UMH Properties, Inc. (NYSE:UMH) Stake Cut by Ridgewood Investments LLC
Ridgewood Investments LLC cut its stake in UMH Properties, Inc. (NYSE:UMH) by 8.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,522 shares of the real estate investment trust’s stock after selling 1,792 shares during the period. Ridgewood Investments LLC’s holdings in UMH Properties were worth $333,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its position in shares of UMH Properties by 108.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 210,748 shares of the real estate investment trust’s stock valued at $3,594,000 after buying an additional 109,803 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of UMH Properties during the second quarter valued at $904,000. Wedbush Securities Inc. increased its position in shares of UMH Properties by 14.1% in the second quarter. Wedbush Securities Inc. now owns 109,487 shares of the real estate investment trust’s stock valued at $1,867,000 after buying an additional 13,565 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of UMH Properties by 3.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 317,000 shares of the real estate investment trust’s stock valued at $5,405,000 after buying an additional 10,000 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of UMH Properties by 787.4% in the second quarter. Bank of Montreal Can now owns 10,392 shares of the real estate investment trust’s stock valued at $177,000 after buying an additional 9,221 shares in the last quarter. 45.54% of the stock is owned by institutional investors.
UMH Properties, Inc. (UMH) opened at 15.33 on Friday. The firm’s 50 day moving average is $16.60 and its 200 day moving average is $15.84. UMH Properties, Inc. has a 12-month low of $11.28 and a 12-month high of $17.90. The company’s market cap is $519.61 million.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, August 11th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.70%. UMH Properties’s dividend payout ratio is currently -799.91%.
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Several research analysts recently weighed in on UMH shares. BidaskClub downgraded shares of UMH Properties from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. FBR & Co reaffirmed an “outperform” rating and issued a $18.50 target price on shares of UMH Properties in a report on Tuesday, July 11th. Wunderlich upped their target price on shares of UMH Properties from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, May 11th. Sidoti upped their target price on shares of UMH Properties from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Finally, ValuEngine downgraded shares of UMH Properties from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. UMH Properties presently has an average rating of “Buy” and a consensus target price of $19.17.
In related news, Director James E. Mitchell bought 3,000 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was acquired at an average price of $25.00 per share, with a total value of $75,000.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $75,000. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have bought 4,326 shares of company stock valued at $96,012 in the last three months. Corporate insiders own 11.61% of the company’s stock.
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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