Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Boosts Stock Position in Apartment Income REIT Corp. (NYSE:AIRC)

Posted by Defense World Staff on May 6th, 2023

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) by 5.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,808 shares of the company’s stock after buying an additional 4,050 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned 0.05% of Apartment Income REIT worth $2,680,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AIRC. Private Trust Co. NA purchased a new stake in shares of Apartment Income REIT in the fourth quarter valued at approximately $35,000. Ellevest Inc. increased its position in shares of Apartment Income REIT by 275.0% in the third quarter. Ellevest Inc. now owns 975 shares of the company’s stock valued at $38,000 after buying an additional 715 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Apartment Income REIT by 42.9% in the third quarter. Bessemer Group Inc. now owns 1,219 shares of the company’s stock valued at $47,000 after buying an additional 366 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new stake in shares of Apartment Income REIT in the third quarter valued at approximately $48,000. Finally, First Manhattan Co. purchased a new stake in shares of Apartment Income REIT in the first quarter valued at approximately $121,000. 99.35% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Apartment Income REIT news, insider Keith M. Kimmel sold 8,000 shares of Apartment Income REIT stock in a transaction 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 sale, the insider now owns 34,345 shares in the company, valued at $1,227,833.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Apartment Income REIT news, insider Keith M. Kimmel sold 8,000 shares of Apartment Income REIT stock in a transaction 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 sale, the insider now owns 34,345 shares in the company, valued at $1,227,833.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin Ignatius Murphy bought 2,500 shares of Apartment Income REIT stock in a transaction on Wednesday, March 22nd. The stock was acquired at an average price of $34.00 per share, for a total transaction of $85,000.00. Following the transaction, the director now directly owns 11,386 shares of the company’s stock, valued at $387,124. The disclosure for this purchase can be found here. 0.89% of the stock is currently owned by corporate insiders.

Apartment Income REIT Stock Performance

NYSE AIRC opened at $36.03 on Friday. The stock’s fifty day moving average is $35.67 and its two-hundred day moving average is $36.46. The firm has a market capitalization of $5.38 billion, a P/E ratio of 10.72 and a beta of 0.90. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.33 and a current ratio of 0.13. Apartment Income REIT Corp. has a fifty-two week low of $32.51 and a fifty-two week high of $46.38.

Apartment Income REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 30th. Shareholders of record on Friday, May 19th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend is Thursday, May 18th. Apartment Income REIT’s dividend payout ratio (DPR) is currently 53.57%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on AIRC shares. Mizuho boosted their price objective on Apartment Income REIT from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, February 23rd. BMO Capital Markets raised Apartment Income REIT from an “underperform” rating to a “market perform” rating and set a $39.00 price target on the stock in a research note on Wednesday, March 15th. Finally, Wolfe Research initiated coverage on Apartment Income REIT in a research note on Monday, January 23rd. They issued an “outperform” rating and a $39.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.33.

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.