Zacks Investment Research upgraded shares of UMH Properties, Inc. (NYSE:UMH) from a hold rating to a buy rating in a report published on Thursday morning. Zacks Investment Research currently has $18.00 price target 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 have also recently issued reports about the stock. Sidoti increased their price objective on shares of UMH Properties from $18.00 to $21.00 and gave the stock a buy rating in a research report on Thursday, May 25th. BidaskClub cut shares of UMH Properties from a hold rating to a sell rating in a research report on Thursday, July 27th. ValuEngine cut shares of UMH Properties from a buy rating to a hold rating in a research report on Thursday, July 13th. Janney Montgomery Scott assumed coverage on shares of UMH Properties in a research report on Friday, September 8th. They set a buy rating for the company. Finally, DA Davidson assumed coverage on shares of UMH Properties in a research report on Friday, September 1st. They set a buy rating and a $18.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $18.70.
UMH Properties (NYSE:UMH) opened at 15.82 on Thursday. UMH Properties has a 12 month low of $11.28 and a 12 month high of $17.90. The company’s market capitalization is $536.22 million. The stock’s 50 day moving average is $15.85 and its 200-day moving average is $16.01.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.55%. The ex-dividend date of this dividend was Friday, August 11th. UMH Properties’s dividend payout ratio (DPR) is presently -799.91%.
In other news, Director James E. Mitchell acquired 3,000 shares of the firm’s stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $25.00 per share, for a total transaction of $75,000.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $75,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 3,698 shares of company stock valued at $85,999. 11.61% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning boosted its stake in UMH Properties by 227.1% during the second quarter. Creative Planning now owns 6,049 shares of the real estate investment trust’s stock worth $103,000 after acquiring an additional 4,200 shares in the last quarter. Bank of Montreal Can boosted its stake in UMH Properties by 787.4% during the second quarter. Bank of Montreal Can now owns 10,392 shares of the real estate investment trust’s stock worth $177,000 after acquiring an additional 9,221 shares in the last quarter. Aperio Group LLC boosted its stake in UMH Properties by 6.0% during the second quarter. Aperio Group LLC now owns 10,919 shares of the real estate investment trust’s stock worth $186,000 after acquiring an additional 617 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in UMH Properties during the second quarter worth $211,000. Finally, BlueCrest Capital Management Ltd bought a new position in UMH Properties during the second quarter worth $214,000. 53.99% of the stock is currently owned by institutional investors and hedge funds.
About UMH Properties
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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