Conway Kiernan, a director at UMH Properties, Inc. (NYSE:UMH), has sold 1,045 shares of the company, according to a recent SEC filing. The transaction took place on December 2, 2024, with the shares sold at an average price of $18.93, amounting to a total value of $19,781. Following this sale, Kiernan holds approximately 141.72 shares directly. The sale comes as UMH, with a market capitalization of $1.5 billion, has seen its stock surge over 27% in the past six months. According to InvestingPro analysis, the company currently appears to be trading above its Fair Value.
In addition to this transaction, Kiernan maintains derivative holdings in UMH Properties, with options to acquire a substantial number of shares at predetermined prices. These derivative holdings include options for 11,000 shares exercisable at $15.80 and 10,000 shares at $14.36, set to expire in 2034 and 2033, respectively. The company boasts a strong track record of maintaining dividend payments for 35 consecutive years and currently maintains a "Good" financial health score, as reported by InvestingPro, which offers 8 additional key insights about UMH's financial position.
UMH Properties, a real estate investment trust based in Freehold, NJ, continues to be active in the market, with its leadership making strategic moves in their shareholdings. The company maintains healthy liquidity with current assets exceeding short-term obligations, demonstrating solid financial management.
In other recent news, UMH Properties, Inc. reported significant growth in its third quarter of 2024. The company's President and CEO, Samuel Landy, announced a 9% year-over-year increase in normalized funds from operations (FFO) per diluted share, and a 28% rise year-to-date. Occupancy rates also saw growth, reaching 87.4%, alongside an 8% increase in rental and related income, amounting to $51.9 million. UMH Properties also expanded its portfolio by acquiring a 246-unit self-storage facility, bringing its total self-storage units to over 1,000.
The company raised $107 million through an at-the-market equity program and updated its normalized FFO guidance for 2024 to a range of $0.92 to $0.94 per diluted share. In the future, UMH Properties plans to fill 3,300 vacant sites and develop 800 new rental homes in 2025. The company's recent developments also include a pilot program for solar shingles aimed at reducing tenants' electricity costs, and an expansion of its unsecured revolving credit facility to $260 million. Despite some storm-related costs affecting this quarter's performance, the company is optimistic about returning to double-digit net operating income growth.
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