America First Multifamily Investors (NASDAQ:ATAX) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of America First Multifamily Investors (NASDAQ:ATAXGet Rating) from a strong-buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “America First Tax Exempt Investors, L.P. is a consistently performing fund with a portfolio of federally tax-exempt mortgage revenue bonds; interest on these bonds is excludable from gross income for federal tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. “

Other analysts have also issued reports about the company. StockNews.com began coverage on America First Multifamily Investors in a research note on Thursday, March 31st. They issued a hold rating for the company. JMP Securities restated a buy rating and issued a $21.00 target price on shares of America First Multifamily Investors in a research note on Tuesday, March 22nd. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $21.17.

America First Multifamily Investors stock opened at $17.57 on Tuesday. The company has a debt-to-equity ratio of 2.76, a current ratio of 24.97 and a quick ratio of 24.97. The stock has a fifty day moving average price of $17.77 and a two-hundred day moving average price of $18.96. America First Multifamily Investors has a 52-week low of $16.53 and a 52-week high of $21.33. The firm has a market capitalization of $386.86 million, a P/E ratio of 7.57 and a beta of 0.60.

America First Multifamily Investors (NASDAQ:ATAXGet Rating) last announced its earnings results on Thursday, May 5th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.72. America First Multifamily Investors had a return on equity of 15.99% and a net margin of 78.27%. During the same period last year, the firm earned $0.27 earnings per share. On average, equities research analysts predict that America First Multifamily Investors will post 1.99 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 29th. Investors of record on Thursday, March 31st were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Wednesday, March 30th. America First Multifamily Investors’s dividend payout ratio is 56.89%.

A number of institutional investors and hedge funds have recently modified their holdings of ATAX. PNC Financial Services Group Inc. boosted its holdings in America First Multifamily Investors by 10,110.0% during the first quarter. PNC Financial Services Group Inc. now owns 102,100 shares of the financial services provider’s stock worth $618,000 after buying an additional 101,100 shares during the last quarter. Royal Capital Wealth Management LLC bought a new position in America First Multifamily Investors during the fourth quarter worth about $422,000. Raymond James & Associates boosted its holdings in America First Multifamily Investors by 11.2% during the fourth quarter. Raymond James & Associates now owns 572,705 shares of the financial services provider’s stock worth $3,682,000 after buying an additional 57,732 shares during the last quarter. Royal Bank of Canada boosted its holdings in America First Multifamily Investors by 68.3% during the third quarter. Royal Bank of Canada now owns 135,965 shares of the financial services provider’s stock worth $811,000 after buying an additional 55,165 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in America First Multifamily Investors by 56.7% during the third quarter. Cetera Investment Advisers now owns 145,217 shares of the financial services provider’s stock worth $865,000 after buying an additional 52,555 shares during the last quarter. Hedge funds and other institutional investors own 33.31% of the company’s stock.

America First Multifamily Investors Company Profile (Get Rating)

America First Multifamily Investors, L.P. acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and/or permanent financing for multifamily and student housing, and residential and commercial properties. It operates through five segments: Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, Market-Rate Joint Venture Investments, and Public Housing Capital Fund Trusts.

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