UMH Properties, Inc. (UMH) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of UMH Properties, Inc. (NYSE:UMH) from a buy rating to a hold rating in a research report sent 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. “
Several other equities research analysts also recently weighed in on the company. Janney Montgomery Scott assumed coverage on UMH Properties in a report on Friday, September 8th. They issued a buy rating for the company. DA Davidson assumed coverage on UMH Properties in a report on Friday, September 1st. They issued a buy rating and a $18.00 price target for the company. BidaskClub raised UMH Properties from a sell rating to a hold rating in a report on Tuesday, August 22nd. ValuEngine downgraded UMH Properties from a buy rating to a hold rating in a report on Thursday, July 13th. Finally, FBR & Co reissued an outperform rating and issued a $18.50 price target on shares of UMH Properties in a report on Tuesday, July 11th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $18.70.
UMH Properties (NYSE:UMH) opened at 15.16 on Friday. The firm’s 50-day moving average is $15.79 and its 200 day moving average is $16.04. The company’s market cap is $513.85 million. UMH Properties has a 1-year low of $11.28 and a 1-year high of $17.90.
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The company also recently announced 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date was Friday, August 11th. UMH Properties’s dividend payout ratio (DPR) is -799.91%.
In other news, Director James E. Mitchell bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average price of $25.00 per share, with a total value of $75,000.00. Following the completion of the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $75,000. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased 3,764 shares of company stock valued at $86,998 in the last ninety days. Corporate insiders own 11.61% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in UMH. Bank of Montreal Can lifted its holdings in shares of 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 period. Creative Planning lifted its holdings in shares of 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 purchasing an additional 4,200 shares during the period. Aperio Group LLC lifted its holdings in shares of 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 purchasing an additional 617 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of UMH Properties during the second quarter worth about $904,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of UMH Properties by 3.3% during 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 purchasing an additional 10,000 shares during the period. 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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