The Manufacturers Life Insurance Company lowered its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA – Get Rating) by 6.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,561 shares of the real estate investment trust's stock after selling 6,617 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Mid-America Apartment Communities worth $14,353,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Karp Capital Management Corp acquired a new stake in Mid-America Apartment Communities during the third quarter worth approximately $26,000. Clear Street Markets LLC raised its holdings in Mid-America Apartment Communities by 410.6% during the second quarter. Clear Street Markets LLC now owns 240 shares of the real estate investment trust's stock worth $42,000 after purchasing an additional 193 shares in the last quarter. American Research & Management Co. acquired a new stake in Mid-America Apartment Communities during the third quarter worth approximately $37,000. CX Institutional acquired a new stake in Mid-America Apartment Communities during the second quarter worth approximately $44,000. Finally, Ronald Blue Trust Inc. acquired a new stake in Mid-America Apartment Communities during the second quarter worth approximately $61,000. Institutional investors and hedge funds own 91.20% of the company's stock.
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Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on MAA. Mizuho lowered their target price on shares of Mid-America Apartment Communities from $177.00 to $166.00 and set a "neutral" rating on the stock in a research report on Thursday, November 10th. Barclays lowered their target price on shares of Mid-America Apartment Communities from $215.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, November 10th. Capital One Financial restated an "overweight" rating on shares of Mid-America Apartment Communities in a research report on Wednesday, November 30th. BTIG Research lowered their target price on shares of Mid-America Apartment Communities from $225.00 to $175.00 and set a "buy" rating on the stock in a research report on Wednesday, January 11th. Finally, Jefferies Financial Group lowered their target price on shares of Mid-America Apartment Communities from $210.00 to $189.00 and set a "buy" rating on the stock in a research report on Wednesday, October 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Mid-America Apartment Communities has a consensus rating of "Hold" and an average target price of $182.85.
Mid-America Apartment Communities Stock Performance
NYSE:MAA opened at $162.55 on Friday. The firm has a market cap of $18.77 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 8.81 and a beta of 0.75. Mid-America Apartment Communities, Inc. has a 1-year low of $141.13 and a 1-year high of $217.64. The firm's fifty day moving average price is $159.10 and its 200 day moving average price is $162.87. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.08 and a quick ratio of 0.08.
Mid-America Apartment Communities Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, January 13th will be given a dividend of $1.40 per share. This is a positive change from Mid-America Apartment Communities's previous quarterly dividend of $1.25. This represents a $5.60 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Thursday, January 12th. Mid-America Apartment Communities's payout ratio is presently 103.32%.
Insiders Place Their Bets
In other Mid-America Apartment Communities news, Director Monica Houle Mcgurk sold 921 shares of the business's stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $162.01, for a total transaction of $149,211.21. Following the sale, the director now directly owns 835 shares in the company, valued at approximately $135,278.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Monica Houle Mcgurk sold 921 shares of Mid-America Apartment Communities stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $162.01, for a total transaction of $149,211.21. Following the completion of the transaction, the director now owns 835 shares of the company's stock, valued at approximately $135,278.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Albert M. Campbell III sold 883 shares of Mid-America Apartment Communities stock in a transaction on Friday, January 6th. The stock was sold at an average price of $153.85, for a total value of $135,849.55. Following the transaction, the chief financial officer now directly owns 55,826 shares of the company's stock, valued at approximately $8,588,830.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,383 shares of company stock worth $528,613. Corporate insiders own 1.34% of the company's stock.
Mid-America Apartment Communities Profile
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Mid-America Apartment Communities, Inc is a real estate investment trust. The firm engages in the operation, acquisition and development of apartment communities. It operates through the following segments: Same Store Communities and Non-Same Store and Other. The Same Store Communities segment focuses on communities that the company has owned.
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