Royal Bank of Canada Reduces Stock Holdings in Mid-America Apartment Communities, Inc. $MAA

Key Points

• Royal Bank of Canada cut its Mid-America Apartment Communities stake by 50.6% in the first quarter, selling 184,448 shares and retaining 180,122 shares worth approximately $22 million.
• Other major institutions, including Norges Bank, Viking Global Investors, UBS Asset Management, Millennium Management and JPMorgan, increased or initiated positions; institutional investors collectively own 93.6% of MAA.
• Analysts maintain a consensus “Hold” rating with a $145.38 target price, while MAA shares opened at $134.60. The REIT also pays a quarterly dividend of $1.53, equivalent to a 4.5% annual yield.

Royal Bank of Canada lessened its stake in Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 50.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 180,122 shares of the real estate investment trust's stock after selling 184,448 shares during the quarter. Royal Bank of Canada owned about 0.15% of Mid-America Apartment Communities worth $21,996,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MAA. Norges Bank bought a new stake in shares of Mid-America Apartment Communities during the 4th quarter valued at about $750,603,000. Viking Global Investors LP bought a new position in Mid-America Apartment Communities in the third quarter worth about $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Mid-America Apartment Communities by 621.0% in the third 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 worth $168,805,000 after acquiring an additional 1,040,525 shares during the last quarter. Millennium Management LLC raised its position in shares of 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 worth $102,525,000 after purchasing an additional 715,209 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Mid-America Apartment Communities by 30.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,030,848 shares of the real estate investment trust's stock worth $282,105,000 after purchasing an additional 474,989 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 analysts have commented on MAA shares. UBS Group dropped their price target on shares of 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. Mizuho upped their target price on Mid-America Apartment Communities from $148.00 to $152.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 10th. Citigroup reaffirmed a "market outperform" rating on shares of Mid-America Apartment Communities in a research note on Wednesday, June 10th. Wells Fargo & Company lifted their price target on Mid-America Apartment Communities from $140.00 to $148.00 and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. Finally, Barclays boosted their price objective on Mid-America Apartment Communities from $139.00 to $147.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $145.38.

Mid-America Apartment Communities Price Performance

Shares of MAA opened at $134.60 on Thursday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.09 and a current ratio of 0.09. The firm has a market cap of $15.62 billion, a PE ratio of 39.36 and a beta of 0.73. The firm's 50 day moving average price is $135.43 and its 200 day moving average price is $131.72. Mid-America Apartment Communities, Inc. has a twelve month low of $120.30 and a twelve month high of $146.41.

Mid-America Apartment Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were issued a $1.53 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $6.12 dividend on an annualized basis and a yield of 4.5%. Mid-America Apartment Communities's dividend payout ratio is currently 178.95%.

Insider Transactions at Mid-America Apartment Communities

In other Mid-America Apartment Communities news, Director Tamara D. Fischer bought 1,100 shares of the stock in a transaction on Thursday, May 21st. The shares were purchased at an average cost 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 of the company's stock, valued at $141,405. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.60% of the company's stock.

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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