Goldman Sachs Group Initiates Coverage on UDR (NYSE:UDR)

Goldman Sachs Group assumed coverage on shares of UDR (NYSE:UDR) in a report issued on Friday, Benzinga’s Daily Ratings Newsletter reports. The firm issued a neutral rating and a $53.00 price target on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on UDR. Capital One Financial upgraded UDR from an equal weight rating to an overweight rating and upped their price target for the stock from $45.00 to $50.00 in a report on Monday, September 16th. Wells Fargo & Co upped their price target on UDR from $46.00 to $47.00 and gave the stock a market perform rating in a report on Tuesday, August 13th. Mizuho downgraded UDR from a buy rating to a neutral rating and dropped their price objective for the company from $52.00 to $50.00 in a report on Thursday, November 7th. ValuEngine downgraded UDR from a buy rating to a hold rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley increased their price objective on UDR from $48.00 to $51.00 and gave the company an equal weight rating in a report on Friday, September 6th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $49.25.

NYSE UDR traded down $0.48 during trading hours on Friday, hitting $47.03. 1,214,279 shares of the company were exchanged, compared to its average volume of 1,480,118. The company has a 50 day moving average of $48.80 and a two-hundred day moving average of $46.80. The company has a quick ratio of 5.99, a current ratio of 5.99 and a debt-to-equity ratio of 1.22. UDR has a 52-week low of $38.14 and a 52-week high of $50.61. The firm has a market cap of $13.88 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 3.55 and a beta of 0.41.

UDR (NYSE:UDR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.43). UDR had a return on equity of 5.51% and a net margin of 15.20%. The company had revenue of $295.40 million for the quarter, compared to analysts’ expectations of $285.45 million. During the same quarter last year, the company earned $0.07 EPS. UDR’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts predict that UDR will post 2.08 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 10th were issued a $0.3425 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 2.91%. UDR’s payout ratio is currently 69.90%.

In other news, SVP Harry G. Alcock sold 10,000 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $48.54, for a total value of $485,400.00. Following the transaction, the senior vice president now owns 87,284 shares in the company, valued at approximately $4,236,765.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Warren L. Troupe sold 20,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $48.58, for a total value of $971,600.00. Following the completion of the transaction, the vice president now owns 470,761 shares in the company, valued at approximately $22,869,569.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,100 shares of company stock worth $4,034,713. Company insiders own 2.85% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in UDR. Marshall Wace LLP acquired a new stake in shares of UDR in the 1st quarter valued at about $157,000. Amundi Pioneer Asset Management Inc. boosted its position in shares of UDR by 36.3% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 383,735 shares of the real estate investment trust’s stock valued at $17,445,000 after purchasing an additional 102,266 shares during the period. Retirement Systems of Alabama boosted its position in shares of UDR by 2.4% in the 2nd quarter. Retirement Systems of Alabama now owns 131,395 shares of the real estate investment trust’s stock valued at $5,898,000 after purchasing an additional 3,058 shares during the period. DAVENPORT & Co LLC boosted its position in shares of UDR by 10.6% in the 2nd quarter. DAVENPORT & Co LLC now owns 31,895 shares of the real estate investment trust’s stock valued at $1,432,000 after purchasing an additional 3,050 shares during the period. Finally, Hexavest Inc. boosted its position in shares of UDR by 5.0% in the 2nd quarter. Hexavest Inc. now owns 860,135 shares of the real estate investment trust’s stock valued at $38,611,000 after purchasing an additional 40,664 shares during the period. 93.20% of the stock is owned by hedge funds and other institutional investors.

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 properties in targeted U.S.

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Analyst Recommendations for UDR (NYSE:UDR)

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