Gary B. Coursey Sells 1,748 Shares of Preferred Apartment Communities Inc. (NYSE:APTS) Stock

Preferred Apartment Communities Inc. (NYSE:APTS) Director Gary B. Coursey sold 1,748 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $14.28, for a total transaction of $24,961.44. Following the transaction, the director now directly owns 52,968 shares in the company, valued at approximately $756,383.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

NYSE APTS traded up $0.29 during trading hours on Friday, reaching $14.15. The company’s stock had a trading volume of 462,090 shares, compared to its average volume of 286,026. The business has a 50-day simple moving average of $14.16 and a 200 day simple moving average of $15.17. Preferred Apartment Communities Inc. has a 52 week low of $13.14 and a 52 week high of $18.60. The stock has a market cap of $616.17 million, a PE ratio of 9.83, a PEG ratio of 1.37 and a beta of 0.46.

Preferred Apartment Communities (NYSE:APTS) last issued its earnings results on Monday, July 29th. The real estate investment trust reported ($0.66) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.97). Preferred Apartment Communities had a return on equity of 1.87% and a net margin of 7.08%. The business had revenue of $113.85 million during the quarter, compared to the consensus estimate of $115.58 million. During the same period in the prior year, the business earned $0.37 EPS. The business’s revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts forecast that Preferred Apartment Communities Inc. will post 1.45 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.05 dividend on an annualized basis and a yield of 7.41%. Preferred Apartment Communities’s dividend payout ratio is currently 74.47%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Preferred Apartment Communities by 2.2% in the second quarter. Vanguard Group Inc. now owns 4,329,710 shares of the real estate investment trust’s stock valued at $64,729,000 after purchasing an additional 92,755 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Preferred Apartment Communities by 64.1% in the second quarter. Nuveen Asset Management LLC now owns 2,598,442 shares of the real estate investment trust’s stock valued at $38,846,000 after purchasing an additional 1,014,512 shares during the period. LSV Asset Management increased its stake in shares of Preferred Apartment Communities by 6.9% in the second quarter. LSV Asset Management now owns 2,090,105 shares of the real estate investment trust’s stock valued at $31,247,000 after purchasing an additional 134,256 shares during the period. Hillcrest Asset Management LLC increased its stake in shares of Preferred Apartment Communities by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 822,655 shares of the real estate investment trust’s stock valued at $12,299,000 after purchasing an additional 4,960 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Preferred Apartment Communities by 3.2% in the second quarter. Northern Trust Corp now owns 570,592 shares of the real estate investment trust’s stock valued at $8,531,000 after purchasing an additional 17,763 shares during the period. 59.99% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently commented on APTS. Compass Point reiterated a “buy” rating and set a $19.00 price target on shares of Preferred Apartment Communities in a research report on Monday, July 22nd. ValuEngine cut shares of Preferred Apartment Communities from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. Zacks Investment Research cut shares of Preferred Apartment Communities from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, DA Davidson cut shares of Preferred Apartment Communities from a “buy” rating to a “neutral” rating in a report on Tuesday, July 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $18.75.

Preferred Apartment Communities Company Profile

Preferred Apartment Communities, Inc is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States.

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