Apartment Investment and Management (AIV) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Apartment Investment and Management (NYSE:AIV) from a sell rating to a hold rating in a research note released on Tuesday.
According to Zacks, “Apartment Investment and Management Company, which is better known as Aimco, reported second-quarter 2018 pro forma funds from operations (FFO) of 61 cents per share, missing the Zacks Consensus Estimate by a penny. Results display growth in same-store property net operating income (NOI), and lease-up of redevelopment and acquisition properties. These positives were offset by lower NOI from apartment sales in 2017 and 2018, increased interest expense on corporate borrowings, and lower tax benefits. Notably, Aimco has a solid portfolio, diversified in terms of geography and price point. It is making diligent efforts to improve portfolio mix. The company also completed its exit from the affordable housing line of business and has reduced its leverage. Yet, dilutive impact on earnings from asset dispositions and adverse impact on rent growth and new-lease pricing from elevated supply in various markets remain concerns.”
Several other research firms have also recently weighed in on AIV. Jefferies Financial Group started coverage on Apartment Investment and Management in a report on Monday, June 11th. They set a hold rating and a $40.00 price target for the company. Bank of America lifted their price target on Apartment Investment and Management from $47.00 to $48.00 and gave the stock a neutral rating in a report on Friday, June 8th. ValuEngine cut Apartment Investment and Management from a hold rating to a sell rating in a report on Thursday, May 17th. Zelman & Associates cut Apartment Investment and Management from a hold rating to a sell rating in a report on Thursday, May 10th. Finally, BMO Capital Markets reissued a hold rating and set a $44.00 price target on shares of Apartment Investment and Management in a report on Thursday, July 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $45.33.
Apartment Investment and Management (NYSE:AIV) last released its quarterly earnings results on Thursday, August 2nd. The real estate investment trust reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.60). The firm had revenue of $250.13 million for the quarter, compared to analyst estimates of $242.93 million. Apartment Investment and Management had a return on equity of 25.11% and a net margin of 36.78%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 earnings per share. equities research analysts forecast that Apartment Investment and Management will post 2.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Friday, August 17th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, August 16th. This represents a $1.52 dividend on an annualized basis and a yield of 3.52%. Apartment Investment and Management’s dividend payout ratio (DPR) is presently 62.04%.
A number of institutional investors have recently bought and sold shares of AIV. Long Pond Capital LP increased its stake in Apartment Investment and Management by 21.8% during the 1st quarter. Long Pond Capital LP now owns 7,351,291 shares of the real estate investment trust’s stock worth $299,565,000 after acquiring an additional 1,315,826 shares during the period. Allianz Asset Management GmbH increased its stake in Apartment Investment and Management by 9,850.5% during the 1st quarter. Allianz Asset Management GmbH now owns 605,291 shares of the real estate investment trust’s stock worth $24,665,000 after acquiring an additional 599,208 shares during the period. Echo Street Capital Management LLC bought a new position in Apartment Investment and Management during the 1st quarter worth $17,106,000. V3 Capital Management L.P. bought a new position in Apartment Investment and Management during the 1st quarter worth $16,919,000. Finally, Schroder Investment Management Group increased its stake in Apartment Investment and Management by 1,223.0% during the 1st quarter. Schroder Investment Management Group now owns 335,459 shares of the real estate investment trust’s stock worth $13,670,000 after acquiring an additional 310,104 shares during the period. Hedge funds and other institutional investors own 99.61% of the company’s stock.
About Apartment Investment and Management
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 184 communities in 22 states and the District of Columbia.
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