Scotiabank Cuts Mid-America Apartment Communities (NYSE:MAA) Price Target to $134.00

Mid-America Apartment Communities (NYSE:MAA) had its target price cut by Scotiabank from $137.00 to $134.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a sector underperform rating on the real estate investment trust’s stock.

Several other research analysts have also recently issued reports on MAA. Weiss Ratings upgraded Mid-America Apartment Communities from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Jefferies Financial Group upgraded Mid-America Apartment Communities to a “hold” rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald increased their price target on shares of Mid-America Apartment Communities from $132.00 to $140.00 and gave the stock a “neutral” rating in a report on Monday. Piper Sandler reduced their price target on shares of Mid-America Apartment Communities from $143.00 to $140.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Finally, Morgan Stanley lifted their price objective on shares of Mid-America Apartment Communities from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $145.38.

Mid-America Apartment Communities Stock Performance

Shares of MAA opened at $133.51 on Tuesday. The stock has a 50-day moving average of $135.48 and a two-hundred day moving average of $131.70. Mid-America Apartment Communities has a one year low of $120.30 and a one year high of $146.41. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.09 and a current ratio of 0.09. The stock has a market cap of $15.49 billion, a P/E ratio of 39.04 and a beta of 0.73.

Mid-America Apartment Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were issued a $1.53 dividend. This represents a $6.12 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Wednesday, July 15th. Mid-America Apartment Communities’s payout ratio is 178.95%.

Insider Activity at Mid-America Apartment Communities

In related news, Director Tamara D. Fischer bought 1,100 shares of the stock in a transaction dated Thursday, May 21st. The shares were purchased at an average price of $128.55 per share, for a total transaction of $141,405.00. Following the completion of the purchase, the director directly owned 1,100 shares of the company’s stock, valued at $141,405. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Mid-America Apartment Communities

Hedge funds have recently bought and sold shares of the stock. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Mid-America Apartment Communities during the 2nd quarter worth approximately $36,518,000. Flputnam Investment Management Co. acquired a new position in shares of Mid-America Apartment Communities in the 2nd quarter valued at $285,000. Global Retirement Partners LLC purchased a new stake in Mid-America Apartment Communities during the second quarter worth $106,000. Fielder Capital Group LLC purchased a new stake in Mid-America Apartment Communities during the second quarter worth $7,456,000. Finally, Bank of New York Mellon Corp acquired a new stake in Mid-America Apartment Communities during the second quarter valued at $88,791,000. Hedge funds and other institutional investors own 93.60% of the company’s stock.

About Mid-America Apartment Communities

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.