M&T Bank Corp Sells 297 Shares of Mid-America Apartment Communities, Inc. (NYSE:MAA)

M&T Bank Corp cut its position in Mid-America Apartment Communities, Inc. (NYSE:MAA) by 2.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 14,670 shares of the real estate investment trust’s stock after selling 297 shares during the quarter. M&T Bank Corp’s holdings in Mid-America Apartment Communities were worth $2,331,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Prosperity Consulting Group LLC acquired a new position in shares of Mid-America Apartment Communities in the 2nd quarter worth approximately $2,572,000. Swedbank AB boosted its stake in Mid-America Apartment Communities by 2.6% in the third quarter. Swedbank AB now owns 203,587 shares of the real estate investment trust’s stock worth $32,350,000 after purchasing an additional 5,178 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in shares of Mid-America Apartment Communities during the third quarter worth $4,304,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Mid-America Apartment Communities by 2.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 180,689 shares of the real estate investment trust’s stock valued at $28,711,000 after buying an additional 4,301 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Mid-America Apartment Communities by 6.1% in the second quarter. Bank of Montreal Can now owns 156,374 shares of the real estate investment trust’s stock valued at $22,446,000 after buying an additional 8,984 shares in the last quarter. 93.60% of the stock is owned by institutional investors.

Mid-America Apartment Communities Price Performance

MAA opened at $157.22 on Friday. The stock has a market cap of $18.38 billion, a P/E ratio of 35.49, a P/E/G ratio of 2.55 and a beta of 0.90. Mid-America Apartment Communities, Inc. has a 12 month low of $121.51 and a 12 month high of $167.39. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $156.83 and a 200 day simple moving average of $151.57.

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 8.38% and a net margin of 23.84%. The business had revenue of $551.13 million during the quarter, compared to the consensus estimate of $548.53 million. During the same quarter last year, the company earned $2.29 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. On average, research analysts expect that Mid-America Apartment Communities, Inc. will post 8.88 EPS for the current year.

Mid-America Apartment Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be paid a $1.515 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.06 dividend on an annualized basis and a yield of 3.85%. This is a positive change from Mid-America Apartment Communities’s previous quarterly dividend of $1.47. Mid-America Apartment Communities’s payout ratio is presently 132.73%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wells Fargo & Company raised shares of Mid-America Apartment Communities from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $138.00 to $174.00 in a report on Monday, August 26th. Royal Bank of Canada lowered their price target on shares of Mid-America Apartment Communities from $169.00 to $165.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Mid-America Apartment Communities from $139.00 to $163.00 and gave the stock a “hold” rating in a research report on Tuesday, September 10th. BNP Paribas started coverage on Mid-America Apartment Communities in a research note on Wednesday, September 11th. They issued a “neutral” rating and a $169.00 target price for the company. Finally, Scotiabank dropped their target price on Mid-America Apartment Communities from $174.00 to $173.00 and set a “sector perform” rating for the company in a research report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $162.68.

About Mid-America Apartment Communities

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.