Boenning & Scattergood analyst Merrill Ross initiated coverage with a Buy rating on Preferred Apartment Communities (NYSE: APTS) today and set a price target of $21.50. The company’s shares closed on Friday at $17.96.
Ross noted:
“We are initiating coverage of Preferred Apartment Communities, Inc. (APTS) with an Outperform rating. APTS is an externally-managed diversified REIT that has increased its dividend annually since pricing its IPO in 2011. Its primary business strategy is to invest in and operate multifamily communities in target markets, and its secondary strategy is to make mezzanine real estate loan investments to developers in return for current and deferred interest and an option to buy the property at a discount to market value on completion and lease- up. APTS also invests a portion of its assets in student housing, which is an extension of its core operations, and in grocery-anchored shopping centers and class A office properties.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -0.8% and a 50.5% success rate. Ross covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, Bluerock Residential Growth, and Gladstone Commercial Corp.
The the analyst consensus on Preferred Apartment Communities is currently a Hold rating.
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Based on Preferred Apartment Communities’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.14 million. In comparison, last year the company had a net profit of $3.2 million.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock.
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Preferred Apartment Communities, Inc. engages in the acquisition and operation of multifamily properties in select targeted markets throughout the United States. It operates through the following segments: Multifamily Communities, Financing, New Market Properties, and Office Buildings.
