UDR (NYSE:UDR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Shares of UDR have underperformed the industry it belongs to, in the past month. Notably, the company continues to deal with elevated level of apartment supply in a number of its markets. This limits the landlord’s ability to demand higher rents and also increases concessional activities. Moreover, the company’s extensive development pipeline exposes it to operational risks, entitlement delays and lease-up risks. Also, properties under development tend to drag margins till their completion. Further, any rise in interest rates remains a concern for the company. Nonetheless, UDR’s portfolio with superior product-mix, located in the targeted U.S. markets has the capacity to drive long-term growth in rental income.”
Other equities research analysts have also issued reports about the company. BMO Capital Markets restated a “hold” rating and set a $41.00 price target on shares of UDR in a research report on Monday, November 27th. UBS Group upgraded UDR from a “neutral” rating to a “buy” rating and lifted their price target for the company from $39.00 to $43.00 in a research report on Friday, September 8th. Evercore ISI upgraded UDR from an “underperform” rating to an “in-line” rating in a research report on Monday, December 11th. SunTrust Banks lowered UDR from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a research report on Wednesday, November 29th. Finally, Royal Bank of Canada boosted their target price on UDR from $39.00 to $40.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $40.38.
In other UDR news, CEO Thomas W. Toomey sold 20,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $39.20, for a total value of $784,000.00. Following the sale, the chief executive officer now directly owns 1,127,925 shares of the company’s stock, valued at $44,214,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.07% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC raised its stake in shares of UDR by 10.4% in the third quarter. Parametric Portfolio Associates LLC now owns 356,028 shares of the real estate investment trust’s stock worth $13,540,000 after purchasing an additional 33,449 shares during the last quarter. Norinchukin Bank The raised its stake in shares of UDR by 7.3% in the third quarter. Norinchukin Bank The now owns 19,915 shares of the real estate investment trust’s stock worth $757,000 after purchasing an additional 1,360 shares during the last quarter. ING Groep NV raised its stake in shares of UDR by 69.1% in the third quarter. ING Groep NV now owns 23,124 shares of the real estate investment trust’s stock worth $879,000 after purchasing an additional 9,448 shares during the last quarter. WESCAP Management Group Inc. raised its stake in shares of UDR by 55.1% in the third quarter. WESCAP Management Group Inc. now owns 10,949 shares of the real estate investment trust’s stock worth $416,000 after purchasing an additional 3,890 shares during the last quarter. Finally, Quantitative Investment Management LLC raised its stake in shares of UDR by 429.7% in the second quarter. Quantitative Investment Management LLC now owns 151,500 shares of the real estate investment trust’s stock worth $5,903,000 after purchasing an additional 122,900 shares during the last quarter. 96.52% of the stock is currently owned by institutional investors and hedge funds.
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UDR, Inc is a self-administered real estate investment trust. The Company owns, operates, acquires, renovates, develops, redevelops, disposes of and manages multifamily apartment communities generally located in various markets across the United States. The Company’s segments are Same-Store Communities and Non-Mature Communities/Other.
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