Panagora Asset Management Inc. Sells 95,971 Shares of UMH Properties, Inc. $UMH

Key Points

• Panagora Asset Management Inc. has reduced its stake in UMH Properties, Inc. by 31.3%, owning 210,499 shares worth approximately $3.94 million as of their latest SEC filing.
• The company announced a quarterly dividend of $0.225 per share, with a yield of 5.7%, payable to investors on September 15th.
• UMH Properties reported a quarterly earnings miss, posting only $0.23 EPS compared to the consensus estimate of $0.25, while generating revenue of $66.64 million, slightly above expectations.

Panagora Asset Management Inc. trimmed its holdings in shares of UMH Properties, Inc. (NYSE:UMH - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 210,499 shares of the real estate investment trust's stock after selling 95,971 shares during the period. Panagora Asset Management Inc. owned approximately 0.25% of UMH Properties worth $3,936,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new stake in UMH Properties during the 4th quarter valued at $26,000. KBC Group NV purchased a new stake in UMH Properties during the 1st quarter valued at $32,000. Stone House Investment Management LLC purchased a new stake in UMH Properties during the 1st quarter valued at $34,000. Summit Securities Group LLC purchased a new stake in UMH Properties during the 1st quarter valued at $35,000. Finally, Cloud Capital Management LLC purchased a new position in shares of UMH Properties in the 1st quarter worth $37,000. 75.40% of the stock is currently owned by hedge funds and other institutional investors.

UMH Properties Stock Performance

UMH Properties stock traded up $0.14 during trading on Friday, reaching $15.21. The company had a trading volume of 1,053,037 shares, compared to its average volume of 602,528. UMH Properties, Inc. has a 52 week low of $14.92 and a 52 week high of $20.64. The firm's 50-day simple moving average is $16.39 and its 200 day simple moving average is $17.09. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 108.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.07. The company has a current ratio of 8.56, a quick ratio of 8.56 and a debt-to-equity ratio of 1.08.

UMH Properties (NYSE:UMH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). UMH Properties had a return on equity of 5.19% and a net margin of 12.18%.The company had revenue of $66.64 million during the quarter, compared to the consensus estimate of $66.07 million. Sell-side analysts forecast that UMH Properties, Inc. will post 0.93 earnings per share for the current fiscal year.

UMH Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. UMH Properties's dividend payout ratio (DPR) is currently 642.86%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on UMH. Wedbush upgraded UMH Properties to a "hold" rating in a research note on Wednesday, July 2nd. Wall Street Zen downgraded UMH Properties from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, B. Riley restated a "buy" rating on shares of UMH Properties in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.25.

Insider Buying and Selling

In related news, Director William Edward Mitchell sold 75,849 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $16.32, for a total value of $1,237,855.68. Following the transaction, the director directly owned 41,368 shares of the company's stock, valued at approximately $675,125.76. This trade represents a 64.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Angela D. Pruitt sold 1,600 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $16.06, for a total value of $25,696.00. Following the completion of the transaction, the director directly owned 9,905 shares in the company, valued at approximately $159,074.30. This represents a 13.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,149 shares of company stock valued at $2,587,282. 8.77% of the stock is owned by company insiders.

UMH Properties Profile

UMH Properties, Inc, which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia.