Apartment Income REIT Corp. (NYSE:AIRC) Sees Significant Increase in Short Interest

Apartment Income REIT Corp. (NYSE:AIRC - Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 3,770,000 shares, an increase of 54.5% from the March 31st total of 2,440,000 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average trading volume of 2,530,000 shares, the days-to-cover ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AIRC shares. Truist Financial lowered their price objective on shares of Apartment Income REIT from $40.00 to $37.00 and set a "buy" rating on the stock in a research note on Tuesday, April 9th. Mizuho cut shares of Apartment Income REIT from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $37.00 to $31.00 in a research note on Wednesday, February 28th. Wedbush restated a "neutral" rating and set a $39.00 target price (up previously from $35.00) on shares of Apartment Income REIT in a research note on Thursday, April 11th. The Goldman Sachs Group restated a "neutral" rating and set a $34.00 target price on shares of Apartment Income REIT in a research note on Thursday, February 22nd. Finally, Janney Montgomery Scott restated a "neutral" rating on shares of Apartment Income REIT in a research note on Monday, April 8th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Apartment Income REIT has an average rating of "Hold" and an average price target of $36.59.

Insider Activity

In related news, Director Thomas N. Bohjalian purchased 889 shares of the company's stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average price of $31.50 per share, with a total value of $28,003.50. Following the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $630,000. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AIRC. Louisiana State Employees Retirement System boosted its stake in Apartment Income REIT by 0.7% during the first quarter. Louisiana State Employees Retirement System now owns 41,600 shares of the company's stock worth $1,351,000 after buying an additional 300 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of Apartment Income REIT by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 65,340 shares of the company's stock worth $2,006,000 after purchasing an additional 330 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Apartment Income REIT by 66.7% during the third quarter. EverSource Wealth Advisors LLC now owns 882 shares of the company's stock worth $27,000 after purchasing an additional 353 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Apartment Income REIT by 2.5% during the third quarter. Penserra Capital Management LLC now owns 15,180 shares of the company's stock worth $465,000 after purchasing an additional 374 shares during the last quarter. Finally, Manning & Napier Group LLC lifted its position in shares of Apartment Income REIT by 0.5% during the fourth quarter. Manning & Napier Group LLC now owns 92,293 shares of the company's stock worth $3,205,000 after purchasing an additional 463 shares during the last quarter. 98.13% of the stock is owned by hedge funds and other institutional investors.

Apartment Income REIT Price Performance

AIRC traded down $0.05 during trading on Friday, reaching $38.41. 3,177,506 shares of the company traded hands, compared to its average volume of 5,542,411. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.65 and a current ratio of 0.65. Apartment Income REIT has a 12-month low of $28.22 and a 12-month high of $38.68. The firm has a fifty day simple moving average of $33.51 and a 200 day simple moving average of $32.68. The company has a market cap of $5.57 billion, a P/E ratio of 9.08 and a beta of 0.90.

Apartment Income REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Friday, February 16th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Thursday, February 15th. Apartment Income REIT's dividend payout ratio (DPR) is currently 42.55%.

Apartment Income REIT Company Profile

Apartment Income REIT Corp NYSE: AIRC is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a simple, predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management.