Mid-America Apartment Communities (NYSE:MAA) Issues FY24 Earnings Guidance

Mid-America Apartment Communities (NYSE:MAA) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $8.80-8.96 for the period, compared to the consensus earnings per share estimate of $8.89.

Mid-America Apartment Communities Stock Up 0.9 %

NYSE:MAA traded up $1.32 during mid-day trading on Wednesday, reaching $152.29. The stock had a trading volume of 690,431 shares, compared to its average volume of 749,310. The stock’s 50 day simple moving average is $158.32 and its two-hundred day simple moving average is $145.69. Mid-America Apartment Communities has a 1-year low of $115.56 and a 1-year high of $167.39. The company has a market capitalization of $17.79 billion, a price-to-earnings ratio of 31.90, a price-to-earnings-growth ratio of 2.48 and a beta of 0.88. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.12 and a quick ratio of 0.12.

Mid-America Apartment Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be given a $1.47 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.86%. Mid-America Apartment Communities’s payout ratio is currently 123.27%.

Analyst Ratings Changes

MAA has been the subject of several recent research reports. UBS Group upped their target price on Mid-America Apartment Communities from $131.00 to $140.00 and gave the company a “sell” rating in a report on Thursday, July 18th. Wedbush boosted their price target on shares of Mid-America Apartment Communities from $154.00 to $184.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Scotiabank increased their price objective on shares of 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. Truist Financial boosted their target price on shares of Mid-America Apartment Communities from $156.00 to $167.00 and gave the company a “buy” rating in a research note on Monday, August 26th. Finally, Bank of America raised Mid-America Apartment Communities from an “underperform” rating to a “buy” rating and lifted their price target for the company from $144.00 to $189.00 in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $160.75.

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.