Apartment Investment and Management (NYSE:AIV) Shares Gap Down Following Weak Earnings

Key Points

• Apartment Investment and Management (AIV) shares experienced a significant gap down to $7.68 following the release of disappointing quarterly earnings, reporting a loss of ($0.14) EPS compared to an expected ($0.11).
• Analysts have recently revised their ratings on AIV, with Wall Street Zen downgrading the stock from a "hold" to a "sell" rating, while Wolfe Research upgraded it to "outperform" with a price target of $10.00.
• Institutional investors hold a significant stake in AIV, with nearly 83.26% of the company's stock owned by institutions, indicating strong market interest despite recent performance setbacks.

Apartment Investment and Management Company (NYSE:AIV - Get Free Report)'s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $7.91, but opened at $7.68. Apartment Investment and Management shares last traded at $7.76, with a volume of 811,179 shares changing hands.

The real estate investment trust reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). The firm had revenue of $52.76 million for the quarter, compared to analysts' expectations of $54.62 million. Apartment Investment and Management had a negative net margin of 30.59% and a negative return on equity of 34.47%. During the same period in the previous year, the firm posted ($0.43) EPS.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AIV. Wall Street Zen lowered shares of Apartment Investment and Management from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Wolfe Research raised Apartment Investment and Management from a "peer perform" rating to an "outperform" rating and set a $10.00 target price on the stock in a research report on Monday, August 4th.

Institutional Trading of Apartment Investment and Management

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co raised its position in Apartment Investment and Management by 11.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 206,661 shares of the real estate investment trust's stock valued at $1,787,000 after purchasing an additional 21,525 shares during the period. Tower Research Capital LLC TRC raised its position in Apartment Investment and Management by 193.7% in the second quarter. Tower Research Capital LLC TRC now owns 16,242 shares of the real estate investment trust's stock valued at $140,000 after purchasing an additional 10,711 shares during the period. Vision Capital Corp raised its position in Apartment Investment and Management by 150.8% in the second quarter. Vision Capital Corp now owns 624,036 shares of the real estate investment trust's stock valued at $5,398,000 after purchasing an additional 375,256 shares during the period. Tidal Investments LLC raised its position in Apartment Investment and Management by 8.8% in the second quarter. Tidal Investments LLC now owns 42,589 shares of the real estate investment trust's stock valued at $368,000 after purchasing an additional 3,442 shares during the period. Finally, Man Group plc raised its position in Apartment Investment and Management by 2.1% in the second quarter. Man Group plc now owns 1,059,096 shares of the real estate investment trust's stock valued at $9,161,000 after purchasing an additional 21,325 shares during the period. Hedge funds and other institutional investors own 83.26% of the company's stock.

Apartment Investment and Management Trading Up 1.2%

The company has a market cap of $1.12 billion, a PE ratio of -16.44 and a beta of 1.39. The company has a quick ratio of 1.34, a current ratio of 1.25 and a debt-to-equity ratio of 8.06. The business has a 50-day simple moving average of $8.49 and a 200-day simple moving average of $8.41.

Apartment Investment and Management Company Profile

Apartment Investment & Management Co operates as a real estate investment trust that engages in the acquisition, ownership, management and redevelopment of apartment properties. The company was founded in 1975 and is headquartered in Denver, CO.