Mid-America Apartment Communities, Inc. (NYSE:MAA) Stock Rating Upgraded by Zacks Investment Research
Mid-America Apartment Communities, Inc. (NYSE:MAA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, July 12th. The firm currently has a $111.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 6.71% from the company’s previous close.
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. The company’s diverse portfolio and strong balance sheet amid growing demand for residential units augur well. In April, the company also reported better-than-expected first-quarter 2017 funds from operations (FFO) per share. The results reflected growth in same store portfolio net operating income (NOI) and effective rent per unit. 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.”
Several other equities research analysts have also commented on MAA. UBS AG upgraded Mid-America Apartment Communities from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $107.00 in a research note on Tuesday, March 14th. BidaskClub lowered Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Jefferies Group LLC upped their price target on Mid-America Apartment Communities from $109.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, March 30th. Barclays PLC started coverage on Mid-America Apartment Communities in a research report on Monday, March 27th. They issued an “overweight” rating and a $116.00 price target for the company. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Mid-America Apartment Communities in a research report on Thursday, April 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $107.62.
Shares of Mid-America Apartment Communities (NYSE MAA) opened at 104.02 on Wednesday. Mid-America Apartment Communities has a 12 month low of $85.04 and a 12 month high of $110.95. The stock’s 50 day moving average price is $104.55 and its 200 day moving average price is $101.35. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of 48.09 and a beta of 0.35.
Mid-America Apartment Communities (NYSE:MAA) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.03. Mid-America Apartment Communities had a return on equity of 4.31% and a net margin of 15.80%. The firm had revenue of $382.80 million during the quarter, compared to analyst estimates of $382.17 million. During the same quarter in the previous year, the business earned $1.54 EPS. Mid-America Apartment Communities’s revenue for the quarter was up 40.6% compared to the same quarter last year. Analysts expect that Mid-America Apartment Communities will post $1.73 EPS for the current year.
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Institutional investors have recently modified their holdings of the company. Prudential Financial Inc. raised its position in shares of Mid-America Apartment Communities by 89.2% in the second quarter. Prudential Financial Inc. now owns 790,154 shares of the real estate investment trust’s stock valued at $83,267,000 after buying an additional 372,439 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Mid-America Apartment Communities during the second quarter valued at about $3,256,000. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Mid-America Apartment Communities by 46.1% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,530 shares of the real estate investment trust’s stock valued at $688,000 after buying an additional 2,060 shares during the last quarter. RFG Advisory Group LLC purchased a new position in shares of Mid-America Apartment Communities during the second quarter valued at about $282,000. Finally, Aviva PLC raised its position in shares of Mid-America Apartment Communities by 1.2% in the second quarter. Aviva PLC now owns 70,978 shares of the real estate investment trust’s stock valued at $7,481,000 after buying an additional 860 shares during the last quarter. 92.30% of the stock is currently owned by institutional investors.
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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