In a report released today, Merrill Ross from Boenning & Scattergood reiterated a Buy rating on UMH Properties (UMH), with a price target of $19.50. The company’s shares closed on Friday at $13.29.
Ross wrote:
“We believe the reason for the 6.7% decline in the stock price was related to its portfolio of equity REIT common and preferred shares. For years, UMH has maintained a portfolio of REIT securities that have represented a source of value creation and liquidity. This portfolio is not frequently traded – some of the positions have been unchanged for over a decade. In 3Q18, dividend income generated by the portfolio was $2.7 million, or $0.07 per share. Of the 12 common stocks in the portfolio, four companies cut dividends after 3Q18, so the indicated rate of quarterly dividend income fell to $2.1 million, or $0.06 per share. Moreover, we estimate the unrealized loss in UMH’s equity portfolio reduced its NAV by $0.77 per share when the dividend cuts were announced.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -1.7% and a 45.1% success rate. Ross covers the Financial sector, focusing on stocks such as Preferred Apartment Communities, NexPoint Residential Trust Inc, and Bluerock Residential Growth.
UMH Properties has an analyst consensus of Moderate Buy, with a price target consensus of $18.25.
See today’s analyst top recommended stocks >>
The company has a one-year high of $16.69 and a one-year low of $11.38. Currently, UMH Properties has an average volume of 149.1K.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of UMH in relation to earlier this year. Most recently, in August 2018, Anna Chew, the CFO of UMH bought 30,000 shares for a total of $294,600.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
UMH Properties, Inc. is a real estate investment trust, which engages in the ownership and operation of manufactured home communities. It also leases manufactured home sites to private manufactured home owners.
