIT by 4.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,260 shares of the company’s stock worth $2,157,000 after acquiring an additional 3,201 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Apartment Income REIT by 87.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,687 shares of the company’s stock worth $40,637,000 after acquiring an additional 618,134 shares during the period. Finally, Perigon Wealth Management LLC acquired a new stake in shares of Apartment Income REIT in the 3rd quarter worth approximately $257,000. 98.13% of the stock is owned by hedge funds and other institutional investors.

Apartment Income REIT Price Performance

AIRC stock opened at $38.42 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 9.08 and a beta of 0.90. The stock’s fifty day simple moving average is $33.51 and its 200-day simple moving average is $32.67. Apartment Income REIT Corp. has a 52-week low of $28.22 and a 52-week high of $38.68.

Apartment Income REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Friday, February 16th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 4.69%. The ex-dividend date was Thursday, February 15th. Apartment Income REIT’s dividend payout ratio (DPR) is currently 42.55%.

Analysts Set New Price Targets

A number of equities research analysts have commented on AIRC shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $34.00 target price on shares of Apartment Income REIT in a report on Thursday, February 22nd. Janney Montgomery Scott reiterated a “neutral” rating on shares of Apartment Income REIT in a report on Monday, April 8th. BMO Capital Markets reiterated a “market perform” rating and set a $39.12 target price (up previously from $36.00) on shares of Apartment Income REIT in a report on Tuesday, April 9th. Wedbush reiterated a “neutral” rating and set a $39.00 target price (up previously from $35.00) on shares of Apartment Income REIT in a report on Thursday, April 11th. Finally, Mizuho cut Apartment Income REIT from a “buy” rating to a “neutral” rating and lowered their target price for the company from $37.00 to $31.00 in a report on Wednesday, February 28th. 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 has a consensus rating of “Hold” and a consensus target price of $36.59.

Insider Buying and Selling

In other news, Director Thomas N. Bohjalian bought 889 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average cost of $31.50 per share, with a total value 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.