Apartment Income REIT Corp. (NYSE:AIRC) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp trimmed its position in Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) by 37.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,927 shares of the company’s stock after selling 5,386 shares during the period. Van ECK Associates Corp’s holdings in Apartment Income REIT were worth $345,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. WINTON GROUP Ltd acquired a new position in Apartment Income REIT in the second quarter valued at approximately $477,000. Yousif Capital Management LLC boosted its stake in Apartment Income REIT by 3.7% in the second quarter. Yousif Capital Management LLC now owns 93,311 shares of the company’s stock valued at $3,882,000 after acquiring an additional 3,335 shares during the period. Franklin Resources Inc. boosted its stake in Apartment Income REIT by 1,211.1% in the second quarter. Franklin Resources Inc. now owns 63,956 shares of the company’s stock valued at $2,660,000 after acquiring an additional 59,078 shares during the period. Louisiana State Employees Retirement System acquired a new position in Apartment Income REIT in 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 during the period. 99.35% of the stock is currently owned by institutional investors and hedge funds.

Apartment Income REIT Price Performance

Shares of NYSE:AIRC opened at $36.56 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.10 and a quick ratio of 0.10. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 6.06 and a beta of 0.89. Apartment Income REIT Corp. has a 12 month low of $33.57 and a 12 month high of $55.82. The stock’s 50 day moving average price is $35.93 and its 200 day moving average price is $39.13.

Apartment Income REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Friday, November 18th were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $1.80 annualized dividend and a yield of 4.92%. Apartment Income REIT’s dividend payout ratio (DPR) is 29.85%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AIRC. JPMorgan Chase & Co. cut their price target on Apartment Income REIT to $42.00 in a report on Thursday, December 1st. Truist Financial cut their price target on 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 cut their price target on Apartment Income REIT from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Jefferies Financial Group cut their price target on Apartment Income REIT from $44.00 to $39.00 and set a “hold” rating on the stock in a report on Wednesday, October 19th. Finally, The Goldman Sachs Group raised Apartment Income REIT from a “sell” rating to a “buy” rating and lifted their price target for the company from $39.00 to $43.00 in a report on Thursday, December 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $42.63.

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.