Resona Asset Management Co. Ltd. Acquires 4,204 Shares of Mid-America Apartment Communities, Inc. (NYSE:MAA)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Mid-America Apartment Communities by 6.5%, acquiring an additional 4,204 shares to own a total of 69,225 shares valued at approximately $11.5 million.
• The company's latest earnings report revealed $2.15 earnings per share, slightly exceeding analysts' expectations, with a year-over-year revenue increase of 0.6%.
• Mid-America Apartment Communities announced a quarterly dividend of $1.515 per share, resulting in an annualized dividend of $6.06 and a dividend yield of 4.3%.

Resona Asset Management Co. Ltd. grew its holdings in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 6.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,225 shares of the real estate investment trust's stock after buying an additional 4,204 shares during the period. Resona Asset Management Co. Ltd. owned 0.06% of Mid-America Apartment Communities worth $11,514,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. HighTower Advisors LLC boosted its holdings in shares of Mid-America Apartment Communities by 1.2% during the 1st quarter. HighTower Advisors LLC now owns 101,622 shares of the real estate investment trust's stock valued at $17,030,000 after buying an additional 1,183 shares in the last quarter. Sustainable Insight Capital Management LLC purchased a new position in shares of Mid-America Apartment Communities in the 1st quarter worth about $436,000. Public Sector Pension Investment Board raised its position in shares of Mid-America Apartment Communities by 3.2% in the 1st quarter. Public Sector Pension Investment Board now owns 31,245 shares of the real estate investment trust's stock worth $5,236,000 after purchasing an additional 964 shares during the last quarter. Nuveen LLC purchased a new position in shares of Mid-America Apartment Communities in the 1st quarter worth about $150,966,000. Finally, Entropy Technologies LP purchased a new position in shares of Mid-America Apartment Communities in the 1st quarter worth about $2,007,000. Institutional investors own 93.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MAA. Barclays lowered their price target on Mid-America Apartment Communities from $172.00 to $156.00 and set an "equal weight" rating for the company in a research report on Tuesday. Raymond James Financial lowered Mid-America Apartment Communities from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group lowered Mid-America Apartment Communities from a "buy" rating to a "neutral" rating and set a $165.00 price target for the company. in a research report on Friday, July 11th. Morgan Stanley lowered their price target on Mid-America Apartment Communities from $177.00 to $169.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Mizuho raised Mid-America Apartment Communities from a "neutral" rating to an "outperform" rating and decreased their target price for the stock from $161.00 to $150.00 in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $163.21.

Mid-America Apartment Communities Stock Performance

Shares of Mid-America Apartment Communities stock traded up $0.85 during trading hours on Friday, reaching $140.88. 927,467 shares of the stock traded hands, compared to its average volume of 899,827. The company has a 50 day moving average price of $147.69 and a 200 day moving average price of $155.44. The firm has a market capitalization of $16.49 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 3.74 and a beta of 0.75. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.83. Mid-America Apartment Communities, Inc. has a one year low of $137.32 and a one year high of $173.38.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.01. The company 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 firm's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.22 EPS. On average, equities research analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Tuesday, July 15th were paid a dividend of $1.515 per share. 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 payout ratio is 124.69%.

Mid-America Apartment Communities Company 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.