Universal Beteiligungs und Servicegesellschaft mbH has increased its stake in Mid-America Apartment Communities, Inc. (NYSE: MAA) by 4.1% during the second quarter of 2023. The fund now holds 124,257 shares of the real estate investment trust (REIT) after acquiring an additional 4,944 shares during this period. As reported in its latest filing with the Securities and Exchange Commission, these holdings are valued at approximately $18.4 million.
Several other institutional investors have also adjusted their positions in Mid-America Apartment Communities. Notably, Larsen Financial Group LLC increased its stake by 107.1% in the first quarter, resulting in ownership of 176 shares valued at around $29,000. Similarly, Jennison Associates LLC acquired a new position worth approximately $558,000 in the same quarter, while Diversify Advisory Services LLC purchased shares valued at about $244,000.
The Teachers Retirement System of The State of Kentucky also raised its holdings in Mid-America Apartment Communities by 2.9%, now owning 8,954 shares valued at around $1.5 million. Currently, 93.6% of the stock is owned by hedge funds and institutional investors.
Insider Activity and Recent Earnings Report
In a separate development, CEO H Eric Bolton, Jr. purchased 578 shares of the company on October 31, 2023, at an average price of $129.36 per share, totaling $74,770.08. This acquisition brings his total holdings to 320,391 shares, valued at approximately $41.4 million. The transaction was disclosed in an SEC filing.
Mid-America Apartment Communities recently reported its quarterly earnings on October 29, 2023, posting earnings per share (EPS) of $2.16, just below the consensus estimate of $2.17. The company generated revenue of $554.37 million, falling short of analysts’ expectations of $557.22 million. Compared to the same quarter last year, revenue increased by 0.6%. The firm has set its guidance for fiscal year 2025 at an EPS range of $8.680-$8.800.
Dividend Increase and Analyst Ratings
In addition to these developments, Mid-America Apartment Communities declared a quarterly dividend of $1.515, distributed to shareholders on October 31, 2023. This marks an increase from the previous dividend of $1.06, representing an annualized dividend of $6.06 and a dividend yield of 4.6%. The ex-dividend date was set for October 15, 2023, with a current dividend payout ratio of 128.39%.
Analysts have been adjusting their ratings for Mid-America Apartment Communities. Wells Fargo & Company raised its target price from $156.00 to $157.00 while maintaining an “overweight” rating. In contrast, UBS Group downgraded their price target from $142.00 to $132.00, shifting from a “sell” to a “neutral” rating. Overall, eight analysts have rated the stock as a Buy, eleven have given it a Hold rating, and two have issued Sell ratings. The average target price stands at $156.22 according to MarketBeat.com.
Mid-America Apartment Communities, a prominent REIT, is engaged in the operation, acquisition, and development of apartment communities, segmented into Same Store and Non-Same Store categories. As the company navigates the complexities of the real estate market, its strategic moves and financial metrics will continue to attract scrutiny from investors and analysts alike.
