MetLife Investment Management LLC Cuts Stake in Apartment Income REIT Corp. (NYSE:AIRC)

Posted by Defense World Staff on Jun 18th, 2023

MetLife Investment Management LLC cut its position in shares of Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,874 shares of the company’s stock after selling 4,659 shares during the period. MetLife Investment Management LLC owned approximately 0.06% of Apartment Income REIT worth $3,255,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AIRC. Xponance Inc. lifted its stake in shares of Apartment Income REIT by 6.8% during the 4th quarter. Xponance Inc. now owns 20,800 shares of the company’s stock worth $714,000 after acquiring an additional 1,320 shares during the last quarter. Hill Winds Capital LP acquired a new position in shares of Apartment Income REIT in the 4th quarter valued at about $3,946,000. Aurora Investment Counsel lifted its holdings in shares of Apartment Income REIT by 26.1% in the 4th quarter. Aurora Investment Counsel now owns 24,489 shares of the company’s stock valued at $840,000 after buying an additional 5,063 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Apartment Income REIT in the 3rd quarter valued at about $344,000. Finally, Lockheed Martin Investment Management Co. increased its stake in shares of Apartment Income REIT by 12.2% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 11,963 shares of the company’s stock valued at $410,000 after purchasing an additional 1,300 shares in the last quarter. 99.35% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Devin Ignatius Murphy purchased 2,500 shares of the company’s stock in a transaction dated Wednesday, March 22nd. The stock was acquired at an average cost of $34.00 per share, for a total transaction of $85,000.00. Following the completion of the transaction, the director now directly owns 11,386 shares of the company’s stock, valued at $387,124. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AIRC. Mizuho cut their price target on Apartment Income REIT from $45.00 to $40.00 in a research note on Friday, May 19th. BMO Capital Markets upgraded Apartment Income REIT from an “underperform” rating to a “market perform” rating and set a $39.00 price objective for the company in a research note on Wednesday, March 15th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.38.

Apartment Income REIT Price Performance

AIRC stock opened at $37.18 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50 day simple moving average of $35.70 and a 200-day simple moving average of $36.16. The firm has a market capitalization of $5.55 billion, a PE ratio of 11.07 and a beta of 0.90. Apartment Income REIT Corp. has a 1 year low of $32.51 and a 1 year high of $46.38.

Apartment Income REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 30th. Stockholders of record on Friday, May 19th were given a $0.45 dividend. The ex-dividend date was Thursday, May 18th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.84%. Apartment Income REIT’s dividend payout ratio (DPR) is presently 53.57%.

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.