Mid-America Apartment Communities (NYSE:MAA) Issues FY 2024 Earnings Guidance

Mid-America Apartment Communities (NYSE:MAA) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 8.800-9.020 for the period, compared to the consensus EPS estimate of 8.880. The company issued revenue guidance of -. Mid-America Apartment Communities also updated its FY24 guidance to $8.80-8.96 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Royal Bank of Canada lowered their price target on shares of Mid-America Apartment Communities from $169.00 to $165.00 and set a “sector perform” rating on the stock in a report on Friday. Piper Sandler upped their price objective on Mid-America Apartment Communities from $140.00 to $165.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. JMP Securities lifted their target price 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. Wells Fargo & Company raised shares of Mid-America Apartment Communities from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $138.00 to $174.00 in a report on Monday, August 26th. Finally, Bank of America upgraded shares of Mid-America Apartment Communities from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $144.00 to $189.00 in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $161.69.

Mid-America Apartment Communities Stock Down 1.4 %

NYSE:MAA traded down $2.17 during midday trading on Friday, reaching $149.17. The company had a trading volume of 1,027,700 shares, compared to its average volume of 755,354. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $17.43 billion, a price-to-earnings ratio of 33.67, a PEG ratio of 2.45 and a beta of 0.88. The stock’s fifty day simple moving average is $158.10 and its 200-day simple moving average is $145.93. Mid-America Apartment Communities has a 12-month low of $118.68 and a 12-month high of $167.39.

Mid-America Apartment Communities (NYSE:MAA) last posted its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported $0.98 EPS for the quarter, missing the consensus estimate of $2.18 by ($1.20). Mid-America Apartment Communities had a net margin of 23.84% and a return on equity of 8.34%. The company 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 company earned $2.29 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts anticipate that Mid-America Apartment Communities will post 8.88 earnings per share for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Tuesday, October 15th were paid a $1.47 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.94%. Mid-America Apartment Communities’s dividend payout ratio (DPR) is presently 132.73%.

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.