Mid-America Apartment Communities, Inc. to Issue Quarterly Dividend of $1.47 (NYSE:MAA)

Mid-America Apartment Communities, Inc. (NYSE:MAA) declared a quarterly dividend on Tuesday, May 21st, RTT News reports. Shareholders of record on Monday, July 15th will be paid a dividend of 1.47 per share by the real estate investment trust on Wednesday, July 31st. This represents a $5.88 annualized dividend and a yield of 4.29%.

Mid-America Apartment Communities has raised its dividend by an average of 11.9% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Mid-America Apartment Communities has a dividend payout ratio of 138.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Mid-America Apartment Communities to earn $9.10 per share next year, which means the company should continue to be able to cover its $5.88 annual dividend with an expected future payout ratio of 64.6%.

Mid-America Apartment Communities Trading Up 0.4 %

Shares of Mid-America Apartment Communities stock traded up $0.59 on Wednesday, hitting $137.09. The stock had a trading volume of 7,295 shares, compared to its average volume of 838,347. The stock has a 50 day moving average of $131.17 and a 200 day moving average of $129.58. Mid-America Apartment Communities has a twelve month low of $115.56 and a twelve month high of $158.46. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $16.02 billion, a P/E ratio of 28.61, a PEG ratio of 3.59 and a beta of 0.80.

Mid-America Apartment Communities (NYSE:MAA) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.23 by ($1.01). The firm had revenue of $543.60 million for the quarter, compared to analyst estimates of $541.44 million. Mid-America Apartment Communities had a net margin of 25.92% and a return on equity of 8.90%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.28 EPS. Sell-side analysts expect that Mid-America Apartment Communities will post 8.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MAA has been the topic of a number of recent research reports. Truist Financial cut their target price on Mid-America Apartment Communities from $152.00 to $148.00 and set a “buy” rating on the stock in a report on Tuesday, April 9th. UBS Group raised their price objective on Mid-America Apartment Communities from $126.00 to $131.00 and gave the company a “sell” rating in a research note on Tuesday, May 14th. Wedbush upgraded Mid-America Apartment Communities from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $135.00 to $154.00 in a research note on Monday, May 6th. Morgan Stanley raised their price objective on Mid-America Apartment Communities from $129.50 to $138.50 and gave the company an “equal weight” rating in a research note on Wednesday, May 15th. Finally, Mizuho dropped their price objective on Mid-America Apartment Communities from $132.00 to $126.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $144.18.

Insiders Place Their Bets

In other news, CEO H Eric Bolton, Jr. sold 2,642 shares of Mid-America Apartment Communities stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $126.07, for a total transaction of $333,076.94. Following the completion of the sale, the chief executive officer now owns 317,737 shares in the company, valued at approximately $40,057,103.59. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 2,807 shares of company stock worth $353,955 in the last quarter. 1.30% of the stock is owned by company insiders.

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.