UDR (NYSE:UDR) Downgraded by Scotiabank to “Sector Perform”

Scotiabank downgraded shares of UDR (NYSE:UDR) from a sector outperform rating to a sector perform rating in a report published on Wednesday, Marketbeat Ratings reports. Scotiabank currently has $39.00 price target on the real estate investment trust’s stock.

A number of other research analysts have also issued reports on UDR. UBS Group upgraded UDR from a neutral rating to a buy rating and boosted their price target for the stock from $38.00 to $44.00 in a research report on Thursday, April 25th. Piper Sandler raised UDR from an underweight rating to a neutral rating and upped their target price for the company from $34.00 to $40.00 in a report on Wednesday, April 10th. Barclays downgraded shares of UDR from an overweight rating to an equal weight rating and reduced their price target for the company from $46.00 to $37.00 in a research report on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft started coverage on UDR in a research report on Tuesday, January 30th. They set a hold rating and a $40.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on shares of UDR in a research note on Thursday, February 22nd. They set a neutral rating and a $39.00 target price for the company. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, UDR has a consensus rating of Hold and a consensus price target of $41.44.

UDR Stock Performance

Shares of NYSE UDR opened at $37.49 on Wednesday. UDR has a 12-month low of $30.95 and a 12-month high of $44.02. The company has a market cap of $12.35 billion, a PE ratio of 27.17, a P/E/G ratio of 3.05 and a beta of 0.78. The stock has a 50 day simple moving average of $36.85 and a 200-day simple moving average of $35.99. The company has a current ratio of 5.15, a quick ratio of 5.15 and a debt-to-equity ratio of 1.47.

UDR Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Wednesday, April 10th were issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 4.53%. This is a boost from UDR’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Tuesday, April 9th. UDR’s dividend payout ratio is 123.19%.

Hedge Funds Weigh In On UDR

A number of institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in UDR during the 4th quarter valued at approximately $1,065,482,000. Cohen & Steers Inc. grew its stake in shares of UDR by 3.8% in the fourth quarter. Cohen & Steers Inc. now owns 26,775,574 shares of the real estate investment trust’s stock worth $1,025,351,000 after acquiring an additional 984,807 shares during the last quarter. FMR LLC increased its position in UDR by 3.4% during the third quarter. FMR LLC now owns 12,081,005 shares of the real estate investment trust’s stock worth $430,929,000 after acquiring an additional 394,581 shares during the period. Centersquare Investment Management LLC raised its stake in UDR by 35.9% during the 4th quarter. Centersquare Investment Management LLC now owns 8,117,175 shares of the real estate investment trust’s stock valued at $310,807,000 after purchasing an additional 2,145,242 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in UDR by 7.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,108,077 shares of the real estate investment trust’s stock valued at $233,878,000 after purchasing an additional 403,377 shares during the period. 97.84% of the stock is currently 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.