Companies in the Financial sector have received a lot of coverage today as analysts weigh in on Preferred Apartment Communities (APTS) and Donegal Group (DGICA).
Preferred Apartment Communities (APTS)
Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Preferred Apartment Communities today and set a price target of $16.45. The company’s shares closed yesterday at $15.08.
Ross noted:
“We are at the bottom end of the range, and our estimate assumes that acquisition activity picks up meaningfully over the balance of the year. In 2018, APTS acquired $1.2 billion of assets, and 2019 looks to fall well short of that measure, at an estimated $915 million. We believe the problem lies in APTS cost of capital under its preferred issuance program, and the pressure on cap rates in multifamily, grocery- anchored retail, and class A office properties. As a minor point, we observe that APTS spent $45k in 1Q19 in expenses related to the potential to internalize functions performed by its manager, which we believe is the first time the company has considered this strategy. At this point, we think internalization is unlikely.”
According to TipRanks.com, Ross is a 2-star analyst with an average return of 0.7% and a 56.3% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Monmouth Real Estate Investment.
Preferred Apartment Communities has an analyst consensus of Moderate Buy, with a price target consensus of $16.45.
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Donegal Group (DGICA)
Boenning & Scattergood analyst Robert Farnam maintained a Hold rating on Donegal Group today. The company’s shares closed yesterday at $13.53.
According to TipRanks.com, Farnam is ranked 0 out of 5 stars with an average return of -7.0% and a 36.2% success rate. Farnam covers the Financial sector, focusing on stocks such as Argo Group International Holdings Ltd, 1347 Property Insurance Holdings Inc, and Hallmark Financial Services.
The the analyst consensus on Donegal Group is currently a Hold rating.
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