Dynamic Capital Management Ltd acquired a new stake in Mid-America Apartment Communities, Inc. (NYSE:MAA) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,354 shares of the real estate investment trust’s stock, valued at approximately $850,000.
Other hedge funds have also recently modified their holdings of the company. Gideon Capital Advisors Inc. bought a new stake in Mid-America Apartment Communities during the fourth quarter valued at about $436,000. Waratah Capital Advisors Ltd. bought a new stake in Mid-America Apartment Communities during the fourth quarter valued at about $261,000. Rafferty Asset Management LLC raised its stake in Mid-America Apartment Communities by 16.9% in the fourth quarter. Rafferty Asset Management LLC now owns 5,667 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 821 shares in the last quarter. Elkfork Partners LLC bought a new stake in Mid-America Apartment Communities during the fourth quarter valued at about $466,000. Finally, Marshall Wace LLP bought a new stake in Mid-America Apartment Communities during the fourth quarter valued at about $7,122,000. 93.05% of the stock is owned by institutional investors.
Mid-America Apartment Communities, Inc. (NYSE:MAA) traded up 0.04% during midday trading on Friday, hitting $110.04. The company had a trading volume of 901,963 shares. The firm has a market capitalization of $12.50 billion, a P/E ratio of 46.63 and a beta of 0.35. Mid-America Apartment Communities, Inc. has a 1-year low of $85.04 and a 1-year high of $110.95. The company has a 50 day moving average price of $101.81 and a 200 day moving average price of $99.10.
Mid-America Apartment Communities (NYSE:MAA) last posted its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.02. Mid-America Apartment Communities had a return on equity of 5.02% and a net margin of 17.03%. The company had revenue of $375.91 million for the quarter, compared to analysts’ expectations of $358.74 million. During the same period in the previous year, the firm posted $1.50 EPS. Mid-America Apartment Communities’s revenue was up 39.7% compared to the same quarter last year. Equities research analysts forecast that Mid-America Apartment Communities, Inc. will post $1.52 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Friday, July 14th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 3.16%. The ex-dividend date is Wednesday, July 12th. Mid-America Apartment Communities’s payout ratio is 139.76%.
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MAA has been the subject of several recent research reports. BMO Capital Markets reissued a “buy” rating and set a $105.00 price target on shares of Mid-America Apartment Communities in a report on Friday, February 17th. Barclays PLC assumed coverage on Mid-America Apartment Communities in a research note on Monday, March 27th. They issued an “overweight” rating and a $116.00 price objective for the company. BidaskClub raised Mid-America Apartment Communities from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Mid-America Apartment Communities in a research note on Thursday, April 27th. Finally, Jefferies Group LLC upped their price objective on Mid-America Apartment Communities from $109.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, March 30th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $108.00.
In other news, Director Gary Shorb acquired 500 shares of the stock in a transaction that occurred on Tuesday, May 9th. The shares were bought at an average cost of $98.90 per share, for a total transaction of $49,450.00. Following the acquisition, the director now owns 4,250 shares in the company, valued at approximately $420,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.66% of the company’s stock.
About Mid-America Apartment Communities
Mid-America Apartment Communities, Inc is a multifamily focused, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, acquires and develops apartment communities primarily located in the Southeast and Southwest regions of the United States. It operates through three segments: Large market same store, Secondary market same store and Non-Same Store and Other.
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