Mid-America Apartment Communities (NYSE:MAA) Releases FY 2024 Earnings Guidance

Mid-America Apartment Communities (NYSE:MAA) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 8.800-9.020 for the period, compared to the consensus earnings per share estimate of 8.880. The company issued revenue guidance of -. Mid-America Apartment Communities also updated its FY24 guidance to $8.80-8.96 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Raymond James raised Mid-America Apartment Communities from a “market perform” rating to a “strong-buy” rating and set a $175.00 target price on the stock in a research note on Monday, October 21st. Scotiabank upped their price target on Mid-America Apartment Communities from $161.00 to $174.00 and gave the stock a “sector perform” rating in a research note on Monday, September 16th. Wedbush boosted their price target on Mid-America Apartment Communities from $154.00 to $184.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Royal Bank of Canada dropped their target price on Mid-America Apartment Communities from $169.00 to $165.00 and set a “sector perform” rating on the stock in a report on Friday. Finally, Piper Sandler upped their price target on shares of Mid-America Apartment Communities from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.69.

Mid-America Apartment Communities Price Performance

Mid-America Apartment Communities stock traded down $2.17 during mid-day trading on Friday, hitting $149.17. The stock had a trading volume of 1,027,700 shares, compared to its average volume of 755,354. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.76. The firm’s 50 day moving average is $158.10 and its 200 day moving average is $145.93. The firm has a market capitalization of $17.43 billion, a P/E ratio of 33.67, a P/E/G ratio of 2.45 and a beta of 0.88. Mid-America Apartment Communities has a one year low of $118.68 and a one year high of $167.39.

Mid-America Apartment Communities (NYSE:MAA) last released its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($1.20). Mid-America Apartment Communities had a return on equity of 8.34% and a net margin of 23.84%. The business had revenue of $551.13 million for the quarter, compared to analysts’ expectations of $548.53 million. During the same quarter in the prior year, the business posted $2.29 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Mid-America Apartment Communities will post 8.88 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a $1.47 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $5.88 dividend on an annualized basis and a yield of 3.94%. Mid-America Apartment Communities’s dividend payout ratio is currently 132.73%.

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.