Zacks Investment Research lowered shares of Mid-America Apartment Communities (NYSE:MAA) from a hold rating to a sell rating in a report published on Thursday morning.

According to Zacks, “Shares of Mid-America Apartment Communities, also known as MAA, have underperformed its industry over the past six months. In addition, the trend in estimate revisions of 2019 funds from operations (FFO) per share does not indicate a favorable outlook for the company. Notably, elevated apartment supply in a number of its markets is likely to impact rent growth and occupancy. Additionally, high geographic concentration of assets makes it vulnerable to any unfavorable developments in these areas. Further, any hike in interest rate will impact its ability to finance and refinance debt as well as increase interest expense. Nonetheless, a well-balanced portfolio, favorable demographics and household formation and an investment grade balance sheet supports the company’s long-term growth.”

Several other brokerages also recently issued reports on MAA. TheStreet upgraded shares of Mid-America Apartment Communities from a c+ rating to a b- rating in a research note on Thursday, February 14th. BMO Capital Markets restated a hold rating and issued a $102.00 price objective on shares of Mid-America Apartment Communities in a research note on Wednesday, January 30th. ValuEngine upgraded shares of Mid-America Apartment Communities from a hold rating to a buy rating in a research note on Tuesday, January 29th. Barclays restated a buy rating on shares of Mid-America Apartment Communities in a research note on Wednesday, November 28th. Finally, KeyCorp set a $108.00 price objective on shares of Mid-America Apartment Communities and gave the stock a buy rating in a research note on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $104.56.

MAA stock traded down $0.41 during midday trading on Thursday, hitting $107.84. 4,612 shares of the company traded hands, compared to its average volume of 611,549. Mid-America Apartment Communities has a twelve month low of $86.61 and a twelve month high of $108.29. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.71. The company has a market cap of $12.23 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 3.31 and a beta of 0.49.

Mid-America Apartment Communities (NYSE:MAA) last announced its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $1.55 EPS for the quarter, meeting the consensus estimate of $1.55. Mid-America Apartment Communities had a return on equity of 3.41% and a net margin of 14.01%. The company had revenue of $398.15 million for the quarter, compared to the consensus estimate of $399.19 million. During the same quarter last year, the company posted $1.50 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities analysts expect that Mid-America Apartment Communities will post 6.19 EPS for the current fiscal year.

In related news, CFO Albert M. Campbell III sold 280 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $107.04, for a total value of $29,971.20. Following the completion of the transaction, the chief financial officer now directly owns 44,582 shares of the company’s stock, valued at $4,772,057.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider H Eric Bolton, Jr. sold 262 shares of the firm’s stock in a transaction on Wednesday, January 16th. The stock was sold at an average price of $97.84, for a total value of $25,634.08. Following the completion of the transaction, the insider now directly owns 224,347 shares of the company’s stock, valued at $21,950,110.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,942 shares of company stock worth $404,628. 1.26% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC bought a new position in Mid-America Apartment Communities in the fourth quarter worth $35,000. Doyle Wealth Management bought a new position in shares of Mid-America Apartment Communities in the fourth quarter valued at about $85,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Mid-America Apartment Communities in the fourth quarter valued at about $216,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Mid-America Apartment Communities in the third quarter valued at about $225,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Mid-America Apartment Communities in the third quarter valued at about $228,000. 93.12% of the stock is owned by hedge funds and other institutional investors.

About Mid-America Apartment Communities

MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.

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