Urstadt Biddle Properties (NYSE:UBA) announced that its Board of Directors has initiated a share repurchase program, which authorizes the company to repurchase 2,000,000 shares on Friday, June 9th, EventVestor reports. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Urstadt Biddle Properties (NYSE UBA) traded down 1.23% during midday trading on Friday, hitting $20.02. The company had a trading volume of 230,073 shares. Urstadt Biddle Properties has a 12 month low of $18.32 and a 12 month high of $25.43. The firm has a 50-day moving average price of $19.20 and a 200-day moving average price of $21.37. The company has a market cap of $754.79 million, a price-to-earnings ratio of 19.21 and a beta of 0.59.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be given a dividend of $0.265 per share. The ex-dividend date is Wednesday, June 28th. This represents a $1.06 annualized dividend and a dividend yield of 5.29%. Urstadt Biddle Properties’s dividend payout ratio is presently 100.95%.
UBA has been the subject of a number of analyst reports. Zacks Investment Research downgraded Urstadt Biddle Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, March 14th. ValuEngine lowered Urstadt Biddle Properties from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TheStreet lowered Urstadt Biddle Properties from a “b-” rating to a “c+” rating in a research note on Friday, May 12th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Urstadt Biddle Properties currently has a consensus rating of “Hold” and an average price target of $25.00.
Urstadt Biddle Properties Company Profile
Urstadt Biddle Properties Inc is a real estate investment trust, which is engaged in the acquisition, ownership and management of commercial real estate. The Company owns Ridgeway Shopping Center (Ridgeway) property, which is located in Stamford, Connecticut. Its segments include Ridgeway and All Other Operating Segments.
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