Apartment Income REIT Corp. (NYSE:AIRC) Shares Sold by Shell Asset Management Co.

Posted by MarketBeat News on Aug 4th, 2022

Shell Asset Management Co. cut its position in shares of Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) by 12.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,190 shares of the company’s stock after selling 1,360 shares during the quarter. Shell Asset Management Co.’s holdings in Apartment Income REIT were worth $491,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AIRC. Waterfront Capital Partners LLC acquired a new stake in Apartment Income REIT during the fourth quarter worth about $78,330,000. BlackRock Inc. boosted its position in shares of Apartment Income REIT by 4.6% in the fourth quarter. BlackRock Inc. now owns 18,252,479 shares of the company’s stock worth $997,863,000 after buying an additional 799,670 shares during the period. State Street Corp boosted its position in shares of Apartment Income REIT by 7.2% in the fourth quarter. State Street Corp now owns 7,522,299 shares of the company’s stock worth $411,244,000 after buying an additional 507,999 shares during the period. Renaissance Technologies LLC boosted its position in shares of Apartment Income REIT by 83.5% in the fourth quarter. Renaissance Technologies LLC now owns 714,833 shares of the company’s stock worth $39,080,000 after buying an additional 325,333 shares during the period. Finally, Retirement Systems of Alabama boosted its position in shares of Apartment Income REIT by 121.7% in the first quarter. Retirement Systems of Alabama now owns 455,682 shares of the company’s stock worth $24,361,000 after buying an additional 250,114 shares during the period. 99.21% of the stock is currently owned by institutional investors and hedge funds.

Apartment Income REIT Trading Down 0.2 %

NYSE:AIRC opened at $43.59 on Thursday. The company has a quick ratio of 1.06, a current ratio of 0.23 and a debt-to-equity ratio of 1.30. The business’s 50 day moving average is $42.40 and its two-hundred day moving average is $48.10. Apartment Income REIT Corp. has a 52 week low of $39.06 and a 52 week high of $55.82. The company has a market cap of $6.85 billion, a PE ratio of 7.17 and a beta of 1.02.

Apartment Income REIT (NYSE:AIRC – Get Rating) last released its earnings results on Thursday, July 28th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $1.04. Apartment Income REIT had a return on equity of 47.81% and a net margin of 127.20%. During the same quarter in the prior year, the firm posted $0.52 EPS. On average, analysts predict that Apartment Income REIT Corp. will post 2.4 EPS for the current year.

Apartment Income REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 30th. Shareholders of record on Friday, August 19th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Thursday, August 18th. Apartment Income REIT’s dividend payout ratio is presently 29.61%.

Analysts Set New Price Targets

AIRC has been the subject of several analyst reports. Jefferies Financial Group downgraded Apartment Income REIT from a “buy” rating to a “hold” rating and set a $44.00 target price for the company. in a research report on Friday, July 22nd. BTIG Research began coverage on Apartment Income REIT in a report on Monday, May 9th. They issued a “neutral” rating for the company. Truist Financial reduced their price target on Apartment Income REIT from $49.00 to $45.00 and set a “hold” rating for the company in a report on Friday, June 24th. Scotiabank reduced their price target on Apartment Income REIT from $56.00 to $53.00 in a report on Thursday, May 19th. Finally, Mizuho reduced their price target on Apartment Income REIT from $59.00 to $45.00 and set a “buy” rating for the company in a report on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.50.

Apartment Income REIT Company Profile

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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 99 communities in 12 states and the District of Columbia.