Apartment Investment and Management (NYSE:AIV) Shares Gap Down on Disappointing 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 stock 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 trading hands.

The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Apartment Investment and Management had a negative return on equity of 45.41% and a negative net margin of 50.37%. The business had revenue of $52.76 million during the quarter, compared to the consensus estimate of $54.62 million. During the same quarter in the prior year, the firm posted ($0.43) EPS.

Analysts Set New Price Targets

A number of research firms have weighed in on AIV. Wall Street Zen cut shares of Apartment Investment and Management from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Wolfe Research upgraded shares of Apartment Investment and Management from a "peer perform" rating to an "outperform" rating and set a $10.00 price objective on the stock in a research report on Monday, August 4th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new position in Apartment Investment and Management during the fourth quarter valued at $77,000. GAMMA Investing LLC boosted its stake in shares of Apartment Investment and Management by 980.0% during the first quarter. GAMMA Investing LLC now owns 9,126 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 8,281 shares during the period. Covestor Ltd boosted its stake in shares of Apartment Investment and Management by 276.5% during the first quarter. Covestor Ltd now owns 9,355 shares of the real estate investment trust's stock valued at $83,000 after purchasing an additional 6,870 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Apartment Investment and Management during the first quarter valued at $85,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Apartment Investment and Management during the first quarter valued at $89,000. Institutional investors own 83.26% of the company's stock.

Apartment Investment and Management Price Performance

The stock has a market capitalization of $1.08 billion, a PE ratio of -9.94 and a beta of 1.39. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 6.94. The stock's 50 day moving average price is $8.53 and its 200-day moving average price is $8.43.

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.

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