Red Door Wealth Management LLC Raises Position in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Red Door Wealth Management LLC raised its stake in Mid-America Apartment Communities, Inc. (NYSE:MAA) by 0.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,814 shares of the real estate investment trust’s stock after purchasing an additional 277 shares during the quarter. Mid-America Apartment Communities accounts for about 1.9% of Red Door Wealth Management LLC’s portfolio, making the stock its 11th biggest position. Red Door Wealth Management LLC’s holdings in Mid-America Apartment Communities were worth $10,107,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Perpetual Ltd bought a new position in shares of Mid-America Apartment Communities in the first quarter worth $15,413,000. Nordea Investment Management AB boosted its holdings in shares of Mid-America Apartment Communities by 9.2% in the fourth quarter. Nordea Investment Management AB now owns 155,151 shares of the real estate investment trust’s stock worth $21,020,000 after acquiring an additional 13,045 shares during the period. Miller Howard Investments Inc. NY boosted its holdings in shares of Mid-America Apartment Communities by 9.9% in the first quarter. Miller Howard Investments Inc. NY now owns 197,478 shares of the real estate investment trust’s stock worth $25,984,000 after acquiring an additional 17,765 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Mid-America Apartment Communities by 163.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 21,734 shares of the real estate investment trust’s stock worth $2,923,000 after acquiring an additional 13,474 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Mid-America Apartment Communities by 159.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 26,261 shares of the real estate investment trust’s stock worth $3,531,000 after acquiring an additional 16,144 shares during the period. 93.60% of the stock is owned by hedge funds and other institutional investors.

Mid-America Apartment Communities Price Performance

MAA stock traded up $2.07 during mid-day trading on Friday, hitting $142.61. 844,915 shares of the stock were exchanged, compared to its average volume of 584,861. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.12 and a quick ratio of 0.12. The business has a fifty day moving average price of $135.43 and a 200 day moving average price of $132.18. Mid-America Apartment Communities, Inc. has a 12 month low of $115.56 and a 12 month high of $158.46. The stock has a market capitalization of $16.66 billion, a price-to-earnings ratio of 29.90, a PEG ratio of 3.17 and a beta of 0.84.

Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings data on Thursday, May 2nd. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $2.23 by ($1.01). The company had revenue of $543.60 million during the quarter, compared to analysts’ expectations of $541.44 million. Mid-America Apartment Communities had a return on equity of 8.90% and a net margin of 25.92%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.28 EPS. On average, sell-side analysts anticipate that Mid-America Apartment Communities, Inc. will post 8.88 EPS for the current year.

Mid-America Apartment Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th will be issued a $1.47 dividend. The ex-dividend date is Monday, July 15th. This represents a $5.88 annualized dividend and a dividend yield of 4.12%. Mid-America Apartment Communities’s dividend payout ratio is currently 123.27%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MAA shares. Mizuho raised their price target on Mid-America Apartment Communities from $126.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Piper Sandler reissued a “neutral” rating and set a $140.00 price objective on shares of Mid-America Apartment Communities in a research note on Tuesday, March 26th. UBS Group lifted their price objective on Mid-America Apartment Communities from $126.00 to $131.00 and gave the company a “sell” rating in a research note on Tuesday, May 14th. Truist Financial lifted their price objective on Mid-America Apartment Communities from $148.00 to $156.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Scotiabank lifted their price objective on Mid-America Apartment Communities from $139.00 to $144.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 14th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $142.44.

Insider Transactions at Mid-America Apartment Communities

In related news, CEO H Eric Bolton, Jr. sold 2,642 shares of the business’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $126.07, for a total transaction of $333,076.94. Following the transaction, the chief executive officer now owns 317,737 shares in the company, valued at approximately $40,057,103.59. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 2,807 shares of company stock worth $353,955. Company insiders own 1.30% of the company’s stock.

Mid-America Apartment Communities Profile

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.