Wedbush Increases UDR (NYSE:UDR) Price Target to $49.00

UDR (NYSE:UDR) had its price objective boosted by equities researchers at Wedbush from $45.00 to $49.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Wedbush’s price objective indicates a potential upside of 21.35% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on UDR. Truist Financial upped their price target on UDR from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, June 24th. BMO Capital Markets upgraded UDR from a “market perform” rating to an “outperform” rating and increased their target price for the company from $39.00 to $45.00 in a report on Monday, July 15th. Royal Bank of Canada lowered their target price on UDR from $41.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday. Wells Fargo & Company increased their target price on UDR from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, May 31st. Finally, UBS Group increased their target price on UDR from $44.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $41.56.

UDR Stock Performance

UDR traded down $0.21 during trading on Monday, reaching $40.38. The company’s stock had a trading volume of 1,406,180 shares, compared to its average volume of 2,683,556. UDR has a 52-week low of $30.95 and a 52-week high of $42.42. The company’s fifty day moving average price is $40.39 and its 200-day moving average price is $38.24. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 29.26, a price-to-earnings-growth ratio of 8.96 and a beta of 0.83. The company has a debt-to-equity ratio of 1.57, a quick ratio of 6.61 and a current ratio of 5.82.

UDR (NYSE:UDR) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.53). The business had revenue of $415.30 million during the quarter, compared to analysts’ expectations of $413.75 million. UDR had a net margin of 8.34% and a return on equity of 3.70%. UDR’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.61 EPS. On average, equities analysts forecast that UDR will post 2.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other UDR news, CEO Thomas W. Toomey sold 90,000 shares of UDR stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $39.52, for a total transaction of $3,556,800.00. Following the transaction, the chief executive officer now directly owns 849,716 shares in the company, valued at approximately $33,580,776.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Thomas W. Toomey sold 90,000 shares of UDR stock in a transaction on Friday, June 7th. The shares were sold at an average price of $39.52, for a total value of $3,556,800.00. Following the completion of the sale, the chief executive officer now owns 849,716 shares of the company’s stock, valued at approximately $33,580,776.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael D. Lacy sold 4,500 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $38.17, for a total transaction of $171,765.00. Following the transaction, the senior vice president now directly owns 8,566 shares of the company’s stock, valued at approximately $326,964.22. The disclosure for this sale can be found here. 3.73% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On UDR

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in UDR during the fourth quarter worth approximately $1,065,482,000. Capital Research Global Investors acquired a new stake in UDR during the 1st quarter worth about $176,137,000. Centersquare Investment Management LLC grew its stake in shares of UDR by 35.9% in the 4th quarter. Centersquare Investment Management LLC now owns 8,117,175 shares of the real estate investment trust’s stock valued at $310,807,000 after buying an additional 2,145,242 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of UDR in the 4th quarter valued at about $79,897,000. Finally, Heitman Real Estate Securities LLC acquired a new stake in shares of UDR in the 4th quarter valued at about $60,952,000. 97.84% of the stock is owned by institutional investors and hedge funds.

About UDR

UDR, Inc (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S.