United Dominion Realty Trust (NYSE:UDR) Stock Gets Price Target Reduction from Morgan Stanley

Key Points

• Morgan Stanley lowered its price target on UDR from $42 to $41 while maintaining an “equal weight” rating; the target implies 13.24% upside from the then-current share price.
• Analyst views are mixed, but MarketBeat’s consensus rating is “Hold,” with an average price target of $40.17. Recent target cuts from several firms contrast with Barclays’ “overweight” rating.
• UDR reported quarterly earnings of $0.67 per share on revenue of $428.08 million. Its shares traded at $36.20 on Wednesday, within a 12-month range of $33.10 to $42.00.

United Dominion Realty Trust (NYSE:UDR - Get Free Report) had its price target lowered by equities researchers at Morgan Stanley from $42.00 to $41.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the real estate investment trust's stock. Morgan Stanley's price target points to a potential upside of 13.24% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Mizuho lowered their price target on United Dominion Realty Trust from $41.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, September 8th. Cantor Fitzgerald reduced their price objective on United Dominion Realty Trust from $41.00 to $39.00 and set a "neutral" rating for the company in a report on Monday. Barclays reduced their price objective on United Dominion Realty Trust from $46.00 to $44.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. Piper Sandler decreased their target price on United Dominion Realty Trust from $41.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, October 12th. Finally, Scotiabank lowered their target price on United Dominion Realty Trust from $41.00 to $38.00 and set a "sector perform" rating on the stock in a report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, United Dominion Realty Trust presently has a consensus rating of "Hold" and a consensus target price of $40.17.

United Dominion Realty Trust Price Performance

Shares of NYSE UDR traded down $0.46 during midday trading on Wednesday, hitting $36.20. The company had a trading volume of 622,272 shares, compared to its average volume of 4,098,364. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 8.02 and a beta of 0.70. United Dominion Realty Trust has a twelve month low of $33.10 and a twelve month high of $42.00. The business has a 50-day simple moving average of $34.91 and a two-hundred day simple moving average of $36.79. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 1.87.

United Dominion Realty Trust (NYSE:UDR - Get Free Report) last issued its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 earnings per share for the quarter. United Dominion Realty Trust had a net margin of 40.75% and a return on equity of 22.39%. The company had revenue of $428.08 million for the quarter. Equities research analysts anticipate that United Dominion Realty Trust will post 2.54 earnings per share for the current year.

Insider Buying and Selling at United Dominion Realty Trust

In other news, COO Michael Lacy sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $36.48, for a total transaction of $364,800.00. Following the completion of the transaction, the chief operating officer directly owned 783 shares of the company's stock, valued at $28,563.84. This trade represents a 92.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On United Dominion Realty Trust

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of United Dominion Realty Trust in the second quarter worth $1,247,535,000. Canada Pension Plan Investment Board acquired a new stake in shares of United Dominion Realty Trust during the second quarter valued at $219,560,000. Bank of New York Mellon Corp purchased a new stake in United Dominion Realty Trust during the 2nd quarter worth about $89,660,000. Legal & General Group Plc purchased a new stake in United Dominion Realty Trust during the 2nd quarter worth about $78,688,000. Finally, Bank of America Corp DE purchased a new stake in United Dominion Realty Trust during the 2nd quarter worth about $56,374,000. Hedge funds and other institutional investors own 97.82% of the company's stock.

About United Dominion Realty Trust

UDR, Inc., formerly known as United Dominion Realty Trust, is a real estate investment trust focused on the ownership, development, acquisition and management of apartment communities in the United States. The company traces its history to 1972 and provides rental housing across a range of markets and communities. UDR's portfolio is concentrated in major coastal and Sun Belt markets, including areas such as New York, Boston, Washington, D.C., Southern California, Seattle, Denver, Dallas, Austin, Nashville and South Florida.

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