Mid-America Apartment Communities (NYSE:MAA) posted its earnings results on Wednesday. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.50 by ($1.04), Fidelity Earnings reports. The company had revenue of $397.10 million for the quarter, compared to analysts’ expectations of $393.76 million. Mid-America Apartment Communities had a net margin of 22.36% and a return on equity of 5.28%. The business’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 earnings per share. Mid-America Apartment Communities updated its FY 2018 guidance to $5.99-6.11 EPS and its FY18 guidance to $5.99-6.11 EPS.
MAA stock traded up $0.48 during trading on Thursday, hitting $98.19. 940,200 shares of the company’s stock traded hands, compared to its average volume of 671,113. Mid-America Apartment Communities has a 52 week low of $85.16 and a 52 week high of $106.77. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $11.38 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 2.36 and a beta of 0.28.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Monday, October 15th were given a dividend of $0.9225 per share. The ex-dividend date was Friday, October 12th. This represents a $3.69 annualized dividend and a yield of 3.76%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is currently 62.12%.
In other news, Director Russell R. French sold 4,993 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $100.69, for a total value of $502,745.17. Following the completion of the sale, the director now owns 17,770 shares in the company, valued at approximately $1,789,261.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David P. Stockert sold 1,617 shares of the firm’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $101.59, for a total transaction of $164,271.03. Following the completion of the sale, the director now owns 75,563 shares of the company’s stock, valued at approximately $7,676,445.17. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.
MAA has been the subject of several research analyst reports. Stifel Nicolaus cut shares of Mid-America Apartment Communities from a “buy” rating to a “hold” rating and set a $100.00 target price for the company. in a research note on Thursday, August 2nd. SunTrust Banks reaffirmed a “buy” rating and set a $105.00 target price on shares of Mid-America Apartment Communities in a research note on Thursday, August 9th. Robert W. Baird reaffirmed a “buy” rating and set a $105.00 target price on shares of Mid-America Apartment Communities in a research note on Thursday, August 16th. Barclays reaffirmed a “buy” rating and set a $110.00 target price on shares of Mid-America Apartment Communities in a research note on Sunday, October 14th. Finally, Scotiabank started coverage on shares of Mid-America Apartment Communities in a research note on Tuesday, October 16th. They set a “sector perform” rating for the company. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Mid-America Apartment Communities has a consensus rating of “Hold” and a consensus price target of $103.05.
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 throughout the United States. As of June 30, 2018, MAA had ownership interest in 101,362 apartment units, including communities currently in development, across 17 states and the District of Columbia.
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