Zacks Reiterates Neutral Rating for UDR (UDR)
UDR (NYSE:UDR)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Wednesday, AnalystRatings.Net reports. They currently have a $24.00 price objective on the stock. Zacks‘ target price suggests a potential upside of 3.09% from the stock’s previous close.
Zacks‘ analyst wrote, “UDR is scheduled to release its third-quarter 2013 results on Oct 29, 2013, before the opening bell. The company’s second-quarter 2013 adjusted FFO per share beat the Zacks Consensus Estimate as well as year-ago figures. The decent results reflected gains from same store NOI and physical occupancy increases. Also, the ongoing extensive development and redevelopment positions the company well in upscale markets and drives its growth prospects. In this context, the extension of joint venture (JV) ties with MetLife is notable. Furthermore, restructuring of credit revolvers boosts UDR’s liquidity position. In addition, the 2013 adjusted FFO per share guidance increase enhances investors’ confidence. Yet, rising interest rates, capital market volatility and stiff competition from other housing alternatives remain our concerns. Hence, we remain Neutral on the stock. “
UDR (NYSE:UDR) traded down 0.21% on Wednesday, hitting $23.28. The stock had a trading volume of 1,406,999 shares. UDR has a 52 week low of $21.96 and a 52 week high of $27.04. The stock has a 50-day moving average of $23.49 and a 200-day moving average of $24.50. The company’s market cap is $5.837 billion.
UDR (NYSE:UDR) last announced its earnings results on Tuesday, July 30th. The company reported $0.37 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.03. The company had revenue of $188.60 million for the quarter, compared to the consensus estimate of $188.54 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. On average, analysts predict that UDR will post $1.41 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 31st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.24 per share. This represents a $0.94 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Tuesday, October 8th.
Separately, analysts at Cowen and Company cut their price target on shares of UDR from $24.00 to $23.00 in a research note to investors on Thursday, September 12th. They now have a “market perform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. UDR has an average rating of “Hold” and an average target price of $25.20.
UDR, Inc (NYSE:UDR) is a self administered real estate investment trust (REIT), which owns, operates, acquires, renovates, develops, redevelops, and manages multifamily apartment communities located throughout the United States.
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