Mid-America Apartment Communities (NYSE:MAA) Issues FY 2024 Earnings Guidance

Mid-America Apartment Communities (NYSE:MAA) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 8.800-9.020 for the period, compared to the consensus estimate of 8.880. The company issued revenue guidance of -. Mid-America Apartment Communities also updated its FY24 guidance to $8.80-8.96 EPS.

Mid-America Apartment Communities Stock Performance

NYSE MAA traded down $2.17 during trading hours on Friday, reaching $149.17. The company’s stock had a trading volume of 1,027,700 shares, compared to its average volume of 755,354. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $158.10 and a 200 day simple moving average of $145.93. Mid-America Apartment Communities has a 52 week low of $118.68 and a 52 week high of $167.39. The stock has a market cap of $17.43 billion, a PE ratio of 33.67, a PEG ratio of 2.45 and a beta of 0.88.

Mid-America Apartment Communities (NYSE:MAA) last announced its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($1.20). Mid-America Apartment Communities had a return on equity of 8.34% and a net margin of 23.84%. The company had revenue of $551.13 million during the quarter, compared to the consensus estimate of $548.53 million. During the same period last year, the business posted $2.29 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts predict that Mid-America Apartment Communities will post 8.88 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were given a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 3.94%. The ex-dividend date was Tuesday, October 15th. Mid-America Apartment Communities’s dividend payout ratio (DPR) is 132.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Scotiabank increased their price objective on Mid-America Apartment Communities from $161.00 to $174.00 and gave the stock a “sector perform” rating in a report on Monday, September 16th. Raymond James raised shares of Mid-America Apartment Communities from a “market perform” rating to a “strong-buy” rating and set a $175.00 target price on the stock in a research note on Monday, October 21st. Piper Sandler upped their price objective on Mid-America Apartment Communities from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Truist Financial lifted their target price on Mid-America Apartment Communities from $156.00 to $167.00 and gave the stock a “buy” rating in a report on Monday, August 26th. Finally, The Goldman Sachs Group began coverage on shares of Mid-America Apartment Communities in a report on Wednesday, September 4th. They issued a “buy” rating and a $187.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $161.69.

Mid-America Apartment Communities Company 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.