Cornercap Investment Counsel Inc. Trims Stock Position in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Cornercap Investment Counsel Inc. cut its holdings in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA - Free Report) by 43.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,702 shares of the real estate investment trust's stock after selling 3,608 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Mid-America Apartment Communities were worth $747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. QRG Capital Management Inc. raised its stake in Mid-America Apartment Communities by 12.8% in the 2nd quarter. QRG Capital Management Inc. now owns 30,516 shares of the real estate investment trust's stock worth $4,352,000 after acquiring an additional 3,451 shares during the last quarter. Swedbank AB purchased a new position in Mid-America Apartment Communities in the 1st quarter worth $26,107,000. Prosperity Consulting Group LLC purchased a new position in Mid-America Apartment Communities in the 2nd quarter worth $2,572,000. Portside Wealth Group LLC purchased a new position in Mid-America Apartment Communities in the 2nd quarter worth $808,000. Finally, Empowered Funds LLC purchased a new position in Mid-America Apartment Communities in the 1st quarter worth $232,000. Hedge funds and other institutional investors own 93.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Mid-America Apartment Communities from $139.00 to $163.00 and gave the company a "hold" rating in a research note on Tuesday, September 10th. Raymond James upgraded Mid-America Apartment Communities from a "market perform" rating to a "strong-buy" rating and set a $175.00 price objective for the company in a research note on Monday, October 21st. Scotiabank reduced their price objective on Mid-America Apartment Communities from $174.00 to $173.00 and set a "sector perform" rating for the company in a research note on Thursday. StockNews.com cut Mid-America Apartment Communities from a "hold" rating to a "sell" rating in a research report on Tuesday, November 5th. Finally, Truist Financial upped their price target 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $161.64.

Mid-America Apartment Communities Stock Up 0.5 %

Shares of MAA traded up $0.72 during mid-day trading on Friday, hitting $158.09. 553,097 shares of the company's stock were exchanged, compared to its average volume of 752,468. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.09 and a current ratio of 0.09. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 35.69, a P/E/G ratio of 2.60 and a beta of 0.88. The stock's 50-day moving average is $157.27 and its 200-day moving average is $148.15. Mid-America Apartment Communities, Inc. has a fifty-two week low of $120.32 and a fifty-two week high of $167.39.

Mid-America Apartment Communities (NYSE:MAA - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing the consensus estimate of $2.18 by ($1.20). The business had revenue of $551.13 million during the quarter, compared to analysts' expectations of $548.53 million. Mid-America Apartment Communities had a net margin of 23.84% and a return on equity of 8.38%. The business's quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 EPS. On average, sell-side analysts anticipate that Mid-America Apartment Communities, Inc. will post 8.88 earnings per share for the current fiscal year.

Mid-America Apartment Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Tuesday, October 15th were paid a dividend of $1.47 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.72%. Mid-America Apartment Communities's payout ratio is 132.73%.

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.