Mid-America Apartment Communities, Inc. $MAA Shares Bought by Adelante Capital Management LLC

Key Points

• Adelante Capital Management increased its MAA stake by 34.9% in the first quarter, purchasing 40,404 additional shares to hold 156,165 shares valued at approximately $19.1 million.
• Institutional investors and hedge funds own 93.6% of MAA, with several major firms—including Norges Bank, UBS Asset Management, Millennium Management and JPMorgan—also expanding or initiating positions.
• MAA reported quarterly EPS of $2.13, exceeding estimates of $0.83, and announced a quarterly dividend of $1.53, equivalent to a 4.5% annualized yield. Analysts’ consensus rating remains “Hold,” with an average price target of $145.25.

Adelante Capital Management LLC boosted its position in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 34.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,165 shares of the real estate investment trust's stock after buying an additional 40,404 shares during the period. Mid-America Apartment Communities accounts for about 1.2% of Adelante Capital Management LLC's portfolio, making the stock its 23rd largest holding. Adelante Capital Management LLC owned 0.13% of Mid-America Apartment Communities worth $19,071,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Mid-America Apartment Communities in the 4th quarter valued at $750,603,000. Viking Global Investors LP acquired a new position in Mid-America Apartment Communities during the third quarter worth about $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Mid-America Apartment Communities by 621.0% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,081 shares of the real estate investment trust's stock valued at $168,805,000 after acquiring an additional 1,040,525 shares in the last quarter. Millennium Management LLC grew its stake in Mid-America Apartment Communities by 3,129.2% during the 4th quarter. Millennium Management LLC now owns 738,065 shares of the real estate investment trust's stock valued at $102,525,000 after acquiring an additional 715,209 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Mid-America Apartment Communities by 30.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,030,848 shares of the real estate investment trust's stock valued at $282,105,000 after acquiring an additional 474,989 shares during the last quarter. 93.60% of the stock is owned by institutional investors and hedge funds.

Mid-America Apartment Communities Price Performance

NYSE:MAA opened at $135.61 on Wednesday. Mid-America Apartment Communities, Inc. has a 52 week low of $120.30 and a 52 week high of $152.35. The stock's fifty day moving average is $135.01 and its two-hundred day moving average is $131.79. The company has a market capitalization of $15.78 billion, a P/E ratio of 41.09 and a beta of 0.74. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.99.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $2.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $1.30. Mid-America Apartment Communities had a return on equity of 6.61% and a net margin of 17.60%.The firm had revenue of $553.73 million during the quarter, compared to the consensus estimate of $555.75 million. During the same period last year, the company earned $2.20 EPS. The company's quarterly revenue was up .8% on a year-over-year basis. Equities analysts expect that Mid-America Apartment Communities, Inc. will post 8.51 EPS for the current year.

Mid-America Apartment Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be issued a $1.53 dividend. This represents a $6.12 annualized dividend and a yield of 4.5%. The ex-dividend date is Wednesday, July 15th. Mid-America Apartment Communities's dividend payout ratio (DPR) is 185.45%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Mid-America Apartment Communities from $150.00 to $155.00 and gave the stock an "overweight" rating in a research note on Thursday, June 25th. Truist Financial upped their price target on Mid-America Apartment Communities from $136.00 to $146.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Wells Fargo & Company increased their price target on Mid-America Apartment Communities from $140.00 to $148.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. UBS Group reduced their price objective on Mid-America Apartment Communities from $134.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, May 14th. Finally, Weiss Ratings raised Mid-America Apartment Communities from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 20th. Eight analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Mid-America Apartment Communities has a consensus rating of "Hold" and a consensus target price of $145.25.

Insider Transactions at Mid-America Apartment Communities

In other news, Director Tamara D. Fischer bought 1,100 shares of the business's stock in a transaction on Thursday, May 21st. The shares were bought at an average price of $128.55 per share, with a total value of $141,405.00. Following the completion of the transaction, the director directly owned 1,100 shares in the company, valued at $141,405. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by insiders.

About Mid-America Apartment Communities

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.

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