Mid-America Apartment Communities (NYSE:MAA) Announces Quarterly Earnings Results

Mid-America Apartment Communities (NYSE:MAA) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04), FiscalAI reports. The business had revenue of $560.13 million for the quarter, compared to analyst estimates of $558.07 million. Mid-America Apartment Communities had a return on equity of 6.99% and a net margin of 18.17%.

Mid-America Apartment Communities Price Performance

Shares of Mid-America Apartment Communities stock traded down $2.30 during mid-day trading on Wednesday, reaching $116.45. 1,002,313 shares of the stock traded hands, compared to its average volume of 1,005,826. The stock has a market capitalization of $13.51 billion, a PE ratio of 34.05 and a beta of 0.75. The business has a 50-day moving average of $122.24 and a 200 day moving average of $129.46. Mid-America Apartment Communities has a fifty-two week low of $113.95 and a fifty-two week high of $144.41. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.02.

Mid-America Apartment Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 15th will be issued a dividend of $1.53 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.12 dividend on an annualized basis and a dividend yield of 5.3%. Mid-America Apartment Communities’s dividend payout ratio is presently 178.95%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. KeyCorp reaffirmed an “overweight” rating on shares of Mid-America Apartment Communities in a research report on Tuesday, September 29th. Scotiabank reduced their price target on shares of Mid-America Apartment Communities from $134.00 to $125.00 and set a “sector underperform” rating for the company in a research report on Thursday, September 17th. Morgan Stanley dropped their price objective on shares of Mid-America Apartment Communities from $155.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. Royal Bank Of Canada cut their price objective on shares of Mid-America Apartment Communities from $138.00 to $127.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 13th. Finally, Barclays reduced their target price on shares of Mid-America Apartment Communities from $146.00 to $136.00 and set an “equal weight” rating for the company in a report on Wednesday, October 14th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $137.82.

About Mid-America Apartment Communities

Mid-America Apartment Communities, Inc (NYSE: MAA) is a real estate investment trust that owns, operates and develops multifamily apartment communities. Its portfolio is focused primarily on conventional apartment housing, with properties offering a range of floor plans and amenities designed for individual renters, couples and families.

MAA concentrates its operations in high-growth markets across the Sun Belt, including communities in the Southeast, Southwest and Mid-Atlantic regions of the United States.