Q3 2024 EPS Estimates for Mid-America Apartment Communities, Inc. (NYSE:MAA) Decreased by Wedbush

Mid-America Apartment Communities, Inc. (NYSE:MAA) – Wedbush cut their Q3 2024 earnings per share estimates for shares of Mid-America Apartment Communities in a report issued on Monday, May 6th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings of $2.18 per share for the quarter, down from their previous forecast of $2.27. Wedbush has a “Outperform” rating and a $154.00 price target on the stock. The consensus estimate for Mid-America Apartment Communities’ current full-year earnings is $8.91 per share. Wedbush also issued estimates for Mid-America Apartment Communities’ Q4 2024 earnings at $2.18 EPS.

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

MAA has been the topic of a number of other reports. Piper Sandler reiterated a “neutral” rating and set a $140.00 price target on shares of Mid-America Apartment Communities in a research note on Tuesday, March 26th. Mizuho dropped their target price on Mid-America Apartment Communities from $132.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. The Goldman Sachs Group reissued a “buy” rating and set a $149.00 target price on shares of Mid-America Apartment Communities in a research note on Thursday, February 22nd. Truist Financial decreased their price target on Mid-America Apartment Communities from $152.00 to $148.00 and set a “buy” rating on the stock in a research note on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Mid-America Apartment Communities in a research report on Tuesday, January 30th. They issued a “hold” rating and a $139.00 price objective for the company. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Mid-America Apartment Communities currently has an average rating of “Hold” and an average target price of $144.18.

Mid-America Apartment Communities Stock Performance

Shares of MAA opened at $136.19 on Wednesday. Mid-America Apartment Communities has a 1 year low of $115.56 and a 1 year high of $158.46. The stock has a market capitalization of $15.91 billion, a P/E ratio of 28.55, a P/E/G ratio of 3.41 and a beta of 0.80. 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 company’s fifty day moving average is $129.95 and its two-hundred day moving average is $128.58.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Mid-America Apartment Communities during the fourth quarter worth approximately $713,500,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Mid-America Apartment Communities by 188.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,451,578 shares of the real estate investment trust’s stock worth $195,179,000 after buying an additional 949,171 shares during the last quarter. Blackstone Inc. raised its position in shares of Mid-America Apartment Communities by 51.8% in the 3rd quarter. Blackstone Inc. now owns 2,043,861 shares of the real estate investment trust’s stock worth $262,943,000 after buying an additional 697,200 shares during the period. Balyasny Asset Management L.P. grew its position in Mid-America Apartment Communities by 96.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,220,328 shares of the real estate investment trust’s stock valued at $164,085,000 after acquiring an additional 600,547 shares during the period. Finally, FMR LLC increased its stake in Mid-America Apartment Communities by 12.2% during the third quarter. FMR LLC now owns 5,457,634 shares of the real estate investment trust’s stock worth $702,125,000 after acquiring an additional 592,306 shares during the last quarter. 93.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO H Eric Bolton, Jr. sold 2,642 shares of the firm’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $126.07, for a total transaction of $333,076.94. Following the sale, the chief executive officer now owns 317,737 shares in the company, valued at $40,057,103.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 2,807 shares of company stock valued at $353,955 in the last ninety days. Insiders own 1.30% of the company’s stock.

Mid-America Apartment Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 15th were paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Friday, April 12th. Mid-America Apartment Communities’s payout ratio is currently 123.27%.

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.