Urstadt Biddle Properties Inc. (UBA) Upgraded to “Hold” at Zacks Investment Research
Urstadt Biddle Properties Inc. (NYSE:UBA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Urstadt Biddle Properties is a self-administered equity real estate investment trust that provides investors with an investment vehicle for participating in ownership of income-producing properties. Their core properties consist principally of community shopping centers located in the northeast. “
Several other equities research analysts have also commented on the stock. TheStreet lowered shares of Urstadt Biddle Properties from a “b-” rating to a “c+” rating in a research report on Friday, May 12th. ValuEngine lowered shares of Urstadt Biddle Properties from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. FBR & Co restated a “mkt perform” rating and set a $20.00 target price on shares of Urstadt Biddle Properties in a research report on Tuesday, July 11th. Finally, BidaskClub upgraded shares of Urstadt Biddle Properties from a “hold” rating to a “buy” rating in a research report on Friday, August 11th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Urstadt Biddle Properties currently has a consensus rating of “Buy” and a consensus target price of $23.67.
Urstadt Biddle Properties (UBA) traded down 0.24% during trading on Thursday, reaching $20.77. 4,757 shares of the company’s stock were exchanged. The firm has a market capitalization of $783.07 million, a price-to-earnings ratio of 19.93 and a beta of 0.53. Urstadt Biddle Properties has a 52 week low of $18.32 and a 52 week high of $25.43. The stock has a 50-day moving average price of $20.77 and a 200 day moving average price of $20.30.
Urstadt Biddle Properties declared that its board has initiated a stock repurchase program on Friday, June 9th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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Several large investors have recently added to or reduced their stakes in UBA. Renaissance Technologies LLC raised its stake in shares of Urstadt Biddle Properties by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 842,700 shares of the real estate investment trust’s stock worth $16,685,000 after buying an additional 210,600 shares during the last quarter. Heartland Advisors Inc. acquired a new position in shares of Urstadt Biddle Properties during the 2nd quarter worth $2,970,000. Vanguard Group Inc. raised its stake in shares of Urstadt Biddle Properties by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 4,600,967 shares of the real estate investment trust’s stock worth $94,596,000 after buying an additional 149,237 shares during the last quarter. State Street Corp raised its stake in shares of Urstadt Biddle Properties by 19.0% during the 1st quarter. State Street Corp now owns 866,273 shares of the real estate investment trust’s stock worth $17,808,000 after buying an additional 138,157 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Urstadt Biddle Properties by 36.3% during the 1st quarter. American Century Companies Inc. now owns 389,377 shares of the real estate investment trust’s stock worth $8,006,000 after buying an additional 103,752 shares during the last quarter. 59.32% of the stock is owned by institutional investors and hedge funds.
About Urstadt Biddle Properties
Urstadt Biddle Properties Inc is a real estate investment trust, which is engaged in the acquisition, ownership and management of commercial real estate. The Company owns Ridgeway Shopping Center (Ridgeway) property, which is located in Stamford, Connecticut. Its segments include Ridgeway and All Other Operating Segments.
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