Brokerages forecast that Apartment Income REIT Corp. (NYSE:AIRC) will report sales of $166.95 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Apartment Income REIT's earnings. The lowest sales estimate is $149.25 million and the highest is $174.70 million. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, April 29th.
On average, analysts expect that Apartment Income REIT will report full year sales of $681.05 million for the current fiscal year, with estimates ranging from $609.43 million to $730.70 million. For the next fiscal year, analysts forecast that the business will post sales of $712.66 million, with estimates ranging from $635.37 million to $801.80 million. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side analysts that follow Apartment Income REIT.
Apartment Income REIT (NYSE:AIRC) last issued its earnings results on Tuesday, February 9th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.50).
A number of brokerages have issued reports on AIRC. Jefferies Financial Group began coverage on shares of Apartment Income REIT in a research note on Tuesday, January 12th. They set a "hold" rating and a $35.00 price objective on the stock. Mizuho raised their price target on shares of Apartment Income REIT from $30.00 to $45.00 and gave the company a "neutral" rating in a research note on Monday, March 15th. The Goldman Sachs Group started coverage on shares of Apartment Income REIT in a research note on Thursday, January 7th. They issued a "neutral" rating and a $40.00 price target on the stock. Guggenheim assumed coverage on shares of Apartment Income REIT in a report on Friday, January 29th. They issued a "buy" rating and a $63.00 price objective for the company. Finally, Citigroup assumed coverage on shares of Apartment Income REIT in a report on Friday, January 29th. They set a "neutral" rating and a $40.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. The stock presently has a consensus rating of "Hold" and an average target price of $42.89.
Shares of NYSE AIRC opened at $46.34 on Friday. Apartment Income REIT has a 52-week low of $35.99 and a 52-week high of $46.74. The firm's 50 day moving average price is $43.51. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 2.06.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 26th. Shareholders of record on Friday, February 12th were issued a $0.43 dividend. The ex-dividend date was Thursday, February 11th. This represents a $1.72 dividend on an annualized basis and a yield of 3.71%.
In other Apartment Income REIT news, insider Keith M. Kimmel sold 17,000 shares of the firm's stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $41.88, for a total value of $711,960.00. Following the transaction, the insider now directly owns 27,115 shares of the company's stock, valued at $1,135,576.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul Beldin sold 7,500 shares of the firm's stock in a transaction dated Tuesday, March 16th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the completion of the transaction, the chief financial officer now directly owns 76,038 shares in the company, valued at approximately $3,410,304.30. The disclosure for this sale can be found here.
Institutional investors and hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. bought a new stake in Apartment Income REIT in the fourth quarter worth $29,000. Bessemer Group Inc. acquired a new stake in Apartment Income REIT in the fourth quarter worth about $30,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in Apartment Income REIT in the fourth quarter worth about $72,000. Capital Asset Advisory Services LLC acquired a new stake in Apartment Income REIT in the fourth quarter worth about $79,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Apartment Income REIT in the fourth quarter worth about $98,000.
About Apartment Income REIT
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 98 communities in 12 states and the District of Columbia.
Recommended Story: Neutral Rating
Get a free copy of the Zacks research report on Apartment Income REIT (AIRC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured Article: What is the Bid-Ask Spread?7 Cloud Computing Stocks to Lift Your Portfolio to New Heights
Cloud computing sounds complicated, and it has become more sophisticated as it evolves. However, the basic idea behind the cloud is the same. The “cloud” is a euphemistic term for the delivery of different services via the internet. In its early days, the cloud was used exclusively for data storage. Here’s an easy example of why this was important.
Back when the internet was cutting its teeth, I worked in marketing communications. The need to comply with Total Quality Control Systems (TQCS) for our largest clients meant we had to save every version of our files. Every. Single. One.
Now imagine that you’re producing a 120-page product catalog complete with photos and charts. Your hard drive is burning up just thinking about it. Yet that “data” had to be stored somewhere. And so we had a virtual server farm to try to warehouse all these graphic intensive (and memory sucking) files until we could archive them.
Other than the storage nightmare, consider that it was a pain to work remotely. You could copy a file from the server, but then were you working on the right file? I’m sure at least one person is reading this who remembers this pain.
The cloud takes that away. Cloud computing allows you to store files on a secure, remote server that everyone can access anywhere they have an internet connection. But it’s become so much more than that. Cloud computing now gives businesses a platform from which they can create applications and software. If that sounds confusing, I hope to simplify it in this presentation.
To help you understand which cloud computing stocks, you may want to add to your portfolio, and we’ve created this special presentation. These are seven of the cloud computing stocks that will continue to grow with the sector.
View the "7 Cloud Computing Stocks to Lift Your Portfolio to New Heights"