State of Alaska Department of Revenue Cuts Stake in Apartment Income REIT Corp. (NYSE:AIRC)

State of Alaska Department of Revenue reduced its stake in Apartment Income REIT Corp. (NYSE:AIRCGet Rating) by 2.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 161,590 shares of the company’s stock after selling 4,619 shares during the quarter. State of Alaska Department of Revenue’s holdings in Apartment Income REIT were worth $6,721,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd purchased a new stake in Apartment Income REIT during the fourth quarter valued at about $26,000. abrdn plc lifted its holdings in Apartment Income REIT by 5.9% during the fourth quarter. abrdn plc now owns 33,799 shares of the company’s stock valued at $1,848,000 after purchasing an additional 1,872 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in Apartment Income REIT by 14.2% during the fourth quarter. Allianz Asset Management GmbH now owns 296,654 shares of the company’s stock valued at $16,218,000 after purchasing an additional 36,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Apartment Income REIT by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,561,861 shares of the company’s stock valued at $85,387,000 after buying an additional 34,612 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Apartment Income REIT by 83.5% during the fourth quarter. Renaissance Technologies LLC now owns 714,833 shares of the company’s stock valued at $39,080,000 after buying an additional 325,333 shares during the period. 99.08% of the stock is owned by hedge funds and other institutional investors.

Apartment Income REIT Stock Performance

NYSE:AIRC opened at $40.78 on Tuesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.23 and a quick ratio of 0.23. Apartment Income REIT Corp. has a 1 year low of $39.06 and a 1 year high of $55.82. The stock’s 50 day simple moving average is $43.05 and its two-hundred day simple moving average is $45.88. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 6.71 and a beta of 1.07.

Apartment Income REIT (NYSE:AIRCGet Rating) last released its earnings results on Thursday, July 28th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $1.04. Apartment Income REIT had a return on equity of 47.81% and a net margin of 127.20%. During the same quarter in the prior year, the company posted $0.52 EPS. As a group, equities analysts anticipate that Apartment Income REIT Corp. will post 2.4 earnings per share for the current fiscal year.

Apartment Income REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Friday, August 19th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date was Thursday, August 18th. Apartment Income REIT’s payout ratio is currently 29.61%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BMO Capital Markets lowered Apartment Income REIT from a “market perform” rating to an “underperform” rating and set a $43.00 target price for the company. in a research note on Friday, August 19th. Truist Financial decreased their price objective on Apartment Income REIT from $49.00 to $45.00 and set a “hold” rating for the company in a report on Friday, June 24th. Mizuho raised their price target on Apartment Income REIT from $45.00 to $46.00 and gave the company a “buy” rating in a report on Monday. Finally, Jefferies Financial Group downgraded Apartment Income REIT from a “buy” rating to a “hold” rating and set a $44.00 price objective for the company. in a report on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Apartment Income REIT presently has a consensus rating of “Hold” and an average price target of $48.71.

Apartment Income REIT Profile

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding AIRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apartment Income REIT Corp. (NYSE:AIRCGet Rating).

Institutional Ownership by Quarter for Apartment Income REIT (NYSE:AIRC)

Receive News & Ratings for Apartment Income REIT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apartment Income REIT and related companies with MarketBeat.com's FREE daily email newsletter.