Urban Edge Properties (NYSE:UE) Hits New 12-Month High After Dividend Announcement

Shares of Urban Edge Properties (NYSE:UE) hit a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $23.48 and last traded at $23.17, with a volume of 3203 shares. The stock had previously closed at $22.73.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.94%. Urban Edge Properties’s dividend payout ratio is presently 30.49%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on UE shares. Evercore ISI raised their target price on shares of Urban Edge Properties from $21.00 to $22.00 and gave the company an “in-line” rating in a report on Monday, September 16th. StockNews.com upgraded shares of Urban Edge Properties from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd.

Urban Edge Properties Price Performance

The company has a debt-to-equity ratio of 1.13, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market capitalization of $2.89 billion, a PE ratio of 10.38 and a beta of 1.54. The company has a 50-day moving average price of $21.51 and a 200-day moving average price of $19.51.

Urban Edge Properties (NYSE:UE) last announced its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.07 earnings per share for the quarter. Urban Edge Properties had a net margin of 59.23% and a return on equity of 20.89%. The firm had revenue of $112.26 million during the quarter. Sell-side analysts forecast that Urban Edge Properties will post 1.32 EPS for the current year.

Hedge Funds Weigh In On Urban Edge Properties

Several institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in Urban Edge Properties by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,342 shares of the real estate investment trust’s stock worth $438,000 after acquiring an additional 2,135 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Urban Edge Properties by 36.9% during the first quarter. BNP Paribas Financial Markets now owns 61,209 shares of the real estate investment trust’s stock worth $1,057,000 after purchasing an additional 16,493 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Urban Edge Properties by 19.6% in the first quarter. Daiwa Securities Group Inc. now owns 42,704 shares of the real estate investment trust’s stock valued at $738,000 after purchasing an additional 7,012 shares during the period. Texas Permanent School Fund Corp grew its position in shares of Urban Edge Properties by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 102,959 shares of the real estate investment trust’s stock valued at $1,778,000 after purchasing an additional 1,377 shares during the period. Finally, ClariVest Asset Management LLC increased its stake in Urban Edge Properties by 78.0% in the first quarter. ClariVest Asset Management LLC now owns 66,706 shares of the real estate investment trust’s stock valued at $1,152,000 after purchasing an additional 29,221 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

About Urban Edge Properties

Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, DC to Boston corridor. Urban Edge owns 76 properties totaling 17.1 million square feet of gross leasable area.