Pacific Heights Asset Management LLC Has $16,614,000 Position in UDR Inc. (UDR)
Pacific Heights Asset Management LLC held its stake in UDR Inc. (NYSE:UDR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 450,000 shares of the real estate investment trust’s stock at the end of the second quarter. UDR accounts for approximately 1.5% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 16th largest position. Pacific Heights Asset Management LLC owned approximately 0.17% of UDR worth $16,614,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Conning Inc. acquired a new stake in UDR during the second quarter worth $207,000. Cleararc Capital Inc. acquired a new stake in UDR during the first quarter worth $251,000. Magnetar Financial LLC acquired a new stake in UDR during the first quarter worth $255,000. ING Groep NV boosted its stake in UDR by 53.8% in the second quarter. ING Groep NV now owns 9,406 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 3,291 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in UDR by 6.8% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,579 shares of the real estate investment trust’s stock worth $408,000 after buying an additional 670 shares in the last quarter. Institutional investors own 98.22% of the company’s stock.
Shares of UDR Inc. (NYSE:UDR) traded down 2.45% during midday trading on Monday, reaching $35.11. The company’s stock had a trading volume of 1,579,241 shares. The stock has a 50 day moving average of $35.98 and a 200-day moving average of $36.27. UDR Inc. has a 1-year low of $32.90 and a 1-year high of $38.61. The company has a market capitalization of $9.38 billion, a P/E ratio of 45.07 and a beta of 0.52.
UDR (NYSE:UDR) last released its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. The firm had revenue of $238.79 million for the quarter, compared to analyst estimates of $235.77 million. UDR had a net margin of 21.86% and a return on equity of 7.15%. UDR’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, equities research analysts anticipate that UDR Inc. will post $1.78 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Tuesday, October 11th will be paid a dividend of $0.295 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.18 annualized dividend and a yield of 3.36%. UDR’s dividend payout ratio (DPR) is 155.26%.
A number of analysts have weighed in on the company. Zacks Investment Research cut UDR from a “hold” rating to a “sell” rating in a research note on Monday, June 13th. Citigroup Inc. raised their price target on UDR from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, August 2nd. BTIG Research assumed coverage on UDR in a research note on Thursday, August 25th. They issued a “buy” rating and a $42.00 price target on the stock. Cantor Fitzgerald restated a “buy” rating and issued a $39.50 price target on shares of UDR in a research note on Monday, July 18th. Finally, Mizuho upgraded UDR from a “neutral” rating to a “buy” rating and raised their price target for the company from $37.00 to $41.00 in a research note on Monday, August 1st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $38.71.
In other UDR news, SVP Harry G. Alcock sold 7,500 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $36.97, for a total value of $277,275.00. Following the completion of the transaction, the senior vice president now owns 120,145 shares in the company, valued at approximately $4,441,760.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Clinton D. Mcdonnough bought 3,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was purchased at an average price of $34.54 per share, with a total value of $103,620.00. Following the transaction, the director now owns 7,000 shares in the company, valued at approximately $241,780. The disclosure for this purchase can be found here. 2.79% of the stock is currently owned by company insiders.
UDR, Inc is a real estate investment trust. The Company owns, operates, acquires, renovates, develops, redevelops and manages multifamily apartment communities generally located in various markets across the United States. The Company operates through two segments: Same-Store Communities and Non-Mature Communities/Other.
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