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UMH Properties (NYSE:UMH) Inc. shares soared to a 52-week high, reaching $19.62, marking a significant milestone for the real estate investment trust specializing in manufactured home communities. This peak reflects a robust 1-year change, with the stock value climbing an impressive 26.01%. Investors have shown increased confidence in UMH Properties, as the company's strategic acquisitions and expansions within the affordable housing sector contribute to its strong financial performance and stock appreciation. The 52-week high serves as a testament to UMH's growing market presence and its ability to generate shareholder value amidst a dynamic real estate market.
In other recent news, UMH Properties has seen significant developments. The company reported a year-over-year increase in earnings per share for the second quarter of 2024, indicating robust financial performance. The normalized Funds from Operations (FFO) per share rose by 10%, and they announced a 4.9% increase in their quarterly common stock dividend.
UMH Properties also reported a rise in occupancy rates to 87%, marking a 430-unit increase year-over-year. Rental and related income for the quarter reached $51.5 million, up 9% from the previous year. The company has set its 2024 normalized FFO guidance at $0.91 to $0.95 per diluted share.
In the realm of personnel changes, UMH Properties promoted T.C. Sheppard to the position of Senior Vice President of Sales and Consumer Finance. This follows a period of substantial growth for the company, with sales increasing from $20.3 million to $31.2 million since his previous promotion in 2020. The company also plans to develop 150 lots in Vineland, NJ, with potential sales of $1 million per home.
InvestingPro Insights
UMH Properties Inc .'s recent climb to a 52-week high is underpinned by several positive indicators that may interest investors. According to InvestingPro data, the company has experienced a revenue growth of 10.98% over the last twelve months as of Q2 2024, showcasing its expanding operations. The gross profit margin stands at a healthy 54.32%, reflecting UMH's ability to maintain profitability in its operations. Additionally, the stock is not just soaring in price; it has also provided shareholders with a considerable dividend yield of 4.44%, which is noteworthy in the current market environment.
InvestingPro Tips highlight that UMH has maintained dividend payments for an impressive 35 consecutive years and has raised its dividend for the last three years, demonstrating a commitment to returning value to shareholders. Moreover, the company's liquid assets exceed its short-term obligations, suggesting financial stability and the ability to manage short-term liabilities. While analysts do not anticipate the company to be profitable this year, the stock has delivered strong returns over the last month, three months, and six months, indicating a positive trend in investor sentiment.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available that can provide further insights into UMH's financial health and market performance. Visit InvestingPro for a comprehensive list of tips to guide your investment decisions.
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