Cornercap Investment Counsel Inc. Cuts Holdings in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Cornercap Investment Counsel Inc. lowered its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA) by 43.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,702 shares of the real estate investment trust’s stock after selling 3,608 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Mid-America Apartment Communities were worth $747,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of MAA. CIBC Asset Management Inc boosted its holdings in shares of Mid-America Apartment Communities by 7.6% in the 3rd quarter. CIBC Asset Management Inc now owns 17,546 shares of the real estate investment trust’s stock valued at $2,788,000 after buying an additional 1,240 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in Mid-America Apartment Communities by 61.8% in the third quarter. OneDigital Investment Advisors LLC now owns 5,195 shares of the real estate investment trust’s stock valued at $826,000 after acquiring an additional 1,985 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Mid-America Apartment Communities by 10.5% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,623 shares of the real estate investment trust’s stock worth $576,000 after purchasing an additional 345 shares during the last quarter. Metis Global Partners LLC grew its holdings in Mid-America Apartment Communities by 21.9% in the third quarter. Metis Global Partners LLC now owns 15,774 shares of the real estate investment trust’s stock worth $2,506,000 after purchasing an additional 2,829 shares during the last quarter. Finally, KBC Group NV increased its position in shares of Mid-America Apartment Communities by 830.8% during the third quarter. KBC Group NV now owns 125,785 shares of the real estate investment trust’s stock worth $19,987,000 after purchasing an additional 112,271 shares in the last quarter. Institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Up 0.5 %

Shares of MAA opened at $158.09 on Friday. The stock’s 50-day moving average price is $157.27 and its 200-day moving average price is $148.02. 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 market capitalization of $18.48 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 2.60 and a beta of 0.88. Mid-America Apartment Communities, Inc. has a 52 week low of $120.32 and a 52 week high of $167.39.

Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing the consensus estimate of $2.18 by ($1.20). The company had revenue of $551.13 million during the quarter, compared to analysts’ expectations of $548.53 million. Mid-America Apartment Communities had a return on equity of 8.38% and a net margin of 23.84%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.29 EPS. On average, sell-side analysts predict that Mid-America Apartment Communities, Inc. will post 8.88 EPS for the current year.

Mid-America Apartment Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were issued a $1.47 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $5.88 dividend on an annualized basis and a yield of 3.72%. Mid-America Apartment Communities’s payout ratio is 132.73%.

Analyst Ratings Changes

Several research analysts recently weighed in on MAA shares. Truist Financial boosted their target price on Mid-America Apartment Communities from $156.00 to $167.00 and gave the stock a “buy” rating in a research note on Monday, August 26th. Wedbush boosted their price target on Mid-America Apartment Communities from $154.00 to $184.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. StockNews.com downgraded shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. BNP Paribas started coverage on shares of 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, The Goldman Sachs Group initiated coverage on shares of Mid-America Apartment Communities in a research note on Wednesday, September 4th. They set a “buy” rating and a $187.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Mid-America Apartment Communities has an average rating of “Hold” and an average price target of $161.64.

Mid-America Apartment Communities 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.