Apartment Investment and Management Company $AIV Position Increased by Irenic Capital Management LP

Key Points

• Irenic Capital Management increased its AIV position by 29.3% in the first quarter, adding 1.14 million shares to own 5.03 million shares, or about 3.5% of Apartment Investment and Management.
• Institutional interest remained strong, with several hedge funds increasing or initiating positions; hedge funds and other institutions collectively own 83.26% of the stock.
• AIV shares opened at $2.61, near their 12-month low of $2.59, despite the company’s recent $1.30 special dividend. Analysts have a consensus “Hold” rating and an average price target of $10.00.

Irenic Capital Management LP boosted its position in shares of Apartment Investment and Management Company (NYSE:AIV - Free Report) by 29.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,029,521 shares of the real estate investment trust's stock after purchasing an additional 1,139,197 shares during the period. Apartment Investment and Management accounts for approximately 1.3% of Irenic Capital Management LP's portfolio, making the stock its 17th biggest position. Irenic Capital Management LP owned about 3.50% of Apartment Investment and Management worth $20,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AIV. Western Standard LLC acquired a new stake in Apartment Investment and Management in the fourth quarter valued at approximately $9,979,000. Union Square Park Capital Management LLC increased its stake in shares of Apartment Investment and Management by 73.1% during the 1st quarter. Union Square Park Capital Management LLC now owns 1,125,000 shares of the real estate investment trust's stock worth $4,579,000 after purchasing an additional 475,000 shares during the last quarter. DLD Asset Management LP raised its holdings in shares of Apartment Investment and Management by 184.2% during the 1st quarter. DLD Asset Management LP now owns 1,070,978 shares of the real estate investment trust's stock valued at $4,359,000 after purchasing an additional 694,109 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Apartment Investment and Management by 40.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 666,654 shares of the real estate investment trust's stock valued at $5,287,000 after purchasing an additional 190,738 shares in the last quarter. Finally, Owl Creek Asset Management L.P. acquired a new stake in shares of Apartment Investment and Management in the 1st quarter valued at $12,304,000. 83.26% of the stock is owned by hedge funds and other institutional investors.

Apartment Investment and Management Stock Down 0.2%

Shares of AIV stock opened at $2.61 on Wednesday. The stock's 50 day simple moving average is $3.16 and its 200 day simple moving average is $4.25. Apartment Investment and Management Company has a twelve month low of $2.59 and a twelve month high of $8.82. The company has a debt-to-equity ratio of 1.87, a quick ratio of 3.46 and a current ratio of 3.46. The company has a market capitalization of $376.05 million, a price-to-earnings ratio of 0.67 and a beta of 1.18.

Apartment Investment and Management Dividend Announcement

The company also recently declared a special dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Friday, May 15th were given a $1.30 dividend.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Apartment Investment and Management from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.00.

About Apartment Investment and Management

Apartment Investment and Management Company NYSE: AIV, commonly known as Aimco, is a real estate investment trust focused on the ownership and operation of multifamily residential communities in the United States. The company acquires, develops and manages apartment properties that offer a range of living environments—from urban high-rise buildings to garden-style communities. Aimco's core business includes leasing apartments, providing on-site services and amenities, and overseeing property maintenance to drive occupancy and resident satisfaction.

Founded in 1994 as part of GMAC Residential, Aimco became a publicly traded REIT with headquarters in Denver, Colorado.

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