Scotiabank Cuts UDR (NYSE:UDR) Price Target to $48.00

UDR (NYSE:UDR - Free Report) had its price objective reduced by Scotiabank from $51.00 to $48.00 in a research note released on Friday,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust's stock.

A number of other equities research analysts also recently issued reports on the company. Barclays increased their price objective on UDR from $48.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Zelman & Associates reiterated a "neutral" rating on shares of UDR in a research report on Thursday, February 13th. Royal Bank of Canada increased their price objective on UDR from $43.00 to $44.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 8th. Truist Financial lowered UDR from a "buy" rating to a "hold" rating and lifted their price target for the stock from $45.00 to $46.00 in a research note on Monday, March 10th. Finally, Mizuho dropped their price target on UDR from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, UDR currently has an average rating of "Hold" and an average price target of $46.38.

UDR Stock Performance

NYSE:UDR traded down $0.75 during mid-day trading on Friday, hitting $41.19. 2,073,815 shares of the stock were exchanged, compared to its average volume of 2,155,490. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 164.76, a price-to-earnings-growth ratio of 8.67 and a beta of 0.83. The firm's 50-day simple moving average is $41.32 and its 200 day simple moving average is $42.52. The company has a debt-to-equity ratio of 1.71, a quick ratio of 5.91 and a current ratio of 5.61. UDR has a fifty-two week low of $36.61 and a fifty-two week high of $47.55.

UDR (NYSE:UDR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. The firm had revenue of $419.84 million during the quarter, compared to analysts' expectations of $421.23 million. UDR had a return on equity of 2.65% and a net margin of 5.36%. The company's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.61 EPS. As a group, equities analysts anticipate that UDR will post 2.51 EPS for the current fiscal year.

UDR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 10th will be paid a $0.43 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.72 annualized dividend and a yield of 4.18%. UDR's dividend payout ratio (DPR) is 491.43%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Beaird Harris Wealth Management LLC purchased a new position in shares of UDR during the first quarter worth $28,000. Spire Wealth Management raised its holdings in shares of UDR by 3,079.2% during the first quarter. Spire Wealth Management now owns 763 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 739 shares during the last quarter. Sentry Investment Management LLC purchased a new position in shares of UDR during the first quarter worth $47,000. Horizon Financial Services LLC purchased a new position in shares of UDR during the first quarter worth $51,000. Finally, National Pension Service raised its holdings in shares of UDR by 2,553.5% during the first quarter. National Pension Service now owns 1,141 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 1,098 shares during the last quarter. Hedge funds and other institutional investors own 97.84% of the company's stock.

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.