Mid-America Apartment Communities (NYSE:MAA) Issues Quarterly Earnings Results, Misses Expectations By $1.01 EPS

Mid-America Apartment Communities (NYSE:MAA) issued its earnings results on Thursday. The real estate investment trust reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.23 by ($1.01), Zacks reports. The business had revenue of $543.60 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.28 earnings per share.

Mid-America Apartment Communities Stock Up 1.0 %

Mid-America Apartment Communities stock traded up $1.32 during midday trading on Friday, hitting $133.00. 1,071,007 shares of the stock were exchanged, compared to its average volume of 832,463. Mid-America Apartment Communities has a 52-week low of $115.56 and a 52-week high of $158.46. The company has a quick ratio of 0.09, a current ratio of 0.12 and a debt-to-equity ratio of 0.74. The business’s 50-day moving average price is $129.46 and its 200-day moving average price is $128.55. The stock has a market capitalization of $15.53 billion, a price-to-earnings ratio of 27.88, a price-to-earnings-growth ratio of 3.38 and a beta of 0.80.

Mid-America Apartment Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 15th were given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date was Friday, April 12th. Mid-America Apartment Communities’s payout ratio is currently 123.27%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $149.00 target price on shares of Mid-America Apartment Communities in a research report on Thursday, February 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $136.00 price objective on shares of Mid-America Apartment Communities in a report on Friday, February 9th. Morgan Stanley raised their target price on Mid-America Apartment Communities from $128.00 to $129.50 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Piper Sandler reaffirmed 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. Finally, Mizuho cut their price target on Mid-America Apartment Communities from $132.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $143.06.

Insider Buying and Selling at Mid-America Apartment Communities

In other news, CEO H Eric Bolton, Jr. sold 2,642 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $126.07, for a total value of $333,076.94. Following the transaction, the chief executive officer now owns 317,737 shares in the company, valued at approximately $40,057,103.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 2,807 shares of company stock worth $353,955. Insiders own 1.30% of the company’s stock.

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.