Bank of Nova Scotia Cuts Position in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Bank of Nova Scotia lessened its holdings in Mid-America Apartment Communities, Inc. (NYSE:MAA) by 20.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,767 shares of the real estate investment trust’s stock after selling 3,369 shares during the quarter. Bank of Nova Scotia’s holdings in Mid-America Apartment Communities were worth $2,139,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Pathway Financial Advisers LLC grew its holdings in Mid-America Apartment Communities by 21.0% in the first quarter. Pathway Financial Advisers LLC now owns 4,533 shares of the real estate investment trust’s stock worth $760,000 after purchasing an additional 786 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Mid-America Apartment Communities by 50.6% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 39,311 shares of the real estate investment trust’s stock worth $6,588,000 after purchasing an additional 13,208 shares during the period. PNC Financial Services Group Inc. grew its holdings in Mid-America Apartment Communities by 11.3% in the first quarter. PNC Financial Services Group Inc. now owns 16,242 shares of the real estate investment trust’s stock worth $2,722,000 after purchasing an additional 1,653 shares during the period. SPC Financial Inc. purchased a new stake in Mid-America Apartment Communities in the first quarter worth about $208,000. Finally, Natixis Advisors LLC grew its holdings in Mid-America Apartment Communities by 4.1% in the first quarter. Natixis Advisors LLC now owns 133,913 shares of the real estate investment trust’s stock worth $22,441,000 after purchasing an additional 5,273 shares during the period. Hedge funds and other institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Performance

MAA opened at $140.67 on Thursday. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 28.95, a PEG ratio of 3.79 and a beta of 0.75. The company has a fifty day moving average of $149.52 and a 200 day moving average of $155.91. Mid-America Apartment Communities, Inc. has a fifty-two week low of $138.67 and a fifty-two week high of $173.38. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.10 and a current ratio of 0.10.

Mid-America Apartment Communities (NYSE:MAA) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.01. Mid-America Apartment Communities had a net margin of 25.98% and a return on equity of 9.35%. The company had revenue of $549.90 million during the quarter, compared to analysts’ expectations of $552.19 million. During the same period last year, the company posted $2.22 earnings per share. Mid-America Apartment Communities’s quarterly revenue was up .6% on a year-over-year basis. As a group, 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were issued a $1.515 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.06 annualized dividend and a dividend yield of 4.3%. Mid-America Apartment Communities’s payout ratio is currently 124.69%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada cut their price target on shares of Mid-America Apartment Communities from $158.00 to $155.00 and set a “sector perform” rating on the stock in a report on Friday, August 1st. Truist Financial cut their price target on shares of Mid-America Apartment Communities from $174.00 to $171.00 and set a “buy” rating on the stock in a report on Wednesday, May 21st. Barclays increased their price target on shares of Mid-America Apartment Communities from $160.00 to $172.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Wall Street Zen cut shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Finally, Evercore ISI cut their price target on shares of Mid-America Apartment Communities from $163.00 to $155.00 and set an “in-line” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $166.95.

Mid-America Apartment Communities Company Profile

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.