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

Mid-America Apartment Communities (NYSE:MAA) had its price objective reduced by investment analysts at Scotiabank from $137.00 to $134.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector underperform” rating on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 1.13% from the company’s current price.

MAA has been the topic of a number of other research reports. Jefferies Financial Group upgraded Mid-America Apartment Communities to a “hold” rating in a report on Wednesday, July 22nd. Mizuho upped their price target on Mid-America Apartment Communities from $148.00 to $152.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. started coverage on Mid-America Apartment Communities in a research report on Thursday, July 16th. They issued a “neutral” rating and a $147.00 price target for the company. UBS Group dropped their price objective on Mid-America Apartment Communities from $134.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Finally, Cantor Fitzgerald lifted their price objective on shares of Mid-America Apartment Communities from $132.00 to $140.00 and gave the stock a “neutral” rating in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $145.38.

Mid-America Apartment Communities Stock Down 0.7%

MAA stock traded down $0.97 during mid-day trading on Tuesday, reaching $132.50. 31,617 shares of the company traded hands, 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 firm’s 50 day moving average price is $135.30 and its 200 day moving average price is $131.75. The stock has a market cap of $15.42 billion, a price-to-earnings ratio of 38.74 and a beta of 0.73. Mid-America Apartment Communities has a fifty-two week low of $120.30 and a fifty-two week high of $146.41.

Insider Activity at Mid-America Apartment Communities

In related news, Director Tamara D. Fischer purchased 1,100 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were bought at an average cost of $128.55 per share, with a total value of $141,405.00. Following the acquisition, the director owned 1,100 shares of the company’s stock, valued at $141,405. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is owned by insiders.

Institutional Trading of Mid-America Apartment Communities

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Mid-America Apartment Communities in the 4th quarter worth approximately $750,603,000. Viking Global Investors LP purchased a new position in Mid-America Apartment Communities in the third quarter valued at approximately $369,597,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Mid-America Apartment Communities by 621.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,208,081 shares of the real estate investment trust’s stock valued at $168,805,000 after purchasing an additional 1,040,525 shares during the period. Millennium Management LLC grew its holdings in Mid-America Apartment Communities by 3,129.2% during the fourth quarter. Millennium Management LLC now owns 738,065 shares of the real estate investment trust’s stock valued at $102,525,000 after purchasing an additional 715,209 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Mid-America Apartment Communities by 30.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,030,848 shares of the real estate investment trust’s stock worth $282,105,000 after buying an additional 474,989 shares during the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

About Mid-America Apartment Communities

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.