Hillcrest Asset Management LLC bought a new position in shares of Preferred Apartment Communities Inc. (NASDAQ:APTS) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 649,209 shares of the real estate investment trust’s stock, valued at approximately $12,257,000. Preferred Apartment Communities accounts for about 2.2% of Hillcrest Asset Management LLC’s investment portfolio, making the stock its 9th biggest position. Hillcrest Asset Management LLC owned 1.82% of Preferred Apartment Communities as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc increased its holdings in shares of Preferred Apartment Communities by 13.3% during the second quarter. Legal & General Group Plc now owns 7,188 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 845 shares during the period. Schroder Investment Management Group bought a new position in shares of Preferred Apartment Communities during the second quarter worth approximately $113,000. American International Group Inc. increased its holdings in shares of Preferred Apartment Communities by 7.4% during the first quarter. American International Group Inc. now owns 14,006 shares of the real estate investment trust’s stock worth $185,000 after purchasing an additional 966 shares during the period. Citigroup Inc. increased its holdings in shares of Preferred Apartment Communities by 338.2% during the second quarter. Citigroup Inc. now owns 11,831 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 9,131 shares during the period. Finally, Candriam Luxembourg S.C.A. bought a new position in shares of Preferred Apartment Communities during the second quarter worth approximately $189,000.

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Preferred Apartment Communities Inc. (NASDAQ:APTS) traded up $0.03 during midday trading on Monday, hitting $21.10. 316,900 shares of the company traded hands, compared to its average volume of 291,494. Preferred Apartment Communities Inc. has a twelve month low of $12.42 and a twelve month high of $21.23.

Preferred Apartment Communities (NASDAQ:APTS) last posted its quarterly earnings results on Monday, October 30th. The real estate investment trust reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.18). The firm had revenue of $74.90 million for the quarter, compared to analyst estimates of $67.86 million. Preferred Apartment Communities had a negative return on equity of 4.73% and a net margin of 4.66%.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 15th will be given a dividend of $0.25 per share. This is a positive change from Preferred Apartment Communities’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.00 annualized dividend and a dividend yield of 4.74%. Preferred Apartment Communities’s dividend payout ratio (DPR) is currently -94.00%.

Several research analysts have recently commented on the stock. ValuEngine raised shares of Preferred Apartment Communities from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. BidaskClub cut shares of Preferred Apartment Communities from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 31st. B. Riley reaffirmed a “neutral” rating and set a $17.00 target price (up from $16.00) on shares of Preferred Apartment Communities in a report on Thursday, November 2nd. Canaccord Genuity set a $17.00 target price on shares of Preferred Apartment Communities and gave the stock a “buy” rating in a report on Monday, July 31st. Finally, Zacks Investment Research raised shares of Preferred Apartment Communities from a “strong sell” rating to a “hold” rating in a report on Friday, August 4th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $19.20.

About Preferred Apartment Communities

Preferred Apartment Communities, Inc is a real estate investment trust (REIT). The Company is formed to acquire and operate multifamily properties in select targeted markets throughout the United States. It operates through segments, including multifamily communities, real estate related financing, new market properties and office buildings.

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Institutional Ownership by Quarter for Preferred Apartment Communities (NASDAQ:APTS)

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