In a recent filing with the Securities and Exchange Commission, Amy Lynn Butewicz, a director at UMH Properties, Inc. (NYSE:UMH), disclosed the sale of 1,800 shares of the company's stock. The shares were sold at a price of $19.84 each, totaling approximately $35,712. Following this transaction, Butewicz holds 10,730.95 shares in the real estate investment trust. The sale comes as UMH trades near its 52-week high of $20.64, with the stock showing remarkable momentum, up about 33% over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
UMH Properties, headquartered in Freehold, New Jersey, operates as a real estate investment trust, primarily investing in manufactured home communities. The company continues to expand its portfolio, focusing on providing affordable housing options across the United States. With a market capitalization of $1.55 billion and a consistent dividend yield of 4.33%, UMH has maintained dividend payments for 35 consecutive years. InvestingPro subscribers can access 12 additional key insights about UMH's financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, UMH Properties reported a robust third quarter in 2024, marked by a 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 also surged to approximately $2.5 billion, reflecting a 30% increase from the previous year. Other highlights include an 8% rise in rental and related income, reaching $51.9 million, and an 11% increase in same-property net operating income to $91.2 million.
UMH Properties further expanded its portfolio by acquiring a 246-unit self-storage facility, bringing its total self-storage units to over 1,000. The company also raised $107 million through an at-the-market equity program, issuing 5.7 million shares. Looking ahead, UMH Properties plans to fill 3,300 vacant sites and develop 800 new rental homes in 2025, while also piloting a solar shingles program to potentially reduce tenants' electricity costs. These recent developments highlight UMH Properties' strong performance and strategic initiatives for growth.
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