Zacks Investment Research upgraded shares of UMH Properties, Inc. (NYSE:UMH) from a hold rating to a buy rating in a research note released on Thursday. Zacks Investment Research currently has $18.00 price objective on the real estate investment trust’s stock.
According to Zacks, “United Mobile Home’s primary business is the ownership and operation of manufactured home communities – leasing manufactured home spaces on a month-to-month basis to private manufactured home owners. The company also leases homes to residents. A manufactured home community is designed to accommodate detached, single family manufactured housing units, which are produced off-site by manufacturers and delivered by truck to the site. “
Other equities research analysts also recently issued research reports about the company. Sidoti upped their price objective on UMH Properties from $18.00 to $21.00 and gave the company a buy rating in a report on Thursday, May 25th. Janney Montgomery Scott initiated coverage on UMH Properties in a report on Friday, September 8th. They issued a buy rating for the company. DA Davidson began coverage on UMH Properties in a report on Friday, September 1st. They issued a buy rating and a $18.00 price objective for the company. BidaskClub raised UMH Properties from a sell rating to a hold rating in a research note on Tuesday, August 22nd. Finally, ValuEngine cut UMH Properties from a buy rating to a hold rating in a research note on Thursday, July 13th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $18.70.
UMH Properties (UMH) traded down 0.25% during trading on Thursday, hitting $15.85. The company had a trading volume of 156,524 shares. The company’s market capitalization is $537.24 million. UMH Properties has a 12-month low of $11.28 and a 12-month high of $17.90. The firm has a 50-day moving average of $15.87 and a 200 day moving average of $16.01.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.72 dividend on an annualized basis and a yield of 4.53%. UMH Properties’s payout ratio is -799.91%.
In other UMH Properties news, Director James E. Mitchell bought 3,000 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was purchased at an average cost of $25.00 per share, with a total value of $75,000.00. Following the completion of the purchase, the director now owns 3,000 shares in the company, valued at $75,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders acquired 3,698 shares of company stock valued at $85,999. Insiders own 11.61% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Susquehanna International Group LLP acquired a new position in shares of UMH Properties during the second quarter worth about $305,000. The Manufacturers Life Insurance Company boosted its position in shares of UMH Properties by 8.9% during the second quarter. The Manufacturers Life Insurance Company now owns 24,038 shares of the real estate investment trust’s stock worth $410,000 after buying an additional 1,956 shares during the period. BlueCrest Capital Management Ltd acquired a new position in shares of UMH Properties during the second quarter worth about $214,000. State Street Corp boosted its position in shares of UMH Properties by 12.7% during the second quarter. State Street Corp now owns 548,075 shares of the real estate investment trust’s stock worth $9,340,000 after buying an additional 61,704 shares during the period. Finally, Voya Investment Management LLC boosted its position in shares of UMH Properties by 11.6% during the second quarter. Voya Investment Management LLC now owns 17,252 shares of the real estate investment trust’s stock worth $294,000 after buying an additional 1,798 shares during the period. 53.99% of the stock is owned by institutional investors.
UMH Properties Company Profile
UMH Properties, Inc (UMH) is a real estate investment trust (REIT). The Company’s primary business is the ownership and operation of manufactured home communities, including leasing manufactured home sites to private manufactured home owners. The Company also leases homes to residents, and through its taxable REIT subsidiary, UMH Sales and Finance, Inc (S&F), conducts manufactured home sales in its communities.
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