America First Multifamily Investors (NASDAQ:ATAX) Raised to Strong-Buy at Zacks Investment Research

America First Multifamily Investors (NASDAQ:ATAXGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, Zacks.com reports. The firm currently has a $20.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 18.62% from the stock’s previous close.

According to Zacks, “America First Tax Exempt Investors, L.P. is a consistently performing fund with a portfolio of federally tax-exempt mortgage revenue bonds; interest on these bonds is excludable from gross income for federal tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. “

A number of other research firms also recently weighed in on ATAX. JMP Securities reiterated a “buy” rating and set a $21.00 target price on shares of America First Multifamily Investors in a research report on Tuesday, March 22nd. StockNews.com initiated coverage on America First Multifamily Investors in a research report on Thursday, March 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $21.17.

ATAX traded down $0.52 during trading on Thursday, hitting $16.86. The stock had a trading volume of 76,814 shares, compared to its average volume of 46,684. The company has a 50 day moving average price of $17.88 and a 200-day moving average price of $19.02. The firm has a market cap of $371.22 million, a price-to-earnings ratio of 7.27 and a beta of 0.60. America First Multifamily Investors has a one year low of $16.53 and a one year high of $21.33. The company has a debt-to-equity ratio of 2.40, a current ratio of 19.18 and a quick ratio of 19.18.

America First Multifamily Investors (NASDAQ:ATAXGet Rating) last released its quarterly earnings results on Thursday, May 5th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.72. America First Multifamily Investors had a return on equity of 15.71% and a net margin of 78.27%. During the same period in the prior year, the firm posted $0.27 earnings per share. As a group, sell-side analysts predict that America First Multifamily Investors will post 1.27 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. raised its holdings in shares of America First Multifamily Investors by 2.2% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,185,345 shares of the financial services provider’s stock worth $7,621,000 after buying an additional 25,489 shares in the last quarter. Morgan Stanley raised its holdings in shares of America First Multifamily Investors by 3.7% during the 3rd quarter. Morgan Stanley now owns 765,188 shares of the financial services provider’s stock worth $4,561,000 after buying an additional 27,460 shares in the last quarter. Raymond James & Associates raised its holdings in shares of America First Multifamily Investors by 11.2% during the 4th quarter. Raymond James & Associates now owns 572,705 shares of the financial services provider’s stock worth $3,682,000 after buying an additional 57,732 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of America First Multifamily Investors by 7.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 329,227 shares of the financial services provider’s stock worth $1,992,000 after buying an additional 22,908 shares in the last quarter. Finally, Samalin Investment Counsel LLC raised its holdings in shares of America First Multifamily Investors by 3.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 165,947 shares of the financial services provider’s stock worth $1,067,000 after buying an additional 4,776 shares in the last quarter. 33.31% of the stock is owned by institutional investors.

About America First Multifamily Investors (Get Rating)

America First Multifamily Investors, L.P. acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and/or permanent financing for multifamily and student housing, and residential and commercial properties. It operates through five segments: Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, Market-Rate Joint Venture Investments, and Public Housing Capital Fund Trusts.

Further Reading

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