Angela Pruitt, a director at UMH Properties, Inc. (NYSE:UMH), recently sold 2,800 shares of the company’s stock. The shares were sold at a price of $19.26 each, bringing the total value of the transaction to $53,928. Following this sale, Pruitt holds 7,992.77 shares directly.
In addition to the sale, Pruitt holds derivative securities in UMH Properties. These include 11,000 shares with an exercise price of $15.80, and 10,000 shares with an exercise price of $14.36, set to expire in 2034 and 2033, respectively.
In other recent news, UMH Properties reported strong growth in its Q3 2024 earnings call. The company experienced a 9% year-over-year rise in normalized funds from operations (FFO) per diluted share and a significant 28% increase year-to-date. Rental and related income also grew by 8% to $51.9 million, while same-property net operating income increased by 11% year-to-date to $91.2 million. These recent developments also saw UMH Properties' occupancy rates rise to 87.4%, marking a 39-unit increase.
In addition to these financial highlights, the company successfully raised $107 million through an at-the-market equity program, issuing 5.7 million shares. UMH Properties also expanded its portfolio by acquiring a 246-unit self-storage facility, bringing its total self-storage units to over 1,000. Looking forward, the company has updated its normalized FFO guidance for 2024 to a range of $0.92 to $0.94 per diluted share.
The company plans to fill 3,300 vacant sites and develop 800 new rental homes in 2025. It also anticipates building 300 to 400 new lots annually with significant profit potential. Despite the storm-related costs that affected this quarter's performance, UMH Properties remains confident in its growth strategy and its ability to continue its trajectory in the affordable housing market.
InvestingPro Insights
The recent insider sale by Angela Pruitt comes at a time when UMH Properties (NYSE:UMH) is trading near its 52-week high, with the stock price at 92.83% of its peak. This aligns with an InvestingPro Tip indicating that UMH has seen a large price uptick over the last six months, with the stock showing a 26.29% total return during this period.
Despite the insider sale, UMH Properties has demonstrated strong financial performance. The company's revenue grew by 11.08% over the last twelve months, reaching $235.2 million. Additionally, UMH has maintained a solid dividend track record, with an InvestingPro Tip highlighting that the company has maintained dividend payments for 35 consecutive years. The current dividend yield stands at 4.4%, which may be attractive to income-focused investors.
However, investors should note that UMH is trading at a high earnings multiple, with a P/E ratio of 146.18. This valuation metric suggests that the market has high growth expectations for the company, which is supported by another InvestingPro Tip indicating that net income is expected to grow this year.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for UMH Properties, providing deeper insights into the company's financial health and market position.
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