Rhumbline Advisers Cuts Holdings in Apartment Income REIT Corp. (NYSE:AIRC)

Rhumbline Advisers trimmed its holdings in shares of Apartment Income REIT Corp. (NYSE:AIRC) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 477,635 shares of the company’s stock after selling 10,032 shares during the quarter. Rhumbline Advisers owned approximately 0.32% of Apartment Income REIT worth $17,104,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Apartment Income REIT by 0.5% in the first quarter. Vanguard Group Inc. now owns 22,913,074 shares of the company’s stock valued at $1,224,933,000 after acquiring an additional 119,016 shares in the last quarter. State Street Corp boosted its stake in Apartment Income REIT by 13.8% in the first quarter. State Street Corp now owns 8,563,449 shares of the company’s stock valued at $457,802,000 after acquiring an additional 1,041,150 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Apartment Income REIT by 1.7% in the first quarter. Daiwa Securities Group Inc. now owns 3,121,156 shares of the company’s stock valued at $111,769,000 after acquiring an additional 51,297 shares in the last quarter. Bank of America Corp DE boosted its stake in Apartment Income REIT by 308.3% in the fourth quarter. Bank of America Corp DE now owns 2,007,780 shares of the company’s stock valued at $68,887,000 after acquiring an additional 1,516,084 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Apartment Income REIT by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,914,762 shares of the company’s stock valued at $65,695,000 after acquiring an additional 29,790 shares in the last quarter. 98.13% of the stock is owned by hedge funds and other institutional investors.

Apartment Income REIT Stock Performance

NYSE:AIRC opened at $34.26 on Thursday. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.15 and a quick ratio of 0.15. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 16.39 and a beta of 0.87. The company’s 50-day moving average is $34.89 and its two-hundred day moving average is $35.66. Apartment Income REIT Corp. has a 1-year low of $32.51 and a 1-year high of $43.57.

Apartment Income REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Friday, August 18th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.80 annualized dividend and a yield of 5.25%. Apartment Income REIT’s payout ratio is 86.12%.

Wall Street Analyst Weigh In

AIRC has been the subject of several research reports. Truist Financial upgraded shares of Apartment Income REIT from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Monday. BMO Capital Markets raised shares of Apartment Income REIT from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $39.00 to $42.00 in a report on Tuesday, July 18th. JPMorgan Chase & Co. cut their price objective on shares of Apartment Income REIT from $41.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, August 21st. 92 Resources reaffirmed a “reiterates” rating on shares of Apartment Income REIT in a report on Wednesday, June 28th. Finally, Mizuho cut their price objective on shares of Apartment Income REIT from $45.00 to $40.00 in a report on Friday, May 19th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

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 73 communities totaling 25,739 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.