Wedbush Comments on Apartment Income REIT Corp.’s Q3 2023 Earnings (NYSE:AIRC)

Posted by Defense World Staff on Oct 6th, 2023

Apartment Income REIT Corp. (NYSE:AIRC – Free Report) – Stock analysts at Wedbush issued their Q3 2023 earnings estimates for shares of Apartment Income REIT in a research report issued to clients and investors on Monday, October 2nd. Wedbush analyst R. Anderson expects that the company will post earnings per share of $0.64 for the quarter. Wedbush has a “Outperform” rating and a $37.00 price target on the stock. The consensus estimate for Apartment Income REIT’s current full-year earnings is $2.40 per share. Wedbush also issued estimates for Apartment Income REIT’s Q4 2023 earnings at $0.66 EPS, FY2023 earnings at $2.42 EPS and FY2024 earnings at $2.53 EPS.

A number of other research firms have also issued reports on AIRC. JPMorgan Chase & Co. lowered their target price on Apartment Income REIT from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, August 21st. BMO Capital Markets raised Apartment Income REIT from a “market perform” rating to an “outperform” rating and upped their target price for the company from $39.00 to $42.00 in a report on Tuesday, July 18th. 92 Resources reiterated a “reiterates” rating on shares of Apartment Income REIT in a report on Wednesday, June 28th. Truist Financial upgraded shares of Apartment Income REIT from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Monday, August 28th. Finally, Mizuho decreased their target price on Apartment Income REIT from $40.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Apartment Income REIT currently has an average rating of “Moderate Buy” and a consensus target price of $39.78.

Read Our Latest Research Report on AIRC

Apartment Income REIT Trading Up 0.7 %

Shares of NYSE AIRC opened at $30.44 on Thursday. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 14.56 and a beta of 0.90. The stock’s 50 day simple moving average is $32.91 and its 200 day simple moving average is $34.63. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 1.52. Apartment Income REIT has a 12-month low of $29.64 and a 12-month high of $40.28.

Hedge Funds Weigh In On Apartment Income REIT

Institutional investors and hedge funds have recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Apartment Income REIT by 10.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,374 shares of the company’s stock worth $837,000 after buying an additional 2,274 shares during the period. Sei Investments Co. increased its stake in Apartment Income REIT by 12.9% during the 1st quarter. Sei Investments Co. now owns 615,686 shares of the company’s stock valued at $22,048,000 after purchasing an additional 70,253 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in Apartment Income REIT during the first quarter worth $27,000. Aurora Investment Managers LLC. increased its position in shares of Apartment Income REIT by 1.8% during the first quarter. Aurora Investment Managers LLC. now owns 59,386 shares of the company’s stock worth $2,127,000 after acquiring an additional 1,061 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Apartment Income REIT by 6.1% in the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 212,478 shares of the company’s stock worth $7,609,000 after acquiring an additional 12,136 shares during the last quarter. 98.13% of the stock is currently owned by institutional investors and hedge funds.

Apartment Income REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Friday, August 18th were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, August 17th. This represents a $1.80 dividend on an annualized basis and a yield of 5.91%. Apartment Income REIT’s payout ratio is 86.12%.

About Apartment Income REIT

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Apartment Income REIT Corp (NYSE: AIRC) is a publicly traded, self-administered real estate investment trust (REIT). AIR's portfolio comprises 73 communities totaling 25,739 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.