Allianz Asset Management AG maintained its position in shares of Preferred Apartment Communities Inc. (NASDAQ:APTS) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,244 shares of the real estate investment trust’s stock at the end of the fourth quarter. Allianz Asset Management AG owned approximately 0.10% of Preferred Apartment Communities worth $361,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. First Trust Advisors LP acquired a new position in Preferred Apartment Communities during the third quarter valued at about $152,000. Stevens Capital Management LP purchased a new stake in Preferred Apartment Communities during the third quarter valued at $176,000. Citadel Advisors LLC purchased a new stake in Preferred Apartment Communities during the third quarter valued at $241,000. JT Stratford LLC purchased a new stake in Preferred Apartment Communities during the fourth quarter valued at $351,000. Finally, Sunbelt Securities Inc. boosted its stake in Preferred Apartment Communities by 7.9% in the fourth quarter. Sunbelt Securities Inc. now owns 30,076 shares of the real estate investment trust’s stock worth $448,000 after buying an additional 2,190 shares during the last quarter.
Shares of Preferred Apartment Communities Inc. (NASDAQ:APTS) traded up 0.35% during mid-day trading on Friday, reaching $14.29. 177,733 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $13.39 and its 200-day moving average price is $13.57. Preferred Apartment Communities Inc. has a 12-month low of $12.02 and a 12-month high of $15.39. The stock’s market cap is $391.32 million.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be paid a $0.235 dividend. This is an increase from Preferred Apartment Communities’s previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a yield of 6.58%. The ex-dividend date of this dividend is Tuesday, June 13th.
COPYRIGHT VIOLATION WARNING: This news story was first posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The correct version of this news story can be accessed at https://transcriptdaily.com/2017/04/22/preferred-apartment-communities-inc-apts-position-maintained-by-allianz-asset-management-ag.html.
APTS has been the subject of a number of research reports. Zacks Investment Research cut shares of Preferred Apartment Communities from a “hold” rating to a “sell” rating in a report on Thursday, January 12th. FBR & Co cut shares of Preferred Apartment Communities from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $17.00 to $15.00 in a report on Wednesday, January 4th. Finally, Canaccord Genuity set a $16.00 price objective on shares of Preferred Apartment Communities and gave the company a “buy” rating in a report on Monday, February 27th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $15.67.
In other Preferred Apartment Communities news, insider Daniel M. Dupree sold 13,280 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $12.87, for a total value of $170,913.60. Following the completion of the sale, the insider now directly owns 116,564 shares in the company, valued at approximately $1,500,178.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Daniel M. Dupree sold 10,000 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $12.53, for a total value of $125,300.00. Following the transaction, the insider now owns 130,600 shares of the company’s stock, valued at $1,636,418. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,580 shares of company stock valued at $300,114.
About Preferred Apartment Communities
Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.
