Pettee Investors Inc. Has $250,000 Stock Holdings in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Pettee Investors Inc. cut its stake in Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 85.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,490 shares of the real estate investment trust's stock after selling 8,681 shares during the quarter. Pettee Investors Inc.'s holdings in Mid-America Apartment Communities were worth $250,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Principal Financial Group Inc. grew its position in shares of Mid-America Apartment Communities by 1.5% in the 1st quarter. Principal Financial Group Inc. now owns 192,228 shares of the real estate investment trust's stock valued at $32,214,000 after purchasing an additional 2,800 shares during the period. Summit Trail Advisors LLC boosted its position in Mid-America Apartment Communities by 106.9% during the 1st quarter. Summit Trail Advisors LLC now owns 4,401 shares of the real estate investment trust's stock worth $738,000 after acquiring an additional 2,274 shares during the last quarter. Aurora Investment Counsel acquired a new position in Mid-America Apartment Communities during the 1st quarter worth approximately $1,929,000. Starwood Capital Group Management L.L.C. boosted its position in Mid-America Apartment Communities by 17.7% during the 4th quarter. Starwood Capital Group Management L.L.C. now owns 219,407 shares of the real estate investment trust's stock worth $33,914,000 after acquiring an additional 33,000 shares during the last quarter. Finally, Stratos Wealth Partners LTD. boosted its position in Mid-America Apartment Communities by 92.0% during the 1st quarter. Stratos Wealth Partners LTD. now owns 28,134 shares of the real estate investment trust's stock worth $4,715,000 after acquiring an additional 13,482 shares during the last quarter. 93.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Amber Fairbanks sold 173 shares of Mid-America Apartment Communities stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $166.85, for a total transaction of $28,865.05. Following the sale, the executive vice president directly owned 3,012 shares of the company's stock, valued at approximately $502,552.20. This trade represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MAA. Truist Financial reduced their price target on Mid-America Apartment Communities from $174.00 to $171.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. The Goldman Sachs Group downgraded Mid-America Apartment Communities from a "buy" rating to a "neutral" rating and set a $165.00 price objective for the company. in a report on Friday, July 11th. Wall Street Zen raised Mid-America Apartment Communities from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. 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, Mizuho cut their price objective on Mid-America Apartment Communities from $166.00 to $161.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $168.81.

Mid-America Apartment Communities Stock Performance

MAA stock traded up $0.09 during trading hours on Friday, hitting $150.75. 720,098 shares of the stock were exchanged, compared to its average volume of 805,765. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $17.65 billion, a P/E ratio of 31.41, a P/E/G ratio of 3.85 and a beta of 0.75. The company has a 50-day simple moving average of $152.55 and a two-hundred day simple moving average of $156.23. Mid-America Apartment Communities, Inc. has a 12 month low of $138.89 and a 12 month high of $173.38.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.04. The company had revenue of $549.30 million for the quarter, compared to analyst estimates of $551.21 million. Mid-America Apartment Communities had a return on equity of 9.19% and a net margin of 25.70%. Mid-America Apartment Communities's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.22 EPS. On average, analysts forecast that Mid-America Apartment Communities, Inc. will post 8.84 earnings per share for the current fiscal year.

Mid-America Apartment Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Tuesday, July 15th will be paid a $1.515 dividend. This represents a $6.06 annualized dividend and a yield of 4.02%. The ex-dividend date is Tuesday, July 15th. Mid-America Apartment Communities's dividend payout ratio (DPR) is presently 126.25%.

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.