Everence Capital Management Inc. Makes New Investment in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Everence Capital Management Inc. purchased a new stake in Mid-America Apartment Communities, Inc. (NYSE:MAA) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,910 shares of the real estate investment trust’s stock, valued at approximately $462,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. DecisionPoint Financial LLC acquired a new stake in shares of Mid-America Apartment Communities during the 1st quarter valued at approximately $26,000. EdgeRock Capital LLC acquired a new position in Mid-America Apartment Communities during the second quarter worth $26,000. Mather Group LLC. purchased a new stake in Mid-America Apartment Communities during the first quarter worth $32,000. Versant Capital Management Inc grew its holdings in Mid-America Apartment Communities by 3,071.4% in the second quarter. Versant Capital Management Inc now owns 222 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 215 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Mid-America Apartment Communities by 82.4% in the second quarter. UMB Bank n.a. now owns 239 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 108 shares in the last quarter. Institutional investors and hedge funds own 93.60% of the company’s stock.

Mid-America Apartment Communities Price Performance

MAA stock opened at $152.61 on Tuesday. The stock has a 50-day moving average price of $158.19 and a two-hundred day moving average price of $144.73. The company has a market cap of $17.83 billion, a PE ratio of 31.99, a price-to-earnings-growth ratio of 2.47 and a beta of 0.88. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.76. Mid-America Apartment Communities, Inc. has a 12-month low of $115.56 and a 12-month high of $167.39.

Mid-America Apartment Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Tuesday, October 15th will be issued a $1.47 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $5.88 annualized dividend and a yield of 3.85%. Mid-America Apartment Communities’s payout ratio is 123.27%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Bank of America upgraded shares of Mid-America Apartment Communities from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $144.00 to $189.00 in a research report on Monday, August 12th. Wedbush upped 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. The Goldman Sachs Group initiated coverage on shares of Mid-America Apartment Communities in a research report on Wednesday, September 4th. They issued a “buy” rating and a $187.00 price target on the stock. Royal Bank of Canada upped their target price on Mid-America Apartment Communities from $145.00 to $148.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Finally, Truist Financial boosted 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. One equities research analyst has 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 company. According to data from MarketBeat.com, Mid-America Apartment Communities has a consensus rating of “Moderate Buy” and a consensus target price 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.