PNC Financial Services Group Inc. Has $2.29 Million Position in Mid-America Apartment Communities, Inc. (NYSE:MAA)

PNC Financial Services Group Inc. lifted its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA) by 12.7% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 14,398 shares of the real estate investment trust’s stock after buying an additional 1,618 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Mid-America Apartment Communities were worth $2,288,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MAA. Ashton Thomas Securities LLC acquired a new stake in Mid-America Apartment Communities during the third quarter worth approximately $25,000. EdgeRock Capital LLC acquired a new stake in Mid-America Apartment Communities during the 2nd quarter worth approximately $26,000. Versant Capital Management Inc boosted its stake in Mid-America Apartment Communities by 3,071.4% in the 2nd 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 period. UMB Bank n.a. boosted its stake in Mid-America Apartment Communities by 82.4% in the 2nd quarter. UMB Bank n.a. now owns 239 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 108 shares during the period. Finally, Catalyst Capital Advisors LLC acquired a new position in Mid-America Apartment Communities in the 3rd quarter valued at $37,000. Institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Up 0.7 %

Shares of NYSE:MAA opened at $162.00 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.09 and a current ratio of 0.09. Mid-America Apartment Communities, Inc. has a 52-week low of $121.51 and a 52-week high of $167.39. The company has a market capitalization of $18.93 billion, a PE ratio of 36.56, a price-to-earnings-growth ratio of 2.59 and a beta of 0.88. The company has a fifty day moving average of $156.76 and a 200-day moving average of $149.14.

Mid-America Apartment Communities (NYSE:MAA) last posted its earnings results 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 firm had revenue of $551.13 million during the quarter, compared to the consensus estimate of $548.53 million. Mid-America Apartment Communities had a net margin of 23.84% and a return on equity of 8.38%. Mid-America Apartment Communities’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 earnings per share. On average, equities analysts predict that Mid-America Apartment Communities, Inc. will post 8.88 EPS for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were given a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Tuesday, October 15th. Mid-America Apartment Communities’s dividend payout ratio (DPR) is currently 132.73%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group started 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 target price for the company. Piper Sandler increased their target price on shares of Mid-America Apartment Communities from $140.00 to $165.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Raymond James upgraded shares of Mid-America Apartment Communities from a “market perform” rating to a “strong-buy” rating and set a $175.00 price target for the company in a research report on Monday, October 21st. Scotiabank lowered their price objective on Mid-America Apartment Communities from $174.00 to $173.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 14th. Finally, Truist Financial upped their target price on Mid-America Apartment Communities from $156.00 to $167.00 and gave the company a “buy” rating in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.