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UMH Properties Inc . (NYSE:UMH) has marked a significant milestone, reaching a 52-week high of $17.91. This achievement underscores the company's robust performance over the past year, reflecting a positive trend in its market value. The 52-week high is a key indicator for investors, as it provides a snapshot of the stock's potential and its performance relative to previous highs and lows. Over the past year, UMH Properties Inc. has demonstrated a strong upward trajectory, with a 1-year change of 10.46%. This significant increase in value highlights the company's resilience and growth potential, making it a noteworthy player in the current market landscape.
In other recent news, UMH Properties Inc. has started 2024 on a positive note, with Q1 results showing strong growth and operational improvements. The company's earnings report showed a 10% increase in Normalized Funds from Operations (FFO) per share, reaching $0.22. This growth is attributed to a significant rise in occupancy rates, up by 220 basis points to 87.1%, and an 11% increase in rental and related income.
UMH Properties is also making strides in its expansion plans, with the development of new sites and the planned installation of 800 rental homes within the year. The company further strengthened its financial position with successful stock issuances, maintaining a robust liquidity status. In terms of dividends, UMH announced an increase of $0.01 per quarter, totaling an annualized dividend of $0.86.
Despite weaker demand in regions like Western New York and Michigan, the company is optimistic about its business advancement and expects to continue its double-digit same-store NOI growth. UMH is also planning to fill 3,000 vacant lots over the next four years. These recent developments indicate that UMH Properties is well-positioned for a successful 2024.
InvestingPro Insights
As UMH Properties Inc. (UMH) celebrates its recent 52-week high, a closer look at the company's financials through InvestingPro reveals a mixed picture that investors should consider. With a market capitalization of $1.26 billion, the company's revenue growth has been positive, with an increase of 11.75% over the last twelve months as of Q1 2024. This growth is further evidenced by a 10.02% quarterly revenue increase in Q1 2024. Additionally, UMH's dividend yield stands at a healthy 4.86%, and the company has a commendable track record of increasing its dividend, doing so for the past three years.
InvestingPro Tips suggest that while UMH's net income is expected to grow this year, analysts are not predicting profitability within the year. Moreover, the company's Price to Earnings (P/E) Ratio is currently negative at -120.61, indicating that it may be overvalued based on earnings. The stock's recent strong performance, with a one-month price total return of 13.32%, is also noted as a point of interest for those considering investment opportunities. For investors seeking a deeper analysis and additional insights, there are more InvestingPro Tips available for UMH, which can be accessed with the use of coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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