Mid-America Apartment Communities (NYSE:MAA) Price Target Cut to $134.00 by Analysts at Scotiabank

Key Points

• Scotiabank cut Mid-America Apartment Communities’ price target to $134 from $137 and maintained a “sector underperform” rating, implying only 1.13% upside from the reported $132.50 share price.
• Analyst sentiment remains mixed: MAA has an overall “Hold” consensus rating and an average price target of $145.38, with eight Buy, ten Hold, and two Sell ratings.
• MAA shares traded at $132.50, while institutional investors own a substantial 93.6% of the company; a director also recently purchased 1,100 shares at an average price of $128.55.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) had its target price reduced by research analysts at Scotiabank from $137.00 to $134.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "sector underperform" rating on the real estate investment trust's stock. Scotiabank's target price suggests a potential upside of 1.13% from the stock's current price.

Several other research analysts also recently issued reports on MAA. Wells Fargo & Company upped their price target on shares of Mid-America Apartment Communities from $140.00 to $148.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded Mid-America Apartment Communities from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 20th. Barclays lifted their price target on Mid-America Apartment Communities from $139.00 to $147.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. initiated coverage on Mid-America Apartment Communities in a research note on Thursday, July 16th. They issued a "neutral" rating and a $147.00 price objective for the company. Finally, Morgan Stanley upped their price objective on Mid-America Apartment Communities from $150.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 25th. Eight analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $145.38.

Mid-America Apartment Communities Stock Performance

Shares of Mid-America Apartment Communities stock traded down $0.97 on Tuesday, hitting $132.50. The stock had a trading volume of 31,617 shares, compared to its average volume of 1,003,927. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.02. The stock has a market cap of $15.42 billion, a price-to-earnings ratio of 38.74 and a beta of 0.73. The business's 50 day moving average is $135.30 and its two-hundred day moving average is $131.75. Mid-America Apartment Communities has a twelve month low of $120.30 and a twelve month high of $146.41.

Insider Activity at Mid-America Apartment Communities

In other news, Director Tamara D. Fischer bought 1,100 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was acquired at an average cost of $128.55 per share, with a total value of $141,405.00. Following the transaction, the director directly owned 1,100 shares of the company's stock, valued at approximately $141,405. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Mid-America Apartment Communities by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,821 shares of the real estate investment trust's stock worth $2,149,000 after purchasing an additional 620 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Mid-America Apartment Communities by 47.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 927 shares of the real estate investment trust's stock valued at $137,000 after purchasing an additional 299 shares in the last quarter. Baird Financial Group Inc. raised its holdings in Mid-America Apartment Communities by 7.1% during the second quarter. Baird Financial Group Inc. now owns 6,595 shares of the real estate investment trust's stock worth $976,000 after buying an additional 437 shares during the last quarter. Walleye Capital LLC acquired a new position in Mid-America Apartment Communities during the second quarter worth $230,000. Finally, Bank of Nova Scotia lifted its stake in shares of Mid-America Apartment Communities by 21.7% in the second quarter. Bank of Nova Scotia now owns 15,538 shares of the real estate investment trust's stock valued at $2,300,000 after buying an additional 2,771 shares in the last quarter. Institutional investors own 93.60% of the company's stock.

Mid-America Apartment Communities Company Profile

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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