Scotiabank Increases Mid-America Apartment Communities (NYSE:MAA) Price Target to $174.00

Mid-America Apartment Communities (NYSE:MAA) had its target price boosted by research analysts at Scotiabank from $161.00 to $174.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential upside of 4.10% from the stock’s current price.

A number of other brokerages have also recently issued reports on MAA. Piper Sandler lifted their price objective on Mid-America Apartment Communities from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Monday, August 26th. JMP Securities lifted their price target on shares of Mid-America Apartment Communities from $145.00 to $160.00 and gave the company a “market outperform” rating in a report on Friday, August 2nd. The Goldman Sachs Group assumed 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 objective on the stock. Royal Bank of Canada lifted their target price on shares of Mid-America Apartment Communities from $145.00 to $148.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Finally, Janney Montgomery Scott upgraded Mid-America Apartment Communities from a “neutral” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $159.91.

Mid-America Apartment Communities Price Performance

Shares of MAA traded up $0.97 during mid-day trading on Monday, reaching $167.15. The company had a trading volume of 205,606 shares, compared to its average volume of 762,330. The company’s 50-day moving average is $151.42 and its 200-day moving average is $139.75. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $19.54 billion, a P/E ratio of 35.08, a P/E/G ratio of 3.66 and a beta of 0.88. Mid-America Apartment Communities has a twelve month low of $115.56 and a twelve month high of $167.39.

Hedge Funds Weigh In On Mid-America Apartment Communities

Several hedge funds have recently added to or reduced their stakes in MAA. Norges Bank acquired a new position in Mid-America Apartment Communities during the 4th quarter valued at about $713,500,000. Duquesne Family Office LLC acquired a new position in Mid-America Apartment Communities in the second quarter valued at approximately $91,868,000. Balyasny Asset Management L.P. boosted its stake in Mid-America Apartment Communities by 96.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,220,328 shares of the real estate investment trust’s stock valued at $164,085,000 after acquiring an additional 600,547 shares during the last quarter. Long Pond Capital LP grew its holdings in Mid-America Apartment Communities by 550.9% during the 2nd quarter. Long Pond Capital LP now owns 647,011 shares of the real estate investment trust’s stock worth $92,270,000 after acquiring an additional 547,607 shares during the period. Finally, 1832 Asset Management L.P. raised its position in shares of Mid-America Apartment Communities by 103.1% during the 4th quarter. 1832 Asset Management L.P. now owns 1,030,038 shares of the real estate investment trust’s stock valued at $138,499,000 after acquiring an additional 522,851 shares during the last quarter. Institutional investors own 93.60% of the company’s stock.

About Mid-America Apartment Communities

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.