Prelude Capital Management LLC purchased a new position in Apartment Income REIT Corp. (NYSE:AIRC – Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 9,162 shares of the company’s stock, valued at approximately $328,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in shares of Apartment Income REIT by 872.2% in the first quarter. Allworth Financial LP now owns 700 shares of the company’s stock worth $25,000 after buying an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Apartment Income REIT in the 1st quarter valued at $27,000. Belpointe Asset Management LLC lifted its stake in Apartment Income REIT by 356.7% in the 1st quarter. Belpointe Asset Management LLC now owns 813 shares of the company’s stock worth $29,000 after purchasing an additional 635 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Apartment Income REIT by 776.2% during the 1st quarter. Signaturefd LLC now owns 1,139 shares of the company’s stock valued at $41,000 after purchasing an additional 1,009 shares during the last quarter. Finally, First Manhattan Co. purchased a new position in shares of Apartment Income REIT during the first quarter valued at about $121,000. 98.13% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
AIRC has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price target on Apartment Income REIT from $41.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, August 21st. 92 Resources reiterated a “reiterates” rating on shares of Apartment Income REIT in a research report on Wednesday, June 28th. BMO Capital Markets upgraded shares of Apartment Income REIT from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $39.00 to $42.00 in a research report on Tuesday, July 18th. Finally, 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 report on Monday, August 28th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.00.
Apartment Income REIT Price Performance
Apartment Income REIT stock opened at $32.70 on Monday. Apartment Income REIT Corp. has a 12-month low of $32.15 and a 12-month high of $41.27. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 1.52. The firm has a 50-day moving average price of $34.29 and a 200-day moving average price of $35.14. The firm has a market capitalization of $4.88 billion, a PE ratio of 15.65 and a beta of 0.86.
Apartment Income REIT Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Friday, August 18th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 5.50%. The ex-dividend date was Thursday, August 17th. Apartment Income REIT’s payout ratio is currently 86.12%.
About Apartment Income REIT
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.
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