Apartment Income REIT Corp. (NYSE:AIRC) Shares Purchased by Arizona State Retirement System

Posted by on May 12th, 2023

Arizona State Retirement System increased its position in shares of Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,508 shares of the company’s stock after purchasing an additional 817 shares during the period. Arizona State Retirement System’s holdings in Apartment Income REIT were worth $1,493,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AIRC. State Street Corp increased its position in Apartment Income REIT by 13.8% during the first quarter. State Street Corp now owns 8,563,449 shares of the company’s stock worth $457,802,000 after purchasing an additional 1,041,150 shares during the last quarter. Invesco Ltd. boosted its stake in Apartment Income REIT by 130.6% during the first quarter. Invesco Ltd. now owns 982,220 shares of the company’s stock worth $52,509,000 after buying an additional 556,256 shares during the period. Neuberger Berman Group LLC boosted its stake in Apartment Income REIT by 33.3% during the third quarter. Neuberger Berman Group LLC now owns 1,525,400 shares of the company’s stock worth $58,899,000 after buying an additional 381,275 shares during the period. Macquarie Group Ltd. boosted its stake in Apartment Income REIT by 513.9% during the third quarter. Macquarie Group Ltd. now owns 440,216 shares of the company’s stock worth $17,159,000 after buying an additional 368,506 shares during the period. Finally, ExodusPoint Capital Management LP boosted its stake in Apartment Income REIT by 223.3% during the third quarter. ExodusPoint Capital Management LP now owns 462,243 shares of the company’s stock worth $17,852,000 after buying an additional 319,262 shares during the period. 99.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Apartment Income REIT in a research note on Monday, January 23rd. They set an “outperform” rating and a $39.00 target price for the company. BMO Capital Markets raised shares of 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 note on Wednesday, March 15th. Finally, Mizuho raised their price objective on shares of Apartment Income REIT from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, February 23rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Apartment Income REIT currently has a consensus rating of “Moderate Buy” and an average price target of $42.33.

Insider Buying and Selling

In related news, insider Keith M. Kimmel sold 8,000 shares of Apartment Income REIT stock in a transaction that occurred on Wednesday, March 15th. The shares were 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 owns 34,345 shares in the company, valued at $1,227,833.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Devin Ignatius Murphy acquired 2,500 shares of the business’s stock in a transaction on Wednesday, March 22nd. The shares were bought at an average price of $34.00 per share, with a total value of $85,000.00. Following the completion of the acquisition, the director now owns 11,386 shares in the company, valued at $387,124. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Keith M. Kimmel sold 8,000 shares of the firm’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 transaction of $286,000.00. Following the sale, the insider now directly owns 34,345 shares in the company, valued at approximately $1,227,833.75. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Apartment Income REIT Stock Down 0.3 %

Shares of Apartment Income REIT stock opened at $35.81 on Friday. Apartment Income REIT Corp. has a 52-week low of $32.51 and a 52-week high of $46.38. The company has a 50 day moving average of $35.52 and a 200 day moving average of $36.43. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $5.34 billion, a P/E ratio of 10.66 and a beta of 0.90.

Apartment Income REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Investors of record on Friday, May 19th will be paid a $0.45 dividend. The ex-dividend date is Thursday, May 18th. This represents a $1.80 dividend on an annualized basis and a yield of 5.03%. Apartment Income REIT’s dividend payout ratio is currently 53.57%.

Apartment Income REIT Profile

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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.

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Institutional Ownership by Quarter for Apartment Income REIT (NYSE:AIRC)

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