Convergence Investment Partners LLC Acquires New Stake in Apartment Income REIT Corp. (NYSE:AIRC)

Convergence Investment Partners LLC purchased a new stake in shares of Apartment Income REIT Corp. (NYSE:AIRC - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 33,399 shares of the company's stock, valued at approximately $1,160,000.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake 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 buying an additional 353 shares during the last quarter. Quent Capital LLC grew its position in Apartment Income REIT by 437.5% during the 4th quarter. Quent Capital LLC now owns 860 shares of the company's stock worth $30,000 after acquiring an additional 700 shares during the last quarter. Signaturefd LLC acquired a new position in Apartment Income REIT in the 4th quarter worth about $37,000. CWM LLC raised its position in Apartment Income REIT by 64.2% in the fourth quarter. CWM LLC now owns 1,281 shares of the company's stock valued at $44,000 after purchasing an additional 501 shares during the last quarter. Finally, Denali Advisors LLC boosted its stake in shares of Apartment Income REIT by 926.2% during the fourth quarter. Denali Advisors LLC now owns 2,268 shares of the company's stock valued at $79,000 after purchasing an additional 2,047 shares in the last quarter. 98.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Thomas N. Bohjalian purchased 889 shares of Apartment Income REIT stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $31.50 per share, for a total transaction of $28,003.50. Following the completion of the acquisition, the director now owns 20,000 shares of the company's stock, valued at approximately $630,000. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company's stock.

Apartment Income REIT Trading Down 0.1 %

Shares of AIRC stock traded down $0.05 during mid-day trading on Friday, hitting $38.41. The company's stock had a trading volume of 3,177,506 shares, compared to its average volume of 5,542,411. Apartment Income REIT Corp. has a 52 week low of $28.22 and a 52 week high of $38.68. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.65 and a current ratio of 0.65. The company's fifty day simple moving average is $33.51 and its 200-day simple moving average is $32.69. The company has a market cap of $5.57 billion, a PE ratio of 9.08 and a beta of 0.90.

Apartment Income REIT Announces Dividend

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

Analysts Set New Price Targets

AIRC has been the subject of a number of research reports. BMO Capital Markets reiterated a "market perform" rating and issued a $39.12 price objective (up previously from $36.00) on shares of Apartment Income REIT in a report on Tuesday, April 9th. Truist Financial reduced 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. Raymond James lowered Apartment Income REIT from an "outperform" rating to a "market perform" rating in a research report on Monday, March 18th. Wedbush reiterated a "neutral" rating and issued a $39.00 price target (up previously from $35.00) on shares of Apartment Income REIT in a research report on Thursday, April 11th. Finally, Mizuho cut Apartment Income REIT from a "buy" rating to a "neutral" rating and decreased their price target for the company from $37.00 to $31.00 in a research note on Wednesday, February 28th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $36.59.

Apartment Income REIT 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.