Zacks Investment Research Lowers Mid-America Apartment Communities, Inc. (MAA) to Hold
Mid-America Apartment Communities, Inc. (NYSE:MAA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Shares of Mid-America Apartment Communities, which is commonly known as MAA, outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the past six months. Moreover, estimates for funds from operations (FFO) per share have been stable lately ahead of the company’s second quarter earnings release. The company has positive record of surprises in recent quarters. The company’s diverse portfolio and strong balance sheet amid growing demand for residential units augur well. Further, the Dec 2016 merger of MAA and Post Properties enhanced the company’s scale. While this merger is a strategic fit, MAA has incurred and anticipates experiencing huge expenses related to the merger. Moreover, higher concentration of its operations in certain markets makes its earnings susceptible to the local economic conditions.”
A number of other research firms have also recently issued reports on MAA. Barclays PLC reissued an “overweight” rating and issued a $117.00 target price (up from $116.00) on shares of Mid-America Apartment Communities in a research note on Wednesday, April 19th. Royal Bank Of Canada reissued a “buy” rating on shares of Mid-America Apartment Communities in a research note on Thursday, April 27th. BidaskClub raised Mid-America Apartment Communities from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Jefferies Group LLC boosted their target price on Mid-America Apartment Communities from $109.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, March 30th. Finally, UBS AG cut Mid-America Apartment Communities from a “buy” rating to a “neutral” rating and set a $107.00 target price for the company. in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. Mid-America Apartment Communities currently has a consensus rating of “Buy” and a consensus price target of $107.69.
Mid-America Apartment Communities (MAA) traded up 0.72% during trading on Monday, hitting $101.13. The company had a trading volume of 222,537 shares. The firm has a 50-day moving average of $104.54 and a 200 day moving average of $100.39. Mid-America Apartment Communities has a 12-month low of $85.04 and a 12-month high of $110.95. The company has a market capitalization of $11.49 billion, a price-to-earnings ratio of 42.85 and a beta of 0.35.
Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.02. The business had revenue of $375.91 million during the quarter, compared to the consensus estimate of $358.74 million. Mid-America Apartment Communities had a return on equity of 5.02% and a net margin of 17.03%. The firm’s revenue was up 39.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.50 earnings per share. On average, equities research analysts forecast that Mid-America Apartment Communities will post $1.52 earnings per share for the current year.
In other news, Director Gary Shorb bought 500 shares of the stock in a transaction dated Tuesday, May 9th. The shares were bought at an average price of $98.90 per share, for a total transaction of $49,450.00. Following the completion of the purchase, the director now owns 4,250 shares in the company, valued at $420,325. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.25% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Quadrature Capital Ltd increased its stake in shares of Mid-America Apartment Communities by 112.2% in the fourth quarter. Quadrature Capital Ltd now owns 34,122 shares of the real estate investment trust’s stock worth $3,342,000 after buying an additional 18,044 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Mid-America Apartment Communities by 55.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 376,231 shares of the real estate investment trust’s stock worth $36,841,000 after buying an additional 133,851 shares in the last quarter. Teachers Advisors LLC increased its stake in shares of Mid-America Apartment Communities by 68.8% in the fourth quarter. Teachers Advisors LLC now owns 792,772 shares of the real estate investment trust’s stock worth $77,628,000 after buying an additional 323,160 shares in the last quarter. Kentucky Retirement Systems bought a new stake in shares of Mid-America Apartment Communities during the fourth quarter worth about $807,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Mid-America Apartment Communities during the fourth quarter worth about $360,000. Institutional investors own 91.88% of the company’s stock.
Mid-America Apartment Communities Company Profile
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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