Apartment Income REIT Corp. (NYSE:AIRC - Get Rating) has received a consensus recommendation of "Hold" from the ten research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $42.22.
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Several equities analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Apartment Income REIT from a "sell" rating to a "buy" rating and boosted their target price for the company from $39.00 to $43.00 in a research report on Thursday, December 8th. Wolfe Research assumed coverage on shares of Apartment Income REIT in a research report on Monday, January 23rd. They issued an "outperform" rating and a $39.00 target price for the company. Mizuho dropped their target price on shares of Apartment Income REIT from $46.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, November 10th. JPMorgan Chase & Co. dropped their target price on shares of Apartment Income REIT to $42.00 in a research report on Thursday, December 1st. Finally, Citigroup dropped their target price on shares of Apartment Income REIT from $47.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, November 29th.
A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position 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 acquired a new position in Apartment Income REIT in the 4th quarter valued at approximately $53,319,000. Bank of America Corp DE increased its position 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 valued at $68,887,000 after acquiring an additional 1,516,084 shares during the period. Long Pond Capital LP increased its position 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 acquiring an additional 1,054,611 shares during the period. Finally, State Street Corp increased its position in Apartment Income REIT by 13.8% in 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. 99.35% of the stock is currently owned by institutional investors and hedge funds.
NYSE AIRC opened at $39.43 on Monday. The firm has a 50-day moving average price of $36.55 and a two-hundred day moving average price of $38.41. The company has a market capitalization of $5.91 billion, a P/E ratio of 6.76 and a beta of 0.94. The company has a quick ratio of 0.10, a current ratio of 0.33 and a debt-to-equity ratio of 1.40. Apartment Income REIT has a 12-month low of $33.57 and a 12-month high of $55.82.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 28th. Investors of record on Friday, February 17th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Thursday, February 16th. Apartment Income REIT's dividend payout ratio is 30.87%.
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.
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