Rutabaga Capital Management LLC MA decreased its position in UMH Properties, Inc. (NYSE:UMH) by 34.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 520,362 shares of the real estate investment trust’s stock after selling 272,138 shares during the quarter. UMH Properties makes up approximately 1.7% of Rutabaga Capital Management LLC MA’s portfolio, making the stock its 27th largest position. Rutabaga Capital Management LLC MA owned about 1.54% of UMH Properties worth $8,872,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Susquehanna International Group LLP bought a new stake in shares of UMH Properties in the 2nd quarter worth $305,000. The Manufacturers Life Insurance Company grew its stake in shares of UMH Properties by 8.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,038 shares of the real estate investment trust’s stock worth $410,000 after acquiring an additional 1,956 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of UMH Properties in the 2nd quarter worth $214,000. State Street Corp grew its stake in shares of UMH Properties by 12.7% in the 2nd quarter. State Street Corp now owns 548,075 shares of the real estate investment trust’s stock worth $9,340,000 after acquiring an additional 61,704 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of UMH Properties by 11.6% in the 2nd quarter. Voya Investment Management LLC now owns 17,252 shares of the real estate investment trust’s stock worth $294,000 after acquiring an additional 1,798 shares in the last quarter. Hedge funds and other institutional investors own 53.99% of the company’s stock.
UMH has been the subject of several recent analyst reports. BidaskClub upgraded shares of UMH Properties from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd. FBR & Co reiterated an “outperform” rating and issued a $18.50 target price on shares of UMH Properties in a research note on Tuesday, July 11th. Zacks Investment Research upgraded shares of UMH Properties from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Thursday, September 14th. DA Davidson initiated coverage on shares of UMH Properties in a research note on Friday, September 1st. They issued a “buy” rating and a $18.00 target price for the company. Finally, Janney Montgomery Scott initiated coverage on shares of UMH Properties in a research note on Friday, September 8th. They issued a “buy” rating for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $18.70.
UMH Properties, Inc. (NYSE UMH) traded down 0.38% during mid-day trading on Friday, hitting $15.89. 28,304 shares of the stock traded hands. The firm’s 50-day moving average is $15.69 and its 200 day moving average is $16.17. The firm’s market cap is $538.59 million. UMH Properties, Inc. has a 52-week low of $11.47 and a 52-week high of $17.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.72 annualized dividend and a yield of 4.51%. UMH Properties’s payout ratio is -799.91%.
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In other UMH Properties 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 bought at an average cost of $25.00 per share, for a total transaction of $75,000.00. Following the acquisition, the director now owns 3,000 shares of the company’s stock, valued at $75,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased a total of 3,764 shares of company stock valued at $86,998 over the last quarter. 11.61% of the stock is owned by corporate insiders.
UMH Properties Profile
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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