Zacks Investment Research upgraded shares of Urstadt Biddle Properties Inc. (NYSE:UBA) from a sell rating to a hold rating in a research note issued to investors on Thursday. The brokerage currently has $23.00 price target on the real estate investment trust’s stock.

According to Zacks, “Urstadt Biddle Properties is a self-administered equity real estate investment trust that provides investors with an investment vehicle for participating in ownership of income-producing properties. Their core properties consist principally of community shopping centers located in the northeast. “

Several other equities analysts have also weighed in on UBA. TheStreet lowered Urstadt Biddle Properties from a b- rating to a c+ rating in a research note on Friday, May 12th. ValuEngine lowered Urstadt Biddle Properties from a buy rating to a hold rating in a research note on Friday, June 2nd. FBR & Co restated a mkt perform rating and issued a $20.00 price target on shares of Urstadt Biddle Properties in a research note on Tuesday, July 11th. Finally, BidaskClub upgraded Urstadt Biddle Properties from a hold rating to a buy rating in a research note on Friday, August 11th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $22.33.

Urstadt Biddle Properties (UBA) opened at 20.92 on Thursday. Urstadt Biddle Properties has a 12-month low of $18.32 and a 12-month high of $25.43. The company has a market cap of $788.73 million, a P/E ratio of 20.08 and a beta of 0.53. The firm has a 50-day moving average price of $20.79 and a 200-day moving average price of $20.31.

Urstadt Biddle Properties (NYSE:UBA) last issued its quarterly earnings data on Friday, September 8th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.17. Urstadt Biddle Properties had a return on equity of 13.56% and a net margin of 44.94%. On average, analysts forecast that Urstadt Biddle Properties will post $0.94 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, October 6th will be given a $0.265 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 5.07%. Urstadt Biddle Properties’s dividend payout ratio (DPR) is presently 100.95%.

Urstadt Biddle Properties announced that its board has initiated a share repurchase plan on Friday, June 9th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Urstadt Biddle Properties by 1.6% in the second quarter. Vanguard Group Inc. now owns 4,676,473 shares of the real estate investment trust’s stock valued at $92,594,000 after purchasing an additional 75,506 shares in the last quarter. State Street Corp grew its position in shares of Urstadt Biddle Properties by 4.2% in the second quarter. State Street Corp now owns 902,684 shares of the real estate investment trust’s stock valued at $17,879,000 after purchasing an additional 36,411 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Urstadt Biddle Properties by 33.3% in the second quarter. Renaissance Technologies LLC now owns 842,700 shares of the real estate investment trust’s stock valued at $16,685,000 after purchasing an additional 210,600 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Urstadt Biddle Properties by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 522,142 shares of the real estate investment trust’s stock valued at $10,338,000 after purchasing an additional 15,082 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Urstadt Biddle Properties by 9.0% in the second quarter. American Century Companies Inc. now owns 424,499 shares of the real estate investment trust’s stock valued at $8,405,000 after purchasing an additional 35,122 shares in the last quarter. Institutional investors and hedge funds own 59.32% of the company’s stock.

About Urstadt Biddle Properties

Urstadt Biddle Properties Inc is a real estate investment trust, which is engaged in the acquisition, ownership and management of commercial real estate. The Company owns Ridgeway Shopping Center (Ridgeway) property, which is located in Stamford, Connecticut. Its segments include Ridgeway and All Other Operating Segments.

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