Summit Asset Management LLC Takes $611,000 Position in Mid-America Apartment Communities, Inc. $MAA

Summit Asset Management LLC acquired a new position in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,401 shares of the real estate investment trust’s stock, valued at approximately $611,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Physician Wealth Advisors Inc. grew its position in shares of Mid-America Apartment Communities by 65.2% in the fourth quarter. Physician Wealth Advisors Inc. now owns 190 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 75 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in Mid-America Apartment Communities by 593.1% in the 2nd quarter. Elevation Wealth Partners LLC now owns 201 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 172 shares during the last quarter. Nalls Sherbakoff Group LLC bought a new position in Mid-America Apartment Communities in the 4th quarter worth approximately $32,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Mid-America Apartment Communities during the third quarter worth approximately $33,000. Finally, Hurley Capital LLC lifted its holdings in shares of Mid-America Apartment Communities by 70.4% during the fourth quarter. Hurley Capital LLC now owns 271 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 112 shares during the last quarter. 93.60% of the stock is currently owned by institutional investors and hedge funds.

Mid-America Apartment Communities Price Performance

NYSE:MAA opened at $133.47 on Friday. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.02. The firm has a market cap of $15.49 billion, a PE ratio of 39.03 and a beta of 0.73. Mid-America Apartment Communities, Inc. has a 12 month low of $120.30 and a 12 month high of $146.41. The company’s 50-day moving average price is $135.59 and its two-hundred day moving average price is $131.63.

Mid-America Apartment Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were issued a $1.53 dividend. This represents a $6.12 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Wednesday, July 15th. Mid-America Apartment Communities’s payout ratio is presently 178.95%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MAA shares. Jefferies Financial Group raised shares of Mid-America Apartment Communities to a “hold” rating in a research report on Wednesday, July 22nd. Mizuho boosted their price objective on shares of Mid-America Apartment Communities from $148.00 to $152.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. BNP Paribas Exane upgraded shares of Mid-America Apartment Communities from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. UBS Group lowered their price target on Mid-America Apartment Communities from $134.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded Mid-America Apartment Communities from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Mid-America Apartment Communities presently has a consensus rating of “Hold” and a consensus price target of $144.88.

Insider Buying and Selling

In other Mid-America Apartment Communities news, Director Tamara D. Fischer purchased 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were acquired at an average cost of $128.55 per share, for a total transaction of $141,405.00. Following the transaction, the director directly owned 1,100 shares in the company, valued at approximately $141,405. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.60% of the stock is currently owned by company insiders.

Mid-America Apartment Communities Profile

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.