Apartment Income REIT Corp. (NYSE:AIRC) Given Average Rating of “Moderate Buy” by Analysts

Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) has been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $42.33.

AIRC has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their price target on shares of Apartment Income REIT to $42.00 in a report on Thursday, December 1st. BMO Capital Markets raised Apartment Income REIT from an “underperform” rating to a “market perform” rating and set a $39.00 target price for the company in a research report on Wednesday. Citigroup cut their price target on Apartment Income REIT from $47.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, November 29th. Truist Financial decreased their price objective on Apartment Income REIT from $48.00 to $39.00 and set a “hold” rating for the company in a report on Tuesday, November 29th. Finally, The Goldman Sachs Group upgraded Apartment Income REIT from a “sell” rating to a “buy” rating and increased their target price for the stock from $39.00 to $43.00 in a report on Thursday, December 8th.

Apartment Income REIT Stock Performance

Shares of AIRC stock opened at $35.43 on Friday. The firm has a 50 day moving average of $37.52 and a 200-day moving average of $37.57. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 6.08 and a beta of 0.93. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.40. Apartment Income REIT has a 52 week low of $33.57 and a 52 week high of $55.82.

Apartment Income REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Friday, February 17th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.80 annualized dividend and a dividend yield of 5.08%. Apartment Income REIT’s dividend payout ratio is currently 30.87%.

Insider Buying and Selling

In other news, insider Keith M. Kimmel sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $35.75, for a total value of $286,000.00. Following the completion of the transaction, the insider now directly owns 34,345 shares of the company’s stock, valued at $1,227,833.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Institutional Trading of Apartment Income REIT

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Apartment Income REIT by 51.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,609,771 shares of the company’s stock valued at $233,366,000 after acquiring an additional 1,912,543 shares during the period. Norges Bank purchased a new stake in shares of Apartment Income REIT during the 4th quarter valued at approximately $53,319,000. Bank of America Corp DE boosted its holdings in Apartment Income REIT by 308.3% in the 4th quarter. Bank of America Corp DE now owns 2,007,780 shares of the company’s stock worth $68,887,000 after buying an additional 1,516,084 shares during the period. Long Pond Capital LP grew its stake in Apartment Income REIT by 208.8% in the 2nd quarter. Long Pond Capital LP now owns 1,559,757 shares of the company’s stock valued at $64,886,000 after buying an additional 1,054,611 shares in the last quarter. Finally, State Street Corp raised its holdings in Apartment Income REIT by 13.8% during the 1st quarter. State Street Corp now owns 8,563,449 shares of the company’s stock valued at $457,802,000 after acquiring an additional 1,041,150 shares during the period. Institutional investors own 99.35% of the company’s stock.

About Apartment Income REIT

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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.