Zacks Investment Research cut shares of Apartment Investment and Management Company (NYSE:AIV) from a buy rating to a hold rating in a report released on Thursday.

According to Zacks, “Shares of Aimco underperformed the industry year to date. However, over the past 30 days, the second-quarter funds from operations (FFO) per share estimate remained unchanged, while the same for full-year 2017 moved north. Recently, Aimco announced the acquisition of 47% stake in the Palazzo joint venture owned by institutional investors. The $451.5 million deal enabled the residential REIT gain full ownership of three Palazzo communities. It is in sync with Aimco’s strategy of revamping its portfolio through property sales and reinvesting the proceeds in select apartment homes with higher rents, superior margins and higher-than-expected growth. Also, the company’s solid portfolio, diversified in terms of geography, and price point and improving balance sheet are anticipated to drive growth. However, growth in supply and dilutive effects of sale of assets remain concerns.”

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Apartment Investment and Management from a hold rating to a sell rating in a research report on Tuesday, June 27th. BMO Capital Markets reiterated a sell rating and set a $42.00 price target on shares of Apartment Investment and Management in a research report on Thursday, May 25th. JMP Securities upgraded shares of Apartment Investment and Management from a market perform rating to an outperform rating and set a $52.00 price target for the company in a research report on Monday, July 10th. Barclays PLC reduced their price target on shares of Apartment Investment and Management from $49.00 to $48.00 and set an overweight rating for the company in a research report on Thursday, May 18th. Finally, Mizuho downgraded shares of Apartment Investment and Management from a buy rating to a neutral rating and reduced their price target for the company from $50.00 to $45.00 in a research report on Monday, May 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $46.50.

Shares of Apartment Investment and Management (AIV) opened at 45.26 on Thursday. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 35.64 and a beta of 0.43. The firm’s 50-day moving average price is $43.64 and its 200 day moving average price is $44.11. Apartment Investment and Management has a 1-year low of $39.66 and a 1-year high of $47.91.

Apartment Investment and Management (NYSE:AIV) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Apartment Investment and Management had a net margin of 20.64% and a return on equity of 12.46%. The company had revenue of $246.24 million during the quarter, compared to the consensus estimate of $240.78 million. During the same period last year, the firm earned $0.59 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities research analysts expect that Apartment Investment and Management will post $0.50 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Friday, August 18th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $1.44 annualized dividend and a dividend yield of 3.18%. Apartment Investment and Management’s dividend payout ratio is currently 113.39%.

Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of Apartment Investment and Management by 0.5% in the second quarter. CIBC Asset Management Inc now owns 13,451 shares of the real estate investment trust’s stock valued at $578,000 after buying an additional 69 shares in the last quarter. KRV Capital LP increased its position in shares of Apartment Investment and Management by 66.0% in the second quarter. KRV Capital LP now owns 415,000 shares of the real estate investment trust’s stock valued at $17,833,000 after buying an additional 165,000 shares in the last quarter. Presima Inc. increased its position in shares of Apartment Investment and Management by 53.5% in the second quarter. Presima Inc. now owns 1,379,400 shares of the real estate investment trust’s stock valued at $59,273,000 after buying an additional 480,900 shares in the last quarter. ING Groep NV increased its position in shares of Apartment Investment and Management by 0.4% in the second quarter. ING Groep NV now owns 8,048 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 29 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Apartment Investment and Management during the second quarter valued at about $1,605,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Apartment Investment and Management Company Profile

Apartment Investment and Management Company (Aimco) is a self-administered and self-managed real estate investment trust (REIT). Aimco, through its subsidiaries, AIMCO-GP, Inc and AIMCO-LP Trust, holds the ownership interests in the Aimco Operating Partnership. It operates through two segments: conventional real estate and affordable real estate.

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Analyst Recommendations for Apartment Investment and Management (NYSE:AIV)

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