Peapack Gladstone Financial Corp Lowers Stock Position in Mid-America Apartment Communities, Inc. (NYSE:MAA)

Peapack Gladstone Financial Corp trimmed its position in Mid-America Apartment Communities, Inc. (NYSE:MAA) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,088 shares of the real estate investment trust’s stock after selling 104 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Mid-America Apartment Communities were worth $3,192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MAA. Prosperity Consulting Group LLC bought a new position in Mid-America Apartment Communities in the 2nd quarter worth $2,572,000. Swedbank AB lifted its position in shares of Mid-America Apartment Communities by 2.6% in the third quarter. Swedbank AB now owns 203,587 shares of the real estate investment trust’s stock valued at $32,350,000 after acquiring an additional 5,178 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Mid-America Apartment Communities by 2.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 180,689 shares of the real estate investment trust’s stock worth $28,711,000 after acquiring an additional 4,301 shares during the period. Eagle Asset Management Inc. purchased a new stake in shares of Mid-America Apartment Communities during the third quarter worth about $4,304,000. Finally, Bank of Montreal Can raised its stake in Mid-America Apartment Communities by 6.1% during the 2nd quarter. Bank of Montreal Can now owns 156,374 shares of the real estate investment trust’s stock valued at $22,446,000 after purchasing an additional 8,984 shares during the period. Institutional investors own 93.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on MAA shares. Piper Sandler upped their price target on Mid-America Apartment Communities from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note 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 target price for the company in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Mid-America Apartment Communities from $139.00 to $163.00 and gave the company a “hold” rating in a research note on Tuesday, September 10th. StockNews.com cut shares of Mid-America Apartment Communities from a “hold” rating to a “sell” rating in a research note on Tuesday, November 5th. Finally, Scotiabank cut their price objective on Mid-America Apartment Communities from $174.00 to $173.00 and set a “sector perform” rating for the company in a research report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $162.68.

Mid-America Apartment Communities Stock Performance

NYSE:MAA opened at $157.22 on Friday. The firm has a market capitalization of $18.38 billion, a PE ratio of 35.49, a PEG ratio of 2.55 and a beta of 0.90. The stock’s fifty day moving average is $156.83 and its 200 day moving average is $151.71. Mid-America Apartment Communities, Inc. has a fifty-two week low of $121.51 and a fifty-two week high of $167.39. 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 (NYSE:MAA) last released its quarterly earnings results on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($1.20). Mid-America Apartment Communities had a return on equity of 8.38% and a net margin of 23.84%. The firm had revenue of $551.13 million for the quarter, compared to analysts’ expectations of $548.53 million. During the same period in the prior year, the firm posted $2.29 earnings per share. Mid-America Apartment Communities’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Mid-America Apartment Communities, Inc. will post 8.88 earnings per share for the current year.

Mid-America Apartment Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be paid a dividend of $1.515 per share. This is a positive change from Mid-America Apartment Communities’s previous quarterly dividend of $1.47. This represents a $6.06 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Wednesday, January 15th. Mid-America Apartment Communities’s dividend payout ratio (DPR) is currently 132.73%.

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.