Scotiabank Lowers Mid-America Apartment Communities (NYSE:MAA) to Sector Underperform

Scotiabank lowered shares of Mid-America Apartment Communities (NYSE:MAA) from a sector perform rating to a sector underperform rating in a research report sent to investors on Tuesday morning, The Fly reports. Scotiabank currently has $107.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $114.00.

Several other brokerages also recently weighed in on MAA. Raymond James reissued a buy rating on shares of Teck Resources in a research report on Thursday, April 4th. BMO Capital Markets reissued a hold rating and set a $54.00 price target on shares of Apartment Investment and Management in a research report on Monday, March 25th. Janney Montgomery Scott downgraded shares of Mid-America Apartment Communities from a buy rating to a neutral rating and set a $110.00 price target for the company. in a research report on Wednesday, April 3rd. They noted that the move was a valuation call. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. Finally, Mizuho set a $27.00 price target on shares of Horizon Therapeutics and gave the company a hold rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $112.18.

Shares of NYSE MAA opened at $121.96 on Tuesday. Mid-America Apartment Communities has a fifty-two week low of $91.21 and a fifty-two week high of $123.88. The firm’s 50 day simple moving average is $117.63. The company has a market capitalization of $14.09 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 5.08 and a beta of 0.40. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.72.

Mid-America Apartment Communities (NYSE:MAA) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.50 by ($0.95). Mid-America Apartment Communities had a net margin of 14.86% and a return on equity of 3.68%. The business had revenue of $401.17 million for the quarter, compared to the consensus estimate of $400.91 million. During the same period in the prior year, the business posted $1.36 EPS. Mid-America Apartment Communities’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, research analysts forecast that Mid-America Apartment Communities will post 6.24 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 15th will be issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, July 12th. Mid-America Apartment Communities’s dividend payout ratio is currently 63.58%.

In related news, Director Claude B. Nielsen sold 6,500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $109.83, for a total value of $713,895.00. Following the sale, the director now owns 12,117 shares in the company, valued at $1,330,810.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. First Citizens Bank & Trust Co. boosted its holdings in Mid-America Apartment Communities by 0.5% in the second quarter. First Citizens Bank & Trust Co. now owns 25,861 shares of the real estate investment trust’s stock worth $3,045,000 after purchasing an additional 128 shares during the last quarter. Anchor Capital Advisors LLC boosted its holdings in Mid-America Apartment Communities by 1.0% in the first quarter. Anchor Capital Advisors LLC now owns 13,402 shares of the real estate investment trust’s stock worth $1,465,000 after purchasing an additional 130 shares during the last quarter. Clean Yield Group boosted its stake in shares of Mid-America Apartment Communities by 0.5% during the 1st quarter. Clean Yield Group now owns 27,065 shares of the real estate investment trust’s stock worth $2,959,000 after acquiring an additional 140 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Mid-America Apartment Communities by 0.9% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 17,306 shares of the real estate investment trust’s stock worth $1,892,000 after acquiring an additional 151 shares during the last quarter. Finally, West Oak Capital LLC boosted its stake in shares of Mid-America Apartment Communities by 7.1% during the 1st quarter. West Oak Capital LLC now owns 2,400 shares of the real estate investment trust’s stock worth $262,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 92.47% of the company’s stock.

About Mid-America Apartment Communities

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

Featured Story: How is the Producer Price Index calculated?

The Fly

Analyst Recommendations for Mid-America Apartment Communities (NYSE:MAA)

Receive News & Ratings for Mid-America Apartment Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mid-America Apartment Communities and related companies with MarketBeat.com's FREE daily email newsletter.