Zacks Investment Research lowered shares of Mid-America Apartment Communities (NYSE:MAA) from a hold rating to a sell rating in a report released on Friday.
According to Zacks, “Shares of Mid-America Apartment Communities — commonly known as MAA — have underperformed the industry it belongs to, in the past six months. Also, the stock has seen the Zacks Consensus Estimate for fourth quarter 2017 funds from operations (FFO) per share being revised downward in a month’s time. Elevated supply in certain regions is anticipated to taper the company’s growth momentum in the near term. Also, higher concentration of its operations in certain markets makes earnings susceptible to the local economic conditions.In addition, stiff competition from other housing alternatives limits the company’s ability to raise rents or increase occupancy. Hike in interest rates remains a concern. Nonetheless, MAA’s solid balance sheet will aid in pursuing additional opportunistic investments in dynamic markets.”
Other research analysts have also issued reports about the stock. Jefferies Group lowered shares of Mid-America Apartment Communities from a buy rating to a hold rating in a report on Thursday, December 14th. Raymond James Financial reissued a market perform rating on shares of Mid-America Apartment Communities in a report on Wednesday, November 29th. Mizuho reissued a hold rating and set a $106.00 price objective on shares of Mid-America Apartment Communities in a report on Sunday, October 15th. Robert W. Baird reissued a buy rating and set a $110.00 price objective on shares of Mid-America Apartment Communities in a report on Friday, November 10th. Finally, BMO Capital Markets lowered shares of Mid-America Apartment Communities from an outperform rating to a market perform rating and set a $107.00 price target for the company. in a report on Monday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $110.50.
Shares of Mid-America Apartment Communities (MAA) traded down $0.75 during mid-day trading on Friday, reaching $91.32. 856,900 shares of the company’s stock traded hands, compared to its average volume of 766,656. The firm has a market cap of $10,376.42, a price-to-earnings ratio of 41.14, a P/E/G ratio of 2.11 and a beta of 0.34. Mid-America Apartment Communities has a 52 week low of $90.88 and a 52 week high of $110.95.
Mid-America Apartment Communities (NYSE:MAA) last announced its quarterly earnings data on Wednesday, October 25th. The real estate investment trust reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.61. The company had revenue of $384.60 million during the quarter, compared to analyst estimates of $386.96 million. Mid-America Apartment Communities had a net margin of 16.73% and a return on equity of 4.22%. The firm’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period last year, the business earned $1.47 EPS. sell-side analysts anticipate that Mid-America Apartment Communities will post 5.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, January 12th will be issued a $0.9225 dividend. The ex-dividend date is Thursday, January 11th. This is a positive change from Mid-America Apartment Communities’s previous quarterly dividend of $0.87. This represents a $3.69 annualized dividend and a dividend yield of 4.04%. Mid-America Apartment Communities’s payout ratio is 166.22%.
In other Mid-America Apartment Communities news, Director William Reid Sanders purchased 7,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was acquired at an average cost of $100.11 per share, with a total value of $700,770.00. Following the acquisition, the director now owns 8,209 shares of the company’s stock, valued at approximately $821,802.99. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders bought a total of 7,116 shares of company stock valued at $710,687 over the last ninety days. Company insiders own 1.25% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. boosted its holdings in shares of Mid-America Apartment Communities by 7.8% in the 3rd quarter. Prudential Financial Inc. now owns 851,398 shares of the real estate investment trust’s stock valued at $90,998,000 after buying an additional 61,244 shares during the period. Parametric Portfolio Associates LLC lifted its position in Mid-America Apartment Communities by 3.8% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 195,999 shares of the real estate investment trust’s stock valued at $20,948,000 after purchasing an additional 7,197 shares during the last quarter. AXA lifted its position in Mid-America Apartment Communities by 14.8% in the 3rd quarter. AXA now owns 123,416 shares of the real estate investment trust’s stock valued at $13,191,000 after purchasing an additional 15,936 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Mid-America Apartment Communities by 1.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 273,589 shares of the real estate investment trust’s stock valued at $29,241,000 after purchasing an additional 3,852 shares during the last quarter. Finally, Hahn Capital Management LLC lifted its position in Mid-America Apartment Communities by 0.9% in the 3rd quarter. Hahn Capital Management LLC now owns 276,372 shares of the real estate investment trust’s stock valued at $29,539,000 after purchasing an additional 2,570 shares during the last quarter. 92.78% of the stock is owned by institutional investors and hedge funds.
About Mid-America Apartment Communities
Mid-America Apartment Communities, Inc is a multifamily focused, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, acquires and develops apartment communities primarily located in the Southeast and Southwest regions of the United States. It operates through three segments: Large market same store, Secondary market same store and Non-Same Store and Other.
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