Mid-America Apartment Communities (NYSE:MAA) Releases FY24 Earnings Guidance

Mid-America Apartment Communities (NYSE:MAA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $8.74-9.02 for the period, compared to the consensus EPS estimate of $8.97. Mid-America Apartment Communities also updated its Q3 guidance to $2.08-2.24 EPS.

Wall Street Analyst Weigh In

Several analysts have recently commented on MAA shares. Wells Fargo & Company raised their price target on Mid-America Apartment Communities from $129.00 to $138.00 and gave the company an equal weight rating in a report on Friday, May 31st. Truist Financial upped their price target on shares of Mid-America Apartment Communities from $148.00 to $156.00 and gave the company a buy rating in a report on Monday, June 24th. Mizuho raised their price objective on shares of Mid-America Apartment Communities from $126.00 to $130.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Scotiabank boosted their price target on Mid-America Apartment Communities from $139.00 to $144.00 and gave the stock a sector perform rating in a report on Tuesday, May 14th. Finally, Morgan Stanley boosted their price target on Mid-America Apartment Communities from $129.50 to $138.50 and gave the company an equal weight rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Mid-America Apartment Communities currently has an average rating of Hold and an average target price of $141.59.

Mid-America Apartment Communities Stock Performance

Mid-America Apartment Communities stock traded down $1.54 during mid-day trading on Wednesday, reaching $139.77. The company’s stock had a trading volume of 874,395 shares, compared to its average volume of 769,303. The firm has a market cap of $16.33 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 3.19 and a beta of 0.85. Mid-America Apartment Communities has a twelve month low of $115.56 and a twelve month high of $150.79. The business has a 50 day moving average price of $139.06 and a 200-day moving average price of $133.36. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.74.

Mid-America Apartment Communities (NYSE:MAA) last announced its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($1.01). The company had revenue of $543.60 million during the quarter, compared to the consensus estimate of $541.44 million. Mid-America Apartment Communities had a return on equity of 8.90% and a net margin of 25.92%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period last year, the business posted $2.28 EPS. Sell-side analysts predict that Mid-America Apartment Communities will post 8.88 EPS for the current fiscal year.

Mid-America Apartment Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 15th will be issued a $1.47 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $5.88 annualized dividend and a dividend yield of 4.21%. Mid-America Apartment Communities’s dividend payout ratio is currently 123.27%.

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.