Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Preferred Apartment Communities (APTS) today. The company’s shares opened today at $16.29.
Ross observed:
“We are lowering our price target on shares of APTS from $19.50 to $16.45, largely because of the opacity of the business plan for 2019. The company offered FFO guidance for the year between $1.44 and $1.50 – which at the midpoint is only 4% higher than reported 2018 FFO at $1.41. The reason that guidance is lower than we had previously estimated has to do with the mezzanine loan program, and the way that interest and fee income is accrued and received. The mezzanine loan program is core to APTS’ business strategy, so we cannot simply ignore the optics.”
According to TipRanks.com, Ross is a 2-star analyst with an average return of 0.2% and a 53.4% 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.
Currently, the analyst consensus on Preferred Apartment Communities is a Moderate Buy with an average price target of $18.
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The company has a one-year high of $18.60 and a one-year low of $13.14. Currently, Preferred Apartment Communities has an average volume of 276.2K.
Based on the recent corporate insider activity of 12 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.
