Apartment Investment and Management Co (NYSE:AIV) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 2,630,000 shares, an increase of 20.6% from the August 31st total of 2,180,000 shares. Currently, 1.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,220,000 shares, the days-to-cover ratio is currently 2.2 days.
A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in Apartment Investment and Management by 43.8% in the first quarter. Invesco Ltd. now owns 4,969,714 shares of the real estate investment trust’s stock worth $174,686,000 after buying an additional 1,514,848 shares during the last quarter. Blackstone Group Inc purchased a new stake in Apartment Investment and Management during the 1st quarter valued at $38,147,000. Cohen & Steers Inc. grew its holdings in shares of Apartment Investment and Management by 8.7% in the first quarter. Cohen & Steers Inc. now owns 12,543,919 shares of the real estate investment trust’s stock worth $440,919,000 after acquiring an additional 1,005,678 shares during the period. V3 Capital Management L.P. bought a new position in Apartment Investment and Management in the first quarter valued at about $33,069,000. Finally, Cbre Clarion Securities LLC purchased a new position in Apartment Investment and Management in the first quarter worth about $25,649,000.
Several research firms have weighed in on AIV. Citigroup cut Apartment Investment and Management from a “neutral” rating to a “sell” rating and lowered their price target for the company from $40.00 to $33.00 in a report on Friday, September 18th. Raymond James downgraded shares of Apartment Investment and Management from an “outperform” rating to a “market perform” rating in a research note on Friday, June 12th. Zelman & Associates cut shares of Apartment Investment and Management from a “hold” rating to a “sell” rating in a research note on Friday, July 17th. Zacks Investment Research raised shares of Apartment Investment and Management from a “sell” rating to a “hold” rating and set a $39.00 price target on the stock in a report on Friday, September 4th. Finally, ValuEngine downgraded shares of Apartment Investment and Management from a “hold” rating to a “sell” rating in a report on Friday, September 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $41.00.
Apartment Investment and Management (NYSE:AIV) last announced its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.35). Apartment Investment and Management had a net margin of 20.09% and a return on equity of 10.05%. The business had revenue of $218.08 million for the quarter, compared to analysts’ expectations of $218.05 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities analysts predict that Apartment Investment and Management will post 2.46 EPS for the current fiscal year.
About Apartment Investment and Management
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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