UDR (NYSE:UDR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Shares of UDR have outperformed its industry over the past three months. The company is likely to benefit from its vast experience in the residential real estate market. Its portfolio, located in the targeted U.S. markets, has a superior product-mix. Specifically, favorable demographics, household formation, recovering economy and job-market growth are expected to drive demand for its properties. UDR also adheres to disciplined capital allocation. However escalating deliveries in a number of its markets remains a concern for the company as this curtails landlords’ ability to demand higher rents and also increase concessional activities. Rate hike add to its woes.”
Several other equities research analysts have also recently commented on UDR. Royal Bank of Canada boosted their price target on shares of UDR from $39.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, August 10th. Robert W. Baird reissued a “buy” rating and set a $40.00 price target on shares of UDR in a research report on Thursday, August 16th. Stifel Nicolaus boosted their price target on shares of UDR from $40.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Barclays reissued a “hold” rating and set a $39.00 price target on shares of UDR in a research report on Sunday, October 14th. Finally, Societe Generale started coverage on shares of UDR in a research report on Tuesday, October 16th. They set a “sell” rating on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $40.93.
Shares of NYSE UDR opened at $42.43 on Thursday. The firm has a market capitalization of $11.21 billion, a P/E ratio of 22.69, a P/E/G ratio of 3.17 and a beta of 0.37. The company has a debt-to-equity ratio of 1.49, a current ratio of 5.97 and a quick ratio of 5.97. UDR has a 1-year low of $32.88 and a 1-year high of $42.98.
UDR (NYSE:UDR) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. UDR had a net margin of 18.43% and a return on equity of 7.09%. The firm had revenue of $266.10 million for the quarter, compared to analysts’ expectations of $258.90 million. During the same period in the previous year, the firm posted $0.06 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. Sell-side analysts expect that UDR will post 1.94 earnings per share for the current year.
In other news, SVP Harry G. Alcock sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $40.45, for a total value of $404,500.00. Following the sale, the senior vice president now directly owns 126,123 shares of the company’s stock, valued at approximately $5,101,675.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas W. Toomey sold 40,000 shares of the company’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $41.20, for a total transaction of $1,648,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,826 shares in the company, valued at $71,969,231.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,773 shares of company stock worth $3,474,829. 3.16% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of UDR. Cohen & Steers Inc. raised its holdings in shares of UDR by 17.2% in the 3rd quarter. Cohen & Steers Inc. now owns 42,605,733 shares of the real estate investment trust’s stock valued at $1,722,550,000 after purchasing an additional 6,258,015 shares during the period. Standard Life Aberdeen plc raised its holdings in shares of UDR by 1,910.7% in the 2nd quarter. Standard Life Aberdeen plc now owns 1,050,547 shares of the real estate investment trust’s stock valued at $39,437,000 after purchasing an additional 998,300 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of UDR by 71.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,119,569 shares of the real estate investment trust’s stock valued at $85,211,000 after purchasing an additional 885,971 shares during the period. Renaissance Technologies LLC raised its holdings in shares of UDR by 10.1% in the 3rd quarter. Renaissance Technologies LLC now owns 9,198,700 shares of the real estate investment trust’s stock valued at $371,903,000 after purchasing an additional 840,400 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in shares of UDR by 6.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 12,830,822 shares of the real estate investment trust’s stock valued at $518,750,000 after purchasing an additional 811,970 shares during the period. 97.55% of the stock is currently owned by institutional investors.
UDR, Inc (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S.
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