In a recent transaction reported to the U.S. Securities and Exchange Commission, Samuel A. Landy, President and CEO of UMH Properties, Inc. (NYSE:UMH), sold 50,000 shares of the company's stock. The shares were sold at a price of $19.55 each, amounting to a total transaction value of $977,500. Following this sale, Landy retains direct ownership of 1,104,825.85 shares in the company. Additionally, Landy holds indirect ownership through various entities, including shares held by his spouse and family trust, totaling over 100,000 shares.
In other recent news, UMH Properties reported a robust third quarter in 2024 with a notable 9% year-over-year rise in normalized funds from operations (FFO) per diluted share and a 28% increase year-to-date. The company's market capitalization jumped by 30% to approximately $2.5 billion. Occupancy rates grew to 87.4%, with rental and related income rising 8% to $51.9 million. The company also raised $107 million through an at-the-market equity program and acquired a 246-unit self-storage facility.
UMH Properties has also updated its normalized FFO guidance for 2024 to a range of $0.92 to $0.94 per diluted share. It plans to fill 3,300 vacant sites and develop 800 new rental homes in 2025, with a pilot solar shingles program in the pipeline. Furthermore, a joint venture in New Jersey could yield 20% of potential revenues of $150 million.
However, it should be noted that $116 million in community mortgages will mature in 2025, with $46 million due by April 1. Despite storm-related costs affecting this quarter's performance, the company remains confident in its growth through acquisitions and internal developments.
InvestingPro Insights
As we analyze Samuel A. Landy's recent stock sale, it's worth considering some key financial metrics and insights from InvestingPro that provide additional context to UMH Properties' current market position.
UMH Properties boasts a market capitalization of $1.56 billion, reflecting its significant presence in the real estate sector. The company's revenue growth has been robust, with an 11.08% increase over the last twelve months as of Q3 2024, reaching $235.2 million. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year, potentially signaling improved financial performance ahead.
Investors should note that UMH Properties is trading at a high earnings multiple, with a P/E ratio of 150.23. This valuation suggests that the market has high expectations for the company's future growth. However, it's important to balance this with another InvestingPro Tip, which points out that the company is trading at a high P/E ratio relative to its near-term earnings growth.
On a positive note, UMH Properties has demonstrated a commitment to shareholder returns, having maintained dividend payments for 35 consecutive years. The current dividend yield stands at 4.44%, which may be attractive to income-focused investors. This consistent dividend history, coupled with the company's recent stock price performance—trading near its 52-week high with a 26.54% return over the past six months—indicates strong investor confidence.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips that could provide further insights into UMH Properties' financial health and market position. These additional tips could be particularly valuable for investors looking to make informed decisions in light of the recent insider selling activity.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.