Mid-America Apartment Communities Inc (NYSE:MAA) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 1,636,000 shares, a drop of 13.2% from the June 30th total of 1,884,300 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average trading volume of 532,100 shares, the days-to-cover ratio is presently 3.1 days.
Shares of NYSE MAA traded up $0.68 during midday trading on Friday, reaching $124.21. 645,500 shares of the company’s stock were exchanged, compared to its average volume of 534,592. Mid-America Apartment Communities has a 52-week low of $91.21 and a 52-week high of $125.31. The stock has a market capitalization of $14.17 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 5.09 and a beta of 0.39. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.13 and a current ratio of 0.13. The business’s fifty day moving average price is $120.61 and its two-hundred day moving average price is $112.33.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, July 12th. Mid-America Apartment Communities’s payout ratio is 63.58%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Johnson Financial Group Inc. purchased a new stake in shares of Mid-America Apartment Communities during the second quarter worth about $29,000. JJJ Advisors Inc. purchased a new stake in shares of Mid-America Apartment Communities during the second quarter worth about $31,000. Massmutual Trust Co. FSB ADV increased its position in shares of Mid-America Apartment Communities by 193.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 305 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 201 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Mid-America Apartment Communities during the second quarter worth about $44,000. Finally, CSat Investment Advisory L.P. increased its position in shares of Mid-America Apartment Communities by 73.2% during the second quarter. CSat Investment Advisory L.P. now owns 395 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 167 shares during the last quarter. 92.31% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on MAA shares. Scotiabank cut Mid-America Apartment Communities from a “sector perform” rating to a “sector underperform” rating and reduced their price objective for the stock from $114.00 to $107.00 in a research note on Tuesday, July 9th. Mizuho upgraded Mid-America Apartment Communities from a “neutral” rating to a “buy” rating and set a $121.00 price objective on the stock in a research note on Wednesday, May 8th. Zacks Investment Research upgraded Mid-America Apartment Communities from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a research note on Tuesday, May 28th. ValuEngine upgraded Mid-America Apartment Communities from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Finally, Royal Bank of Canada boosted their price objective on Mid-America Apartment Communities from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, May 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $113.12.
About Mid-America Apartment Communities
MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.
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