New York State Common Retirement Fund Cuts Stake in Post Properties Inc. (PPS)
New York State Common Retirement Fund lowered its position in Post Properties Inc. (NYSE:PPS) by 16.8% during the third quarter, Holdings Channel reports. The firm owned 114,100 shares of the real estate investment trust’s stock after selling 23,000 shares during the period. New York State Common Retirement Fund owned approximately 0.21% of Post Properties worth $7,545,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Daiwa Securities Group Inc. boosted its stake in shares of Post Properties by 5.3% in the third quarter. Daiwa Securities Group Inc. now owns 2,000 shares of the real estate investment trust’s stock worth $132,000 after buying an additional 100 shares during the period. LS Investment Advisors LLC boosted its stake in shares of Post Properties by 72.0% in the second quarter. LS Investment Advisors LLC now owns 3,208 shares of the real estate investment trust’s stock worth $196,000 after buying an additional 1,343 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Post Properties by 2,361.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,618 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 3,471 shares during the period. World Asset Management Inc acquired a new stake in shares of Post Properties during the third quarter worth $230,000. Finally, Gideon Capital Advisors Inc. acquired a new stake in shares of Post Properties during the second quarter worth $236,000. 94.33% of the stock is currently owned by institutional investors.
Post Properties Inc. (NYSE:PPS) remained flat at $65.02 during mid-day trading on Friday. Post Properties Inc. has a one year low of $52.08 and a one year high of $69.39. The stock’s 50-day moving average price is $64.97 and its 200-day moving average price is $63.34.
Post Properties (NYSE:PPS) last announced its quarterly earnings results on Monday, October 31st. The real estate investment trust reported $0.75 EPS for the quarter, missing the consensus estimate of $0.81 by $0.06. Post Properties had a net margin of 19.61% and a return on equity of 6.43%. The company had revenue of $101.60 million for the quarter, compared to analyst estimates of $100.95 million. During the same quarter last year, the business earned $0.76 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts expect that Post Properties Inc. will post $3.23 earnings per share for the current year.
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Separately, Zacks Investment Research raised shares of Post Properties from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Thursday, October 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $65.00.
Post Properties Company Profile
Post Properties, Inc is a self-administrated and self-managed equity real estate investment trust (REIT). The Company’s segments include Fully stabilized (same store) communities, which includes apartment communities that have been stabilized for both the current and prior year; Newly stabilized communities, which includes communities that reached stabilized occupancy in the prior year; Lease-up communities, which includes communities that are under development, rehabilitation and in lease-up but were not stabilized by the beginning of the current year, including communities that stabilized during the current year; Acquired communities, which include communities acquired in the current or prior year, and Held for sale and sold communities, which include apartment and mixed-use communities classified as held for sale or sold.
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