Mid-America Apartment Communities, Inc. (NYSE:MAA) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Mid-America Apartment Communities by 50.6%, holding a total of 39,311 shares valued at approximately $6.59 million.
• Analysts have recently revised the target prices for Mid-America Apartment Communities, with some lowering their ratings; the consensus rating is currently a "Hold" with an average target price of $168.52.
• The company declared a quarterly dividend of $1.515 per share, representing an annualized yield of 4.3%, highlighting a substantial payout ratio of 126.25%.

OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 50.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,311 shares of the real estate investment trust's stock after buying an additional 13,208 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Mid-America Apartment Communities were worth $6,588,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its position in Mid-America Apartment Communities by 11.3% in the first quarter. PNC Financial Services Group Inc. now owns 16,242 shares of the real estate investment trust's stock valued at $2,722,000 after purchasing an additional 1,653 shares during the period. SPC Financial Inc. purchased a new stake in Mid-America Apartment Communities in the first quarter valued at $208,000. Natixis Advisors LLC raised its position in Mid-America Apartment Communities by 4.1% in the first quarter. Natixis Advisors LLC now owns 133,913 shares of the real estate investment trust's stock valued at $22,441,000 after purchasing an additional 5,273 shares during the period. Arkadios Wealth Advisors raised its position in Mid-America Apartment Communities by 18.0% in the first quarter. Arkadios Wealth Advisors now owns 4,434 shares of the real estate investment trust's stock valued at $743,000 after purchasing an additional 677 shares during the period. Finally, Bayforest Capital Ltd raised its position in Mid-America Apartment Communities by 207.1% in the first quarter. Bayforest Capital Ltd now owns 1,953 shares of the real estate investment trust's stock valued at $327,000 after purchasing an additional 1,317 shares during the period. Hedge funds and other institutional investors own 93.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial reduced their target price on Mid-America Apartment Communities from $174.00 to $171.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Mizuho reduced their target price on Mid-America Apartment Communities from $166.00 to $161.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Piper Sandler reduced their target price on Mid-America Apartment Communities from $170.00 to $153.00 and set a "neutral" rating on the stock in a research report on Monday. Raymond James Financial downgraded Mid-America Apartment Communities from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 24th. Finally, Scotiabank cut their price objective on Mid-America Apartment Communities from $194.00 to $180.00 and set a "sector outperform" rating on the stock in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $166.95.

Mid-America Apartment Communities Stock Performance

Shares of MAA stock traded down $1.13 during trading hours on Wednesday, reaching $140.67. 653,964 shares of the company's stock were exchanged, compared to its average volume of 907,371. The company has a market cap of $16.47 billion, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 3.59 and a beta of 0.75. The company's 50 day moving average is $149.80 and its two-hundred day moving average is $156.01. Mid-America Apartment Communities, Inc. has a 1 year low of $138.67 and a 1 year high of $173.38. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.10 and a quick ratio of 0.10.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.14 by $0.01. The business had revenue of $549.90 million during the quarter, compared to the consensus estimate of $552.19 million. Mid-America Apartment Communities had a return on equity of 9.35% and a net margin of 25.98%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $2.22 EPS. Equities research analysts anticipate that Mid-America Apartment Communities, Inc. will post 8.84 EPS for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Tuesday, July 15th were issued a $1.515 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.06 dividend on an annualized basis and a dividend yield of 4.3%. Mid-America Apartment Communities's dividend payout ratio is currently 124.69%.

Mid-America Apartment Communities Profile

Mid-America Apartment Communities, Inc is a real estate investment trust, which engages in the operation, acquisition, and development of apartment communities. It operates through the Same Store and Non-Same Store segments. The Same Store Communities segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year.