Pettee Investors Inc. Reduces Stock Holdings in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Pettee Investors Inc. lowered its position in Mid-America Apartment Communities, Inc. (NYSE:MAA) by 85.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,490 shares of the real estate investment trust’s stock after selling 8,681 shares during the quarter. Pettee Investors Inc.’s holdings in Mid-America Apartment Communities were worth $250,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Larson Financial Group LLC increased its position in shares of Mid-America Apartment Communities by 107.1% in the first quarter. Larson Financial Group LLC now owns 176 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 91 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of Mid-America Apartment Communities by 94.9% during the fourth quarter. CoreCap Advisors LLC now owns 230 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. GoalVest Advisory LLC boosted its stake in shares of Mid-America Apartment Communities by 200.0% during the first quarter. GoalVest Advisory LLC now owns 240 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 160 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Mid-America Apartment Communities during the first quarter valued at $46,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Mid-America Apartment Communities during the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Performance

Shares of NYSE:MAA opened at $150.37 on Thursday. The company has a market cap of $17.60 billion, a P/E ratio of 31.33, a PEG ratio of 3.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.11 and a current ratio of 0.11. Mid-America Apartment Communities, Inc. has a one year low of $138.89 and a one year high of $173.38. The business’s 50-day simple moving average is $152.76 and its 200 day simple moving average is $156.25.

Mid-America Apartment Communities (NYSE:MAA) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $2.20 EPS for the quarter, beating the consensus estimate of $2.16 by $0.04. The business had revenue of $549.30 million for the quarter, compared to the consensus estimate of $551.21 million. Mid-America Apartment Communities had a return on equity of 9.19% and a net margin of 25.70%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $2.22 EPS. On average, sell-side analysts forecast that Mid-America Apartment Communities, Inc. will post 8.84 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.515 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.06 annualized dividend and a yield of 4.03%. Mid-America Apartment Communities’s dividend payout ratio is presently 126.25%.

Insider Transactions at Mid-America Apartment Communities

In other Mid-America Apartment Communities news, EVP Amber Fairbanks sold 173 shares of Mid-America Apartment Communities stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $166.85, for a total transaction of $28,865.05. Following the sale, the executive vice president directly owned 3,012 shares in the company, valued at $502,552.20. The trade was a 5.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Barclays increased their price objective on Mid-America Apartment Communities from $160.00 to $172.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. JMP Securities raised their price target on Mid-America Apartment Communities from $160.00 to $170.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 22nd. The Goldman Sachs Group lowered Mid-America Apartment Communities from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a research note on Friday, July 11th. Raymond James Financial lowered Mid-America Apartment Communities from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 24th. Finally, Robert W. Baird raised their price target on Mid-America Apartment Communities from $161.00 to $162.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Mid-America Apartment Communities currently has a consensus rating of “Hold” and an average price target of $168.81.

About Mid-America Apartment Communities

Mid-America Apartment Communities, Inc is a real estate investment trust, which engages in the operation, acquisition, and development of apartment communities. It operates through the Same Store and Non-Same Store segments. The Same Store Communities segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year.