Apartment Income REIT Corp. (NYSE:AIRC - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 6,533,318 shares traded hands during trading, an increase of 204% from the previous session's volume of 2,148,910 shares.The stock last traded at $38.31 and had previously closed at $38.32.
Analysts Set New Price Targets
Several analysts recently commented on AIRC shares. Truist Financial dropped their price objective on 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 Apartment Income REIT from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $37.00 to $31.00 in a report on Wednesday, February 28th. BMO Capital Markets reiterated a "market perform" rating and set a $39.12 target price (up previously from $36.00) on shares of Apartment Income REIT in a report on Tuesday, April 9th. Wolfe Research reiterated a "peer perform" rating on shares of Apartment Income REIT in a report on Thursday, April 11th. Finally, Janney Montgomery Scott reiterated a "neutral" rating on shares of Apartment Income REIT in a report on Monday, April 8th. Eight equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $36.59.
Check Out Our Latest Stock Analysis on AIRC
Apartment Income REIT Price Performance
The company has a market cap of $5.55 billion, a P/E ratio of 9.05 and a beta of 0.90. The company has a fifty day moving average price of $32.45 and a two-hundred day moving average price of $32.25. 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 Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Friday, February 16th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend was Thursday, February 15th. Apartment Income REIT's payout ratio is 42.55%.
Insider Activity
In related news, Director Thomas N. Bohjalian acquired 889 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $31.50 per share, for a total transaction of $28,003.50. Following the acquisition, the director now directly owns 20,000 shares of the company's stock, valued at $630,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Apartment Income REIT
Several hedge funds have recently bought and sold shares of AIRC. EverSource Wealth Advisors LLC lifted its stake in Apartment Income REIT by 66.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 882 shares of the company's stock valued at $27,000 after purchasing an additional 353 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in Apartment Income REIT by 356.7% in the 1st quarter. Belpointe Asset Management LLC now owns 813 shares of the company's stock valued at $29,000 after purchasing an additional 635 shares during the last quarter. Quent Capital LLC lifted its stake in Apartment Income REIT by 437.5% in the 4th quarter. Quent Capital LLC now owns 860 shares of the company's stock valued at $30,000 after purchasing an additional 700 shares during the last quarter. Signaturefd LLC acquired a new stake in Apartment Income REIT in the 4th quarter valued at about $37,000. Finally, CWM LLC lifted its stake in Apartment Income REIT by 64.2% in the 4th 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. 98.13% of the stock is currently owned by institutional investors and hedge funds.
About Apartment Income REIT
(
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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.
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