UDR (NYSE:UDR) Releases Quarterly Earnings Results, Misses Estimates By $0.53 EPS

UDR (NYSE:UDR) issued its earnings results on Tuesday. The real estate investment trust reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.53), Zacks reports. UDR had a net margin of 27.81% and a return on equity of 11.57%. The company had revenue of $415.30 million during the quarter, compared to analyst estimates of $413.75 million. During the same quarter in the previous year, the company posted $0.61 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. UDR updated its FY 2024 guidance to 2.420-2.500 EPS and its Q3 2024 guidance to 0.610-0.630 EPS.

UDR Trading Down 2.0 %

Shares of UDR stock traded down $0.81 during trading on Wednesday, hitting $40.04. 2,623,881 shares of the company were exchanged, compared to its average volume of 2,640,516. The firm has a market capitalization of $13.19 billion, a P/E ratio of 29.07, a price-to-earnings-growth ratio of 9.08 and a beta of 0.83. UDR has a 1-year low of $30.95 and a 1-year high of $42.42. The firm’s fifty day moving average price is $40.31 and its 200 day moving average price is $38.19. The company has a debt-to-equity ratio of 1.49, a current ratio of 6.61 and a quick ratio of 6.61.

UDR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $1.70 annualized dividend and a dividend yield of 4.25%. UDR’s payout ratio is currently 123.19%.

Insider Transactions at UDR

In other UDR news, CEO Thomas W. Toomey sold 90,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $39.52, for a total value of $3,556,800.00. Following the sale, the chief executive officer now owns 849,716 shares in the company, valued at approximately $33,580,776.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Michael D. Lacy sold 4,500 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $38.17, for a total transaction of $171,765.00. Following the completion of the sale, the senior vice president now directly owns 8,566 shares in the company, valued at approximately $326,964.22. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas W. Toomey sold 90,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $39.52, for a total value of $3,556,800.00. Following the sale, the chief executive officer now owns 849,716 shares of the company’s stock, valued at $33,580,776.32. The disclosure for this sale can be found here. Corporate insiders own 3.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on UDR shares. Scotiabank increased their price target on shares of UDR from $39.00 to $42.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 14th. Wedbush raised their target price on shares of UDR from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. BMO Capital Markets upgraded shares of UDR from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $39.00 to $45.00 in a research note on Monday, July 15th. Mizuho lifted their price objective on shares of UDR from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Finally, Morgan Stanley boosted their price target on shares of UDR from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, UDR has an average rating of “Hold” and an average price target of $41.17.

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.