Mid-America Apartment Communities (NYSE:MAA) Raised to “Outperform” at Wedbush

Wedbush upgraded shares of Mid-America Apartment Communities (NYSE:MAA) from a neutral rating to an outperform rating in a research report released on Monday, Marketbeat reports. Wedbush currently has $154.00 price target on the real estate investment trust’s stock, up from their prior price target of $135.00. Wedbush also issued estimates for Mid-America Apartment Communities’ Q2 2024 earnings at $2.19 EPS, Q3 2024 earnings at $2.18 EPS, Q4 2024 earnings at $2.18 EPS, FY2024 earnings at $8.77 EPS and FY2025 earnings at $9.12 EPS.

Other research analysts also recently issued reports about the company. Scotiabank upgraded Mid-America Apartment Communities from a sector underperform rating to a sector perform rating and lifted their price target for the company from $133.00 to $147.00 in a report on Tuesday, January 16th. Morgan Stanley boosted their target price on shares of Mid-America Apartment Communities from $128.00 to $129.50 and gave the stock an equal weight rating in a report on Monday, February 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Mid-America Apartment Communities in a report on Tuesday, January 30th. They issued a hold rating and a $139.00 price target on the stock. Truist Financial reduced their price objective on shares of Mid-America Apartment Communities from $152.00 to $148.00 and set a buy rating for the company in a research note on Tuesday, April 9th. Finally, Piper Sandler restated a neutral rating and issued a $140.00 target price on shares of Mid-America Apartment Communities in a research note on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Mid-America Apartment Communities currently has an average rating of Hold and a consensus price target of $144.18.

Mid-America Apartment Communities Price Performance

MAA opened at $132.97 on Monday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.74. The business’s fifty day simple moving average is $130.09 and its 200-day simple moving average is $128.61. The company has a market capitalization of $15.53 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 3.41 and a beta of 0.80. Mid-America Apartment Communities has a 12-month low of $115.56 and a 12-month high of $158.46.

Mid-America Apartment Communities (NYSE:MAA) last posted its earnings results on Thursday, May 2nd. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $2.23 by ($1.01). Mid-America Apartment Communities had a net margin of 25.92% and a return on equity of 8.90%. The business had revenue of $543.60 million for the quarter, compared to analysts’ expectations of $541.44 million. During the same period last year, the business posted $2.28 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities research analysts anticipate that Mid-America Apartment Communities will post 8.91 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 15th were issued a $1.47 dividend. The ex-dividend date was Friday, April 12th. This represents a $5.88 annualized dividend and a yield of 4.42%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is presently 123.27%.

Insider Buying and Selling at Mid-America Apartment Communities

In other Mid-America Apartment Communities news, CEO H Eric Bolton, Jr. sold 2,642 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $126.07, for a total value of $333,076.94. Following the sale, the chief executive officer now directly owns 317,737 shares of the company’s stock, valued at $40,057,103.59. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 2,807 shares of company stock worth $353,955. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Mid-America Apartment Communities

A number of hedge funds have recently added to or reduced their stakes in MAA. Raleigh Capital Management Inc. raised its position in shares of Mid-America Apartment Communities by 22.2% in the third quarter. Raleigh Capital Management Inc. now owns 463 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 84 shares during the period. First Financial Corp IN raised its holdings in Mid-America Apartment Communities by 40.8% in the 4th quarter. First Financial Corp IN now owns 297 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 86 shares during the period. Blue Trust Inc. boosted its position in Mid-America Apartment Communities by 22.8% during the fourth quarter. Blue Trust Inc. now owns 511 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 95 shares in the last quarter. Oakworth Capital Inc. grew its holdings in Mid-America Apartment Communities by 0.6% in the fourth quarter. Oakworth Capital Inc. now owns 15,212 shares of the real estate investment trust’s stock valued at $2,045,000 after purchasing an additional 98 shares during the period. Finally, Czech National Bank increased its position in shares of Mid-America Apartment Communities by 0.5% in the first quarter. Czech National Bank now owns 20,536 shares of the real estate investment trust’s stock valued at $2,702,000 after buying an additional 99 shares in the last quarter. 93.60% of the stock is owned by hedge funds and other institutional investors.

About Mid-America Apartment Communities

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.