UDR (NYSE:UDR) Downgraded to "Sector Perform" at Scotiabank

Scotiabank downgraded shares of UDR (NYSE:UDR - Free Report) from a sector outperform rating to a sector perform rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has $39.00 target price on the real estate investment trust's stock.

UDR has been the subject of several other research reports. Mizuho dropped their price objective on shares of UDR from $38.00 to $35.00 and set a neutral rating for the company in a research note on Wednesday, February 28th. Wedbush reaffirmed an outperform rating and set a $40.00 price target on shares of UDR in a research note on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of UDR in a research note on Tuesday, January 30th. They set a hold rating and a $40.00 price target for the company. Piper Sandler raised shares of UDR from an underweight rating to a neutral rating and raised their price target for the company from $34.00 to $40.00 in a research note on Wednesday, April 10th. Finally, Barclays downgraded shares of UDR from an overweight rating to an equal weight rating and dropped their price target for the company from $46.00 to $37.00 in a research note on Tuesday, February 20th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $41.44.

UDR Price Performance

Shares of UDR stock traded down $0.59 on Wednesday, reaching $37.49. 5,331,711 shares of the stock were exchanged, compared to its average volume of 2,974,624. The firm's 50 day moving average is $36.85 and its 200-day moving average is $35.99. UDR has a one year low of $30.95 and a one year high of $44.02. The company has a debt-to-equity ratio of 1.47, a quick ratio of 5.15 and a current ratio of 5.15. The firm has a market cap of $12.35 billion, a PE ratio of 27.98, a P/E/G ratio of 3.07 and a beta of 0.80.

UDR Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Wednesday, April 10th were given a dividend of $0.425 per share. The ex-dividend date was Tuesday, April 9th. This is an increase from UDR's previous quarterly dividend of $0.42. This represents a $1.70 annualized dividend and a dividend yield of 4.53%. UDR's payout ratio is presently 126.87%.

Institutional Investors Weigh In On UDR

Several hedge funds and other institutional investors have recently made changes to their positions in UDR. Norges Bank bought a new stake in shares of UDR during the fourth quarter worth about $1,065,482,000. Centersquare Investment Management LLC increased its position in shares of UDR by 35.9% during the fourth quarter. Centersquare Investment Management LLC now owns 8,117,175 shares of the real estate investment trust's stock worth $310,807,000 after acquiring an additional 2,145,242 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of UDR during the fourth quarter worth about $79,897,000. Heitman Real Estate Securities LLC bought a new stake in shares of UDR during the fourth quarter worth about $60,952,000. Finally, Deutsche Bank AG increased its position in shares of UDR by 35.9% during the third quarter. Deutsche Bank AG now owns 5,066,503 shares of the real estate investment trust's stock worth $180,722,000 after acquiring an additional 1,339,276 shares in the last quarter. 97.84% of the stock is owned by 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 communities in targeted U.S.