UMH Properties, Inc. (UMH) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of UMH Properties, Inc. (NYSE:UMH) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
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. “
A number of other analysts also recently weighed in on UMH. BidaskClub upgraded UMH Properties from a sell rating to a hold rating in a research note on Wednesday, August 2nd. ValuEngine cut UMH Properties from a buy rating to a hold rating in a report on Thursday, July 13th. Janney Montgomery Scott began coverage on UMH Properties in a report on Friday, September 8th. They set a buy rating for the company. Sidoti lifted their price objective on UMH Properties from $18.00 to $21.00 and gave the stock a buy rating in a report on Thursday, May 25th. Finally, DA Davidson began coverage on UMH Properties in a report on Friday, September 1st. They set a buy rating and a $18.00 price objective for the company. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of Buy and an average target price of $18.70.
UMH Properties (UMH) traded down 0.27% on Friday, reaching $15.01. The company had a trading volume of 129,803 shares. The company’s market capitalization is $508.76 million. The company’s 50-day moving average is $15.79 and its 200-day moving average is $16.04. UMH Properties has a 52-week low of $11.28 and a 52-week high of $17.90.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 15th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.72 annualized dividend and a yield of 4.80%. UMH Properties’s dividend payout ratio is presently -799.91%.
In other news, Director James E. Mitchell acquired 3,000 shares of UMH Properties stock in a transaction that occurred 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 acquisition, the director now owns 3,000 shares in the company, valued at approximately $75,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have purchased 3,764 shares of company stock valued at $86,998. 11.61% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of UMH. Bank of Montreal Can raised its holdings 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 purchasing an additional 9,221 shares during the last quarter. Creative Planning raised its holdings in shares of UMH Properties by 227.1% in 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 during the last quarter. Aperio Group LLC raised its holdings in shares of UMH Properties by 6.0% in 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 during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of UMH Properties in the second quarter worth $904,000. Finally, State of New Jersey Common Pension Fund D raised its holdings 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 worth $5,405,000 after acquiring an additional 10,000 shares during the last quarter. 53.99% of the stock is owned by hedge funds and other institutional investors.
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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