Mid-America Apartment Received its Third Buy in a RowBy Austin Angelo
After Oppenheimer and D.A. Davidson assigned a Buy rating to Mid-America Apartment in the last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Gaurav Mehta reiterated a Buy rating on Mid-America Apartment (NYSE: MAA) yesterday and set a price target of $112. The company’s shares opened today at $90.35.
“FFO/sh. +$0.01 vs. Cantor. 3Q core FFO/sh. was $1.49, vs. Cantor/FactSet consensus ests. of $1.48/$1.49.”
According to TipRanks.com, Mehta is a 1-star analyst with an average return of -3.3% and a 37.1% success rate. Mehta covers the Financial sector, focusing on stocks such as Ashford Hospitality Trust, Summit Hotel Properties, and Host Hotels & Resorts.
Currently, the analyst consensus on Mid-America Apartment is Strong Buy and the average price target is $114, representing a 26.2% upside.
In a report issued on October 17, D.A. Davidson also upgraded the stock to Buy with a $105 price target.
The company has a one year high of $110.01 and a one year low of $82.05. Currently, Mid-America Apartment has an average volume of 774.7K.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MAA in relation to earlier this year. Most recently, in June 2015, Gary Shorb, a a Director at MAA bought 700 shares for a total of $51,695.
Mid-America Apartment Communities, Inc. is a real estate investment trust, which owns and manages apartments in the Sunbelt region of the United States. It operates through the following segments: Large Market Same Store Communities, Secondary Market Same Store Communities and Non Same Store Communities & Other. The company was founded in 1994 and is headquartered in Memphis, TN.