New York Life Investment Management LLC Takes Position in Apartment Income REIT Corp. (NYSE:AIRC)

New York Life Investment Management LLC bought a new stake in Apartment Income REIT Corp. (NYSE:AIRC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 21,487 shares of the company’s stock, valued at approximately $746,000.

Several other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Apartment Income REIT by 5.4% in the third quarter. Bank of New York Mellon Corp now owns 1,831,113 shares of the company’s stock worth $56,215,000 after acquiring an additional 93,029 shares in the last quarter. New York State Teachers Retirement System increased its holdings in Apartment Income REIT by 6.1% in the 3rd quarter. New York State Teachers Retirement System now owns 199,564 shares of the company’s stock valued at $6,127,000 after purchasing an additional 11,465 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Apartment Income REIT by 4.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,260 shares of the company’s stock valued at $2,157,000 after purchasing an additional 3,201 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Apartment Income REIT by 87.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,687 shares of the company’s stock worth $40,637,000 after purchasing an additional 618,134 shares in the last quarter. Finally, Perigon Wealth Management LLC purchased a new stake in shares of Apartment Income REIT in the third quarter worth about $257,000. 98.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AIRC has been the subject of several recent research reports. Truist Financial lowered their price objective on shares of Apartment Income REIT from $40.00 to $37.00 and set a “buy” rating for the company in a research report on Tuesday, April 9th. Wedbush reiterated a “neutral” rating and issued a $39.00 price objective (up previously from $35.00) on shares of Apartment Income REIT in a report on Thursday, April 11th. Raymond James downgraded Apartment Income REIT from an “outperform” rating to a “market perform” rating in a research note on Monday, March 18th. Wolfe Research reaffirmed a “peer perform” rating on shares of Apartment Income REIT in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $34.00 price target on shares of Apartment Income REIT in a report on Thursday, February 22nd. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.59.

Insider Activity

In other news, Director Thomas N. Bohjalian acquired 889 shares of Apartment Income REIT stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average cost of $31.50 per share, for a total transaction of $28,003.50. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $630,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Apartment Income REIT Stock Down 0.1 %

Shares of Apartment Income REIT stock opened at $38.60 on Thursday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.10. The business has a 50-day moving average price of $34.54 and a 200 day moving average price of $33.04. Apartment Income REIT Corp. has a fifty-two week low of $28.22 and a fifty-two week high of $38.70. The firm has a market cap of $5.60 billion, a P/E ratio of 9.13 and a beta of 0.78.

Apartment Income REIT Profile

Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 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.