Envestnet Asset Management Inc. raised its stake in shares of Preferred Apartment Communities Inc. (NYSE:APTS) by 37.3% in the 2nd quarter, Holdings Channel reports. The fund owned 16,174 shares of the real estate investment trust’s stock after acquiring an additional 4,395 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Preferred Apartment Communities were worth $275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. increased its position in Preferred Apartment Communities by 43.9% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 55,150 shares of the real estate investment trust’s stock worth $937,000 after purchasing an additional 16,832 shares during the period. BlackRock Inc. increased its position in Preferred Apartment Communities by 1.6% during the 2nd quarter. BlackRock Inc. now owns 3,227,838 shares of the real estate investment trust’s stock worth $54,840,000 after purchasing an additional 50,337 shares during the period. Sun Life Financial INC acquired a new position in Preferred Apartment Communities during the 2nd quarter worth approximately $150,000. Swiss National Bank increased its position in Preferred Apartment Communities by 15.7% during the 2nd quarter. Swiss National Bank now owns 71,600 shares of the real estate investment trust’s stock worth $1,216,000 after purchasing an additional 9,700 shares during the period. Finally, First Allied Advisory Services Inc. acquired a new position in Preferred Apartment Communities during the 2nd quarter worth approximately $234,000. 55.15% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Timothy Alan Peterson sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $18.11, for a total value of $99,605.00. Following the sale, the director now owns 54,166 shares in the company, valued at approximately $980,946.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Joseph Cronin sold 16,460 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $17.11, for a total value of $281,630.60. The disclosure for this sale can be found here. Corporate insiders own 1.62% of the company’s stock.

APTS opened at $17.26 on Tuesday. The company has a market capitalization of $693.47 million, a P/E ratio of 11.74, a PEG ratio of 1.69 and a beta of 0.32. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.05 and a current ratio of 0.05. Preferred Apartment Communities Inc. has a 1-year low of $13.60 and a 1-year high of $22.71.

Preferred Apartment Communities (NYSE:APTS) last released its quarterly earnings results on Monday, July 30th. The real estate investment trust reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($1.00). The firm had revenue of $96.39 million during the quarter, compared to analyst estimates of $95.18 million. Preferred Apartment Communities had a return on equity of 0.32% and a net margin of 1.21%. The business’s revenue was up 36.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. equities research analysts forecast that Preferred Apartment Communities Inc. will post 1.47 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 14th will be issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 5.91%. The ex-dividend date of this dividend is Thursday, September 13th. Preferred Apartment Communities’s dividend payout ratio is currently 69.39%.

APTS has been the topic of several recent analyst reports. ValuEngine upgraded Preferred Apartment Communities from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. Boenning Scattergood assumed coverage on Preferred Apartment Communities in a research report on Monday, September 17th. They set an “outperform” rating and a $22.00 target price on the stock. Finally, Zacks Investment Research upgraded Preferred Apartment Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Preferred Apartment Communities currently has an average rating of “Buy” and a consensus target price of $19.17.

Preferred Apartment Communities Company Profile

Preferred Apartment Communities, Inc (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.

Read More: Price to Earnings Ratio (PE)

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

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