Mid-America Apartment Communities (NYSE:MAA) Given New $173.00 Price Target at Scotiabank

Mid-America Apartment Communities (NYSE:MAA) had its target price decreased by Scotiabank from $174.00 to $173.00 in a research report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on MAA. StockNews.com lowered shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Bank of America upgraded shares of Mid-America Apartment Communities from an “underperform” rating to a “buy” rating and upped their price objective for the company from $144.00 to $189.00 in a research note on Monday, August 12th. Raymond James raised shares of Mid-America Apartment Communities from a “market perform” rating to a “strong-buy” rating and set a $175.00 price target for the company in a report on Monday, October 21st. Truist Financial boosted their target price on shares of Mid-America Apartment Communities from $156.00 to $167.00 and gave the stock a “buy” rating in a research note on Monday, August 26th. Finally, Piper Sandler boosted their price objective on shares of Mid-America Apartment Communities from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $161.64.

Mid-America Apartment Communities Stock Performance

Shares of MAA stock traded up $0.56 on Thursday, hitting $157.93. The company had a trading volume of 304,622 shares, compared to its average volume of 751,308. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.80. Mid-America Apartment Communities has a twelve month low of $120.32 and a twelve month high of $167.39. The company has a 50-day moving average price of $157.29 and a 200-day moving average price of $147.84. The firm has a market cap of $18.46 billion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 2.60 and a beta of 0.88.

Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($1.20). Mid-America Apartment Communities had a return on equity of 8.38% and a net margin of 23.84%. The firm had revenue of $551.13 million for the quarter, compared to analyst estimates of $548.53 million. During the same quarter last year, the company earned $2.29 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts predict that Mid-America Apartment Communities will post 8.88 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th were paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Tuesday, October 15th. Mid-America Apartment Communities’s dividend payout ratio is presently 132.73%.

Institutional Investors Weigh In On Mid-America Apartment Communities

Institutional investors and hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Mid-America Apartment Communities by 516.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,074,223 shares of the real estate investment trust’s stock valued at $170,694,000 after purchasing an additional 899,960 shares during the period. Duquesne Family Office LLC acquired a new position in Mid-America Apartment Communities in the second quarter valued at $91,868,000. Long Pond Capital LP lifted its stake in shares of Mid-America Apartment Communities by 550.9% during the second quarter. Long Pond Capital LP now owns 647,011 shares of the real estate investment trust’s stock worth $92,270,000 after purchasing an additional 547,607 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Mid-America Apartment Communities by 17.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,633,160 shares of the real estate investment trust’s stock worth $375,515,000 after acquiring an additional 393,067 shares during the last quarter. Finally, Ceredex Value Advisors LLC increased its position in shares of Mid-America Apartment Communities by 107.1% during the second quarter. Ceredex Value Advisors LLC now owns 662,110 shares of the real estate investment trust’s stock worth $94,424,000 after acquiring an additional 342,335 shares during the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

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.