First Quarter 2023 EPS Estimates for Apartment Income REIT Corp. (NYSE:AIRC) boosted by Jefferies Financial Group
Apartment Income REIT Corp. (NYSE:AIRC – Get Rating) – Jefferies Financial Group raised its first-quarter 2023 EPS estimates for shares of Apartment Income REIT in a research note released Thursday, June 30. Jefferies Financial Group analyst J. Petersen now expects the company to post earnings of $0.62 per share for the quarter, up from its previous estimate of $0.61. Jefferies Financial Group has a “Buy” rating and a price target of $47.00 on the stock. The consensus estimate for Apartment Income REIT’s current annual earnings is $2.41 per share. Jefferies Financial Group also released estimates for Apartment Income REIT Q2 2023 earnings at $0.62 EPS, Q3 2023 earnings at $0.64 EPS, Q4 2023 earnings at $0.66 EPS, earnings for fiscal year 2023 at $2.55 EPS, earnings for Q1 2024 at $0.66 EPS, earnings for Q2 2024 at $0.65 EPS and earnings for fiscal year 2024 at $2.64 EPS.
A number of other equity research analysts have also recently released reports on the stock. Truist Financial cut its price target on shares of Apartment Income REIT from $49.00 to $45.00 and set a “hold” rating for the company in a Friday, June 24 research report. Mizuho cut its price target on shares of Apartment Income REIT from $59.00 to $45.00 and set a “buy” rating for the company in a Monday, June 27 research report. Scotiabank cut its price target on shares of Apartment Income REIT from $56.00 to $53.00 in a Thursday, May 19 research report. Finally, BTIG Research began covering shares of Apartment Income REIT in a Monday, May 9 report. They issued a “neutral” rating for the company. One equity research analyst gave the stock a sell rating, two gave the company a hold rating and three gave the company a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.00.
AIRC shares opened at $42.15 on Monday. Apartment Income REIT has a 1-year low of $39.06 and a 1-year high of $55.82. The company has a fifty-day moving average price of $43.99 and a 200-day moving average price of $49.80. The company has a debt ratio of 1.48, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $6.62 billion, a price-earnings ratio of 8.97 and a beta of 1.04. Apartment Income REIT (NYSE:AIRC – Get Rating) last reported results on Monday, May 2. The company reported ($0.23) earnings per share for the quarter, missing analyst consensus estimates of $0.56 per ($0.79). Apartment Income REIT had a net margin of 99.27% and a return on equity of 40.71%. In the same quarter of the previous year, the company achieved EPS of $0.50.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Friday, May 20 received a dividend of $0.45 per share. This represents an annualized dividend of $1.80 and a dividend yield of 4.27%. The ex-dividend date was Thursday, May 19. Apartment Income REIT’s dividend payout ratio (DPR) is currently 38.30%.
Separately, director John D. Rayis acquired 1,000 shares of the company in a transaction on Thursday, May 5. The shares were acquired at an average price of $46.80 per share, with a total value of $46,800.00. Following the acquisition, the director now directly owns 8,412 shares of the company, valued at $393,681.60. The purchase was disclosed in a legal filing with the SEC, accessible via this link. Insiders have acquired a total of 2,091 shares of the company worth $96,756 over the past three months. Insiders own 1.06% of the shares of the company.
Several institutional investors and hedge funds have recently increased or reduced their stake in AIRC. Covestor Ltd purchased a new stake in shares of Apartment Income REIT during Q4, valued at approximately $26,000. National Bank of Canada FI bought a new stake in shares of Apartment Income REIT during the 4th quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Apartment Income REIT during Q1, valued at approximately $37,000. Meeder Asset Management Inc. purchased a new stake in shares of Apartment Income REIT during Q1, valued at approximately $59,000. Finally, US Asset Management LLC acquired a new equity stake in Apartment Income REIT during Q1 valued at approximately $72,000. 99.21% of the shares are held by institutional investors and hedge funds.
About Apartment Income REIT (Get a rating)
AIR is a real estate investment trust focused on owning and managing quality apartment communities located in the largest markets in the United States. AIR is one of the largest apartment owners and operators in the nation, with 99 communities in 12 states and the District of Columbia.
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