Zacks Investment Research cut shares of Mid-America Apartment Communities, Inc. (NYSE:MAA) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Shares of Mid-America Apartment Communities, which is commonly known as MAA, outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the past six months. Moreover, estimates for funds from operations (FFO) per share have been stable lately ahead of the company’s second quarter earnings release. The company has positive record of surprises in recent quarters. The company’s diverse portfolio and strong balance sheet amid growing demand for residential units augur well. Further, the Dec 2016 merger of MAA and Post Properties enhanced the company’s scale. While this merger is a strategic fit, MAA has incurred and anticipates experiencing huge expenses related to the merger. Moreover, higher concentration of its operations in certain markets makes its earnings susceptible to the local economic conditions.”
Other equities analysts also recently issued research reports about the stock. UBS AG downgraded shares of Mid-America Apartment Communities from a buy rating to a neutral rating and set a $107.00 target price for the company. in a research note on Thursday, July 6th. BidaskClub downgraded shares of Mid-America Apartment Communities from a strong-buy rating to a buy rating in a research note on Tuesday, June 27th. Jefferies Group LLC lifted their target price on shares of Mid-America Apartment Communities from $109.00 to $115.00 and gave the stock a buy rating in a research note on Thursday, March 30th. Royal Bank Of Canada reissued a buy rating on shares of Mid-America Apartment Communities in a research note on Thursday, April 27th. Finally, Barclays PLC reissued an overweight rating and set a $117.00 target price (up previously from $116.00) on shares of Mid-America Apartment Communities in a research note on Wednesday, April 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. Mid-America Apartment Communities currently has an average rating of Buy and an average target price of $107.62.
Shares of Mid-America Apartment Communities (NYSE:MAA) opened at 101.30 on Monday. Mid-America Apartment Communities has a 12-month low of $85.04 and a 12-month high of $110.95. The firm has a market cap of $11.51 billion, a price-to-earnings ratio of 42.92 and a beta of 0.35. The firm’s 50-day moving average is $105.29 and its 200-day moving average is $100.99.
Mid-America Apartment Communities (NYSE:MAA) last announced its earnings results on Wednesday, April 26th. The real estate investment trust reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.02. Mid-America Apartment Communities had a net margin of 17.03% and a return on equity of 5.02%. The business had revenue of $375.91 million during the quarter, compared to the consensus estimate of $358.74 million. During the same quarter last year, the firm earned $1.50 earnings per share. Mid-America Apartment Communities’s quarterly revenue was up 39.7% on a year-over-year basis. Analysts predict that Mid-America Apartment Communities will post $1.52 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, July 14th will be issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Wednesday, July 12th. Mid-America Apartment Communities’s payout ratio is 139.76%.
In other Mid-America Apartment Communities news, Director Gary Shorb acquired 500 shares of Mid-America Apartment Communities stock in a transaction dated Tuesday, May 9th. The stock was purchased at an average cost of $98.90 per share, for a total transaction of $49,450.00. Following the completion of the acquisition, the director now directly owns 4,250 shares of the company’s stock, valued at $420,325. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.25% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Mid-America Apartment Communities by 50.7% in the first quarter. Creative Planning now owns 1,715 shares of the real estate investment trust’s stock worth $175,000 after buying an additional 577 shares in the last quarter. Chickasaw Capital Management LLC purchased a new position in Mid-America Apartment Communities during the first quarter valued at $203,000. Commerzbank Aktiengesellschaft FI purchased a new position in Mid-America Apartment Communities during the first quarter valued at $217,000. Rehmann Capital Advisory Group purchased a new position in Mid-America Apartment Communities during the first quarter valued at $227,000. Finally, Park Avenue Securities LLC purchased a new position in Mid-America Apartment Communities during the first quarter valued at $239,000. Hedge funds and other institutional investors own 91.88% of the company’s stock.
About Mid-America Apartment Communities
Mid-America Apartment Communities, Inc is a multifamily focused, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, acquires and develops apartment communities primarily located in the Southeast and Southwest regions of the United States. It operates through three segments: Large market same store, Secondary market same store and Non-Same Store and Other.
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