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Manufacturers’ Life Insurance Company reduced its stake in Apartment Income REIT Corporation (NYSE:AIRC – Get Rating) by 4.7% in the third quarter, according to its latest 13F filing with the SEC. He owned 126,073 shares in the company after institutional investors sold 6,238 of his shares during this period. Manufacturers Life Insurance Company owned approximately 0.08% of an Apartment Income REIT valued at $4,869,000 at the end of the most recent reporting period.
Other institutional investors have also changed positions in the company. Lazard Asset Management LLC acquired new shares in Apartment Income REIT worth approximately $32,000 in the second quarter. Ellevest Inc. increased his holdings of apartment income REITs by 275.0% in the third quarter. Ellevest Inc. now owns 975 shares worth $38,000 after purchasing an additional 715 shares during the previous quarter. Private Trust Co. NA purchased a new position in Apartment Income REIT worth approximately $42,000 in the second quarter. Wipfli Financial Advisors LLC purchased new positions in Apartment Income REITs worth approximately $48,000 in the third quarter. Finally, Meeder Asset Management Inc. increased its holdings of Apartment Income REITs by 66.0% in the second quarter. Meeder Asset Management Inc. now owns 1,821 shares worth $76,000 after purchasing an additional 724 shares during the previous quarter. Currently 99.35% of the shares are owned by institutional investors and hedge funds.
Apartment Income REIT Transactions Fall 2.2%
AIRC opened at $37.23 on Tuesday. The company has a debt to equity ratio of 1.50, a current ratio of 0.10 and a quick ratio of 0.10. The company has a market capitalization of $5.58 billion, a price/earnings ratio of 6.17 and a beta of 0.89. The company has a 50-day simple moving average of $35.95 and a 200-day simple moving average of $38.83. Apartment Income REIT Corp. hit a 52-week low of $33.57 and a 52-week high of $55.82.
Analyst sets new price target
Several brokerage firms have recently issued reports on AIRC. Mizuho lowered its price target for Apartment Income REIT from $46.00 to $40.00, giving the company a ‘Buy’ rating, in a report on Thursday, Nov. 10. Jefferies Financial Group lowered its price target on Apartment Income REIT from $44.00 to $39.00 and set the company’s rating to ‘hold’ in a research note on Wednesday, October 19. Goldman Sachs Group Inc. upgraded apartment income REIT shares from a ‘sell’ rating to a ‘buy’ rating in a research note on Thursday, Dec. 8, raising the target price for the shares from $39.00 to $43.00. . JPMorgan Chase & Co. lowered its price target on apartment income REITs to $42.00 in its research notes on Thursday, Dec. 1. Finally, Trust Financial lowered its price target on Apartment Income REIT from $48.00 to $39.00 and set the company’s rating to ‘Hold’ in its research notes on Tuesday, November 29. One equity research analyst evaluated the stock with a sell rating, three gave hold ratings, and four issued buy ratings to the company. According to MarketBeat data, Apartment Income REITs currently have an average rating of ‘hold’ and an average target price of $42.22.
About Mansion Incomereat
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AIR is a real estate investment trust focused on owning and managing quality apartment communities located in the largest market in the United States. AIR is one of the largest apartment owners and operators in the United States, with 99 communities in 12 states and the District of Columbia.
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