Is Apartment Investment & Management Co (NYSE:AIV) Now a ‘Buy’? Why did Citigroup Upgrade The Stock?

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Apartment Investment & Management Co (NYSE:AIV) Stock Upgrade

Citigroup gave Apartment Investment & Management Co (NYSE:AIV) shares a new Buy rating in a note published on Tuesday morning. The upgrade from the last Neutral rating is certainly an interesting one.

From a total of 16 analysts covering Apartment Investment & Management Co (NYSE:AIV) stock, 8 rate it a ”Buy”, 1 a “Sell”, and 11 a ”Hold”. This means that 40% of the ratings are positive. The highest target price is $46 while the lowest target price is $33.79. The mean of all analyst targets is $41.92 with a 8.89% above today’s ($38.57) stock price. Apartment Investment & Management Co was the topic of 12 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Miller Tabak downgraded shares on November 9 to “Sell” rating. Canaccord Genuity initiated shares with “Hold” rating and $41 target share price in a report from a July 23. UBS downgraded AIV stock in a recent report from September 15 to “Neutral” rating. SunTrust initiated the rating on July 21. SunTrust has a “Buy” rating and a $45 price target on shares. Finally, Janney Capital upgraded the stock to “Buy” rating in a report issued on a September 9.

Approximately 1.16 million shares of stock traded hands. Apartment Investment and Management Co (NYSE:AIV) has declined 0.68% since May 12, 2015 and is downtrending. It has outperformed by 2.99% the S&P500.

The overall sentiment of institutions has increased to 1.19 in Q2 2015. Its up 0.37, from 0.82 in 2015Q2. The ratio increased, as 23 institutions have sold all the shares of Apartment Investment and Management Co that they owned while 95 funds have taken shares off the table. 34 funds have purchased shares for the first time while 107 added to their positions. These institutions now hold 168.90 million shares or 8.53% more than the 155.63 million shares they owned in 2015Q2.

The Fund Real Estate Management Services Llc currently is holding shares equating to 3.11% of its total portfolio in Apartment Investment and Management Co representing a total of 543,000 shares. Another fund,Cohen & Steers Inc, is holding a total of 22.47 million shares equating to 2.52% of their holdings. Additionally, Herndon Capital Management Llc has a 3.33 million share stake in Apartment Investment and Management Co which represents 2.4% of their total portfolio. The Fund, Daiwa Securities Group Inc., based out of Japan, has also built up a stake in the stock, which represents a total of 2.29% of their total portfolio. Finally Keypoint Capital Management Llc, a fund which is based in the state of Texas reported a total holdings of 40,000 shares.

Insider activity is a very important aspect to track on any stock. Going back to March 25, 2015, shareholders of Apartment Investment and Management Co have witnessed 0 insider buys, and a total of 5 selling transactions equating to a net activity of approximately $6.68 million . Cortez Miles sold 4,102 shares worth approximately $164,310. Cohn Lisa R sold 10,000 shares worth approximately $402,944. Considine Terry sold 135,000 shares worth approximately $5.35M. Keltner Thomas L. sold 7,456 shares worth approximately $277,066. The company insider Freedman Ernest Michael sold 6,982 shares worth $260,339.

Apartment Investment and Management Company is a self-administered and self-managed real estate investment trust (REIT). The company has a market cap of $5.91 billion. The Firm operates through two divisions: conventional real estate and affordable real estate. It has 121.08 P/E ratio. As of December 31, 2014, the Company’s conventional portfolio consisted of 144 apartment communities with 43,393 apartment homes in , which it held an average ownership of approximately 97%.

According to Zacks Investment Research, “Apartment Investment and Management Company (Aimco) is a real estate investment trust headquartered in Denver, Colorado owning and operating a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,800 properties, including approximately 327,000 apartment units, and serves approximately one million residents each year. Aimco’s properties are located in 47 states, the District of Columbia and Puerto Rico.”

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