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 Friday, Analyst Ratings Network.com reports. They currently have a $25.00 target price on the stock. Zacks‘ target price would indicate a potential upside of 4.30% from the stock’s previous close.
Zacks‘ analyst wrote, “UDR is scheduled to release its fourth-quarter 2013 results on Feb 4, 2014, before the opening bell. The company’s third-quarter 2013 adjusted FFO per share came ahead of the Zacks Consensus Estimate as well as the year-ago quarter figure. A rise in revenues, same store net operating income (NOI), and physical occupancy were the positives. In addition, the 2013 adjusted FFO per share guidance increase enhanced investors’ confidence. Moreover, the ongoing extensive development and redevelopment activities position the company well in upscale markets and boost its growth prospects. The extension of the joint venture (JV) with MetLife is also notable. Yet, a huge development and redevelopment pipeline increases operational risks. Also, stiff competition from other housing alternatives remains a concern. Hence, we have a Neutral stance on the stock. “
UDR (NYSE:UDR) last announced its earnings results on Tuesday, October 29th. The company reported $0.36 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.01. The company had revenue of $193.60 million for the quarter, compared to the consensus estimate of $189.73 million. During the same quarter in the previous year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Friday, January 31st. Stockholders of record on Friday, January 10th will be given a dividend of 0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Wednesday, January 8th.
Several other analysts have also recently commented on the stock. Analysts at UBS AG downgraded shares of UDR from a “buy” rating to a “neutral” rating in a research note to investors on Friday, January 10th. Separately, analysts at KeyCorp upgraded shares of UDR from a “hold” rating to a “buy” rating in a research note to investors on Thursday, December 12th. Finally, analysts at ISI Group upgraded shares of UDR from a “neutral” rating to a “buy” rating in a research note to investors on Monday, November 18th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $25.00.
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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