KeyCorp Upgrades Mid-America Apartment Communities (NYSE:MAA) to “Overweight”

KeyCorp upgraded shares of Mid-America Apartment Communities (NYSE:MAA) from a sector weight rating to an overweight rating in a research note published on Tuesday, MarketBeat.com reports. KeyCorp currently has $180.00 price target on the real estate investment trust’s stock.

A number of other brokerages have also recently issued reports on MAA. Deutsche Bank Aktiengesellschaft increased their price objective on Mid-America Apartment Communities from $139.00 to $163.00 and gave the stock a “hold” rating in a report on Tuesday, September 10th. StockNews.com lowered shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reduced their price objective on shares of Mid-America Apartment Communities from $169.00 to $165.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Piper Sandler increased their target price on shares of Mid-America Apartment Communities from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Finally, Raymond James upgraded shares of Mid-America Apartment Communities from a “market perform” rating to a “strong-buy” rating and set a $175.00 price target for the company in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $163.76.

Mid-America Apartment Communities Price Performance

Shares of NYSE:MAA opened at $156.07 on Tuesday. The firm has a market capitalization of $18.24 billion, a PE ratio of 35.23, a P/E/G ratio of 2.55 and a beta of 0.90. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $156.93 and a two-hundred day moving average price of $152.08. Mid-America Apartment Communities has a twelve month low of $121.51 and a twelve month high of $167.39.

Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing the consensus estimate of $2.18 by ($1.20). Mid-America Apartment Communities had a return on equity of 8.38% and a net margin of 23.84%. The business had revenue of $551.13 million during the quarter, compared to the consensus estimate of $548.53 million. During the same period last year, the business posted $2.29 earnings per share. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts forecast that Mid-America Apartment Communities will post 8.88 EPS for the current year.

Mid-America Apartment Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be paid a $1.515 dividend. This is a boost from Mid-America Apartment Communities’s previous quarterly dividend of $1.47. The ex-dividend date is Wednesday, January 15th. This represents a $6.06 dividend on an annualized basis and a dividend yield of 3.88%. Mid-America Apartment Communities’s dividend payout ratio is 136.79%.

Hedge Funds Weigh In On Mid-America Apartment Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. Synovus Financial Corp boosted its position in Mid-America Apartment Communities by 5.8% during the third quarter. Synovus Financial Corp now owns 29,763 shares of the real estate investment trust’s stock valued at $4,729,000 after buying an additional 1,629 shares during the period. Tidal Investments LLC lifted its stake in shares of Mid-America Apartment Communities by 16.4% in the 3rd quarter. Tidal Investments LLC now owns 54,192 shares of the real estate investment trust’s stock valued at $8,611,000 after acquiring an additional 7,644 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Mid-America Apartment Communities during the 3rd quarter valued at about $63,000. Sanctuary Advisors LLC grew its position in Mid-America Apartment Communities by 23.6% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,151 shares of the real estate investment trust’s stock worth $1,795,000 after acquiring an additional 2,130 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in Mid-America Apartment Communities during the 3rd quarter valued at $1,162,000. Institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Company Profile

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.