Convergence Investment Partners LLC Purchases New Position in Apartment Income REIT Corp. (NYSE:AIRC)

Convergence Investment Partners LLC purchased a new stake in shares of Apartment Income REIT Corp. (NYSE:AIRC) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 33,399 shares of the company’s stock, valued at approximately $1,160,000.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Apartment Income REIT by 12.2% in the third quarter. JPMorgan Chase & Co. now owns 13,572,680 shares of the company’s stock valued at $416,681,000 after buying an additional 1,470,804 shares in the last quarter. Lasalle Investment Management Securities LLC increased its position in shares of Apartment Income REIT by 195.6% in the third quarter. Lasalle Investment Management Securities LLC now owns 1,555,044 shares of the company’s stock valued at $47,740,000 after buying an additional 1,029,054 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Apartment Income REIT by 87.6% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,687 shares of the company’s stock valued at $40,637,000 after buying an additional 618,134 shares in the last quarter. FMR LLC increased its position in shares of Apartment Income REIT by 7.7% in the third quarter. FMR LLC now owns 5,758,309 shares of the company’s stock valued at $176,780,000 after buying an additional 411,299 shares in the last quarter. Finally, Walleye Capital LLC increased its position in shares of Apartment Income REIT by 89.6% in the third quarter. Walleye Capital LLC now owns 674,518 shares of the company’s stock valued at $20,708,000 after buying an additional 318,748 shares in the last quarter. 98.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Thomas N. Bohjalian acquired 889 shares of the stock in a transaction on Wednesday, February 14th. The shares were bought at an average price of $31.50 per share, with a total value of $28,003.50. Following the completion of the purchase, the director now owns 20,000 shares of the company’s stock, valued at approximately $630,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AIRC has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “market perform” rating and issued a $39.12 price objective (up from $36.00) on shares of Apartment Income REIT in a research report on Tuesday, April 9th. Mizuho lowered Apartment Income REIT from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $37.00 to $31.00 in a research note on Wednesday, February 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $34.00 price target on shares of Apartment Income REIT in a research note on Thursday, February 22nd. Wedbush reaffirmed a “neutral” rating and issued a $39.00 price target (up from $35.00) on shares of Apartment Income REIT in a research note on Thursday, April 11th. Finally, Truist Financial lowered their price target 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. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Apartment Income REIT presently has a consensus rating of “Hold” and an average price target of $36.59.

Apartment Income REIT Trading Down 0.1 %

NYSE AIRC traded down $0.05 on Friday, reaching $38.41. 3,177,506 shares of the company were exchanged, compared to its average volume of 5,542,411. The business’s fifty day moving average price is $33.51 and its 200 day moving average price is $32.68. The stock has a market capitalization of $5.57 billion, a P/E ratio of 9.08 and a beta of 0.90. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.10. Apartment Income REIT Corp. has a fifty-two week low of $28.22 and a fifty-two week high of $38.68.

Apartment Income REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Friday, February 16th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Thursday, February 15th. Apartment Income REIT’s dividend payout ratio (DPR) is currently 42.55%.

Apartment Income REIT Company Profile

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.