Zacks Investment Research Upgrades Apartment Investment and Management (AIV) to “Hold”

Zacks Investment Research upgraded shares of Apartment Investment and Management (NYSE:AIV) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “Apartment Investment and Management Company, better known as Aimco, is making diligent efforts to improve portfolio mix through property sales, and reinvesting the proceeds in accretive acquisitions, capital enhancements and redevelopments. Furthermore, its diversified portfolio is well positioned to absorb demand from for apartment properties driven by echo boomers. However, the dilutive effect on earnings from asset dispositions and adverse impact on rent growth from elevated supply in various markets are concerns. Also, the company’s shares have underperformed its industry over the past year. Moreover, the trend in estimate revisions for 2019 funds from operations (FFO) per share does not indicate a favorable outlook for the company.”

A number of other brokerages have also recently commented on AIV. Barclays reaffirmed a hold rating and set a $51.00 price target on shares of Apartment Investment and Management in a research report on Tuesday. SunTrust Banks cut Apartment Investment and Management from a buy rating to a hold rating and set a $48.00 price target on the stock. in a research report on Monday, February 25th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a hold rating and set a $54.00 price target on shares of Apartment Investment and Management in a research report on Monday, March 25th. Finally, Wells Fargo & Co reaffirmed a buy rating on shares of Apartment Investment and Management in a research report on Monday, March 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $49.25.

AIV stock opened at $49.40 on Tuesday. The company has a debt-to-equity ratio of 2.49, a quick ratio of 0.32 and a current ratio of 0.32. Apartment Investment and Management has a 1-year low of $38.54 and a 1-year high of $51.25. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 3.75 and a beta of 0.67.

Apartment Investment and Management (NYSE:AIV) last posted its quarterly earnings data on Monday, February 4th. The real estate investment trust reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.61). Apartment Investment and Management had a return on equity of 39.20% and a net margin of 68.29%. The business had revenue of $232.00 million during the quarter, compared to analysts’ expectations of $234.44 million. During the same period in the prior year, the firm posted $1.67 EPS. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. As a group, research analysts predict that Apartment Investment and Management will post 2.51 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, February 22nd were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, February 21st. This is a boost from Apartment Investment and Management’s previous quarterly dividend of $0.38. Apartment Investment and Management’s dividend payout ratio is currently 61.18%.

In related news, insider Patti K. Fielding sold 20,272 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $49.64, for a total transaction of $1,006,302.08. Following the sale, the insider now directly owns 35,187 shares in the company, valued at approximately $1,746,682.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lisa R. Cohn sold 831 shares of the business’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $48.00, for a total value of $39,888.00. Following the sale, the executive vice president now owns 72,923 shares in the company, valued at $3,500,304. The disclosure for this sale can be found here. Insiders have sold a total of 167,177 shares of company stock worth $8,248,379 in the last ninety days. Insiders own 2.83% of the company’s stock.

Several large investors have recently added to or reduced their stakes in AIV. Bank of New York Mellon Corp raised its stake in shares of Apartment Investment and Management by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,538,067 shares of the real estate investment trust’s stock valued at $67,875,000 after purchasing an additional 14,248 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Apartment Investment and Management by 16.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 579,838 shares of the real estate investment trust’s stock valued at $25,588,000 after purchasing an additional 83,057 shares during the period. First Republic Investment Management Inc. raised its stake in shares of Apartment Investment and Management by 49.3% during the 3rd quarter. First Republic Investment Management Inc. now owns 34,363 shares of the real estate investment trust’s stock valued at $1,516,000 after purchasing an additional 11,343 shares during the period. Vident Investment Advisory LLC raised its stake in shares of Apartment Investment and Management by 55.2% during the 3rd quarter. Vident Investment Advisory LLC now owns 32,403 shares of the real estate investment trust’s stock valued at $1,430,000 after purchasing an additional 11,519 shares during the period. Finally, Man Group plc bought a new stake in shares of Apartment Investment and Management during the 3rd quarter valued at $478,000.

Apartment Investment and Management Company Profile

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with ownership interests in 132 communities in 17 states and the District of Columbia.

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