Zacks: Analysts Anticipate Apartment Income REIT Corp. (NYSE:AIRC) Will Announce Quarterly Sales of $182.63 Million

Wall Street analysts expect Apartment Income REIT Corp. (NYSE:AIRCGet Rating) to report $182.63 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Apartment Income REIT’s earnings, with estimates ranging from $178.85 million to $186.40 million. Apartment Income REIT posted sales of $178.33 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.4%. The firm is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Apartment Income REIT will report full-year sales of $749.09 million for the current fiscal year, with estimates ranging from $737.67 million to $760.50 million. For the next year, analysts expect that the company will report sales of $798.84 million, with estimates ranging from $789.87 million to $807.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Apartment Income REIT.

Apartment Income REIT (NYSE:AIRCGet Rating) last announced its quarterly earnings results on Monday, May 2nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.79). Apartment Income REIT had a net margin of 99.27% and a return on equity of 40.71%. During the same period in the previous year, the company earned $0.50 earnings per share.

A number of research analysts have recently issued reports on the company. Zacks Investment Research downgraded Apartment Income REIT from a “buy” rating to a “hold” rating in a report on Wednesday, March 23rd. Truist Financial dropped their target price on Apartment Income REIT from $58.00 to $49.00 and set a “hold” rating on the stock in a research note on Wednesday. Mizuho dropped their target price on Apartment Income REIT from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. BTIG Research began coverage on Apartment Income REIT in a research note on Monday, May 9th. They set a “neutral” rating on the stock. Finally, Scotiabank dropped their target price on Apartment Income REIT from $56.00 to $53.00 in a research note on Thursday, May 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Apartment Income REIT presently has a consensus rating of “Hold” and a consensus price target of $56.14.

Shares of NYSE:AIRC traded up $1.00 on Friday, reaching $45.54. The company had a trading volume of 684,613 shares, compared to its average volume of 858,528. Apartment Income REIT has a 52-week low of $42.31 and a 52-week high of $55.82. The firm’s 50 day simple moving average is $49.71 and its 200-day simple moving average is $51.69. The firm has a market capitalization of $7.15 billion, a PE ratio of 9.69 and a beta of 1.05. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.48.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 31st. Shareholders of record on Friday, May 20th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, May 19th. This represents a $1.80 dividend on an annualized basis and a yield of 3.95%. Apartment Income REIT’s dividend payout ratio is currently 38.30%.

In related news, Director Devin Ignatius Murphy acquired 2,000 shares of the firm’s stock in a transaction dated Friday, March 11th. The stock was acquired at an average price of $52.45 per share, with a total value of $104,900.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Keith M. Kimmel sold 11,000 shares of the business’s stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $52.91, for a total value of $582,010.00. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 4,091 shares of company stock valued at $201,656. 1.06% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of AIRC. Point72 Hong Kong Ltd acquired a new position in Apartment Income REIT in the 3rd quarter worth about $25,000. Covestor Ltd acquired a new position in Apartment Income REIT in the 4th quarter worth about $26,000. National Bank of Canada FI acquired a new position in Apartment Income REIT in the 4th quarter worth about $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Apartment Income REIT in the 1st quarter worth about $37,000. Finally, Meeder Asset Management Inc. acquired a new position in Apartment Income REIT in the 1st quarter worth about $59,000. 99.21% of the stock is owned by institutional investors and hedge funds.

Apartment Income REIT Company Profile (Get Rating)

AIR is a real estate investment trust focused on the ownership and management of quality apartment communities located in the largest markets in the United States. AIR is one of the country's largest owners and operators of apartments, with 99 communities in 12 states and the District of Columbia.

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Earnings History and Estimates for Apartment Income REIT (NYSE:AIRC)

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