Mid-America Apartment Communities (NYSE:MAA) Upgraded at Wedbush

Mid-America Apartment Communities (NYSE:MAA) was upgraded by investment analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Monday, Marketbeat reports. The brokerage currently has a $154.00 price target on the real estate investment trust’s stock, up from their previous price target of $135.00. Wedbush’s price target indicates a potential upside of 13.08% from the stock’s current price. Wedbush also issued estimates for Mid-America Apartment Communities’ Q2 2024 earnings at $2.19 EPS, FY2024 earnings at $8.77 EPS and FY2025 earnings at $9.12 EPS.

Several other research firms have also recently issued reports on MAA. Mizuho cut their price target on shares of Mid-America Apartment Communities from $132.00 to $126.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Truist Financial cut their price target on shares of Mid-America Apartment Communities from $152.00 to $148.00 and set a “buy” rating for the company in a report on Tuesday, April 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $136.00 price target on shares of Mid-America Apartment Communities in a report on Friday, February 9th. The Goldman Sachs Group reissued a “buy” rating and set a $149.00 price target on shares of Mid-America Apartment Communities in a report on Thursday, February 22nd. Finally, Morgan Stanley upped their target price on shares of Mid-America Apartment Communities from $128.00 to $129.50 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $144.18.

Mid-America Apartment Communities Price Performance

Shares of NYSE:MAA opened at $136.19 on Monday. The company has a 50-day simple moving average of $129.95 and a 200-day simple moving average of $128.58. Mid-America Apartment Communities has a one year low of $115.56 and a one year high of $158.46. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 3.41 and a beta of 0.80.

Mid-America Apartment Communities (NYSE:MAA) last posted its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($1.01). The firm had revenue of $543.60 million for the quarter, compared to analysts’ expectations of $541.44 million. Mid-America Apartment Communities had a return on equity of 8.90% and a net margin of 25.92%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.28 earnings per share. On average, analysts predict that Mid-America Apartment Communities will post 8.91 EPS for the current year.

Insider Activity

In other news, CEO H Eric Bolton, Jr. sold 2,642 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $126.07, for a total value of $333,076.94. Following the sale, the chief executive officer now directly owns 317,737 shares in the company, valued at $40,057,103.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 2,807 shares of company stock worth $353,955 over the last ninety days. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Mid-America Apartment Communities

Large investors have recently modified their holdings of the business. Nordea Investment Management AB boosted its position in Mid-America Apartment Communities by 9.2% during the fourth quarter. Nordea Investment Management AB now owns 155,151 shares of the real estate investment trust’s stock worth $21,020,000 after acquiring an additional 13,045 shares during the last quarter. Columbus Macro LLC acquired a new stake in Mid-America Apartment Communities during the fourth quarter worth approximately $1,280,000. Sunesis Advisors LLC boosted its position in Mid-America Apartment Communities by 393.1% during the fourth quarter. Sunesis Advisors LLC now owns 22,842 shares of the real estate investment trust’s stock worth $3,071,000 after acquiring an additional 18,210 shares during the last quarter. abrdn plc boosted its position in Mid-America Apartment Communities by 25.4% during the fourth quarter. abrdn plc now owns 85,542 shares of the real estate investment trust’s stock worth $11,502,000 after acquiring an additional 17,339 shares during the last quarter. Finally, Wealth Alliance acquired a new stake in Mid-America Apartment Communities during the fourth quarter worth approximately $235,000. 93.60% of the stock is currently owned by institutional investors and hedge funds.

About Mid-America Apartment Communities

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.