Apartment Investment and Management (NYSE:AIV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Shares of Apartment Investment and Management Company, better known as Aimco, have underperformed the industry over the past three months. Concurrent to fourth-quarter 2018 earnings, it announced special dividends on account of expected taxable gains from the 2019 property sales. To neutralize the dilutive impact of shares that will be issued as special dividend, Aimco announced a reverse stock split of outstanding shares. Notably, elevated levels of apartment deliveries in a number of the company’s markets are expected to impact its rent growth. Further, non-core asset dispositions are expected to result in earnings dilution in the near term. Nonetheless, efforts to improve portfolio mix through property sales and reinvesting the proceeds in accretive acquisitions, capital enhancements and redevelopments bodes well.”

Several other brokerages have also weighed in on AIV. Barclays lowered shares of Apartment Investment and Management from an “overweight” rating to an “equal weight” rating and set a $49.00 price objective on the stock. in a report on Monday, February 4th. BMO Capital Markets reiterated a “hold” rating and set a $47.00 price objective on shares of Apartment Investment and Management in a report on Monday, February 4th. SunTrust Banks lowered shares of Apartment Investment and Management from a “buy” rating to a “hold” rating and set a $48.00 price objective on the stock. in a report on Monday, February 25th. They noted that the move was a valuation call. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Apartment Investment and Management in a report on Monday, March 4th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $49.00.

Shares of NYSE AIV opened at $50.51 on Wednesday. Apartment Investment and Management has a 1-year low of $38.54 and a 1-year high of $50.89. The stock has a market cap of $7.27 billion, a PE ratio of 19.81, a P/E/G ratio of 3.79 and a beta of 0.68. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 2.49.

Apartment Investment and Management (NYSE:AIV) last announced its quarterly earnings data on Monday, February 4th. The real estate investment trust reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.61). Apartment Investment and Management had a net margin of 68.29% and a return on equity of 39.20%. The company had revenue of $232.00 million for the quarter, compared to analyst estimates of $234.44 million. During the same quarter in the prior year, the company posted $1.67 EPS. Apartment Investment and Management’s revenue for the quarter was down 9.1% on a year-over-year basis. Equities analysts anticipate that Apartment Investment and Management will post 2.51 EPS for the current year.

In related news, CEO Terry Considine sold 100,000 shares of the company’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $49.28, for a total value of $4,928,000.00. Following the sale, the chief executive officer now owns 378,365 shares in the company, valued at approximately $18,645,827.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patti K. Fielding sold 20,272 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $49.64, for a total transaction of $1,006,302.08. Following the completion of the sale, the insider now owns 35,187 shares in the company, valued at approximately $1,746,682.68. The disclosure for this sale can be found here. Insiders sold a total of 167,177 shares of company stock worth $8,248,379 in the last 90 days. 2.83% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new stake in shares of Apartment Investment and Management in the 4th quarter worth about $26,000. We Are One Seven LLC acquired a new stake in shares of Apartment Investment and Management in the 4th quarter worth about $39,000. Private Capital Group LLC raised its holdings in shares of Apartment Investment and Management by 24.5% in the 4th quarter. Private Capital Group LLC now owns 1,101 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 217 shares during the last quarter. Dupont Capital Management Corp raised its holdings in shares of Apartment Investment and Management by 38.0% in the 4th quarter. Dupont Capital Management Corp now owns 2,262 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 623 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Apartment Investment and Management in the 3rd quarter worth about $118,000.

Apartment Investment and Management Company Profile

Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in select markets in the United States. Aimco is one of the country's largest owners and operators of apartments, with ownership interests in 132 communities in 17 states and the District of Columbia.

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