Sei Investments Co. increased its stake in Urban Edge Properties (NYSE:UE) by 55.1% during the first quarter, according to HoldingsChannel.com. The fund now owns 314,301 shares of the real estate investment trust, after purchasing an additional 111,641 shares. The holdings were valued at approximately $6.28 million at the end of the quarter.
Several other institutional investors also adjusted their positions. Wellington Management Group LLP initiated a new stake worth $92.6 million in the third quarter. Jennison Associates LLC raised its holdings by 72.2% in the first quarter, now owning 4,585,256 shares valued at $91.6 million. Balyasny Asset Management L.P., UBS AM, and Bayhunt Capital LLC each bought new positions in the fourth quarter, valued at $16.9 million, $12.8 million, and $10.4 million respectively. Institutional investors and hedge funds collectively own 94.94% of the company's stock.
Analysts have recently weighed in on Urban Edge Properties. BTIG Research reaffirmed a 'buy' rating with a $25.00 price target on June 12. UBS Group raised its price objective from $22.00 to $24.00, maintaining a 'neutral' rating on July 9. Weiss Ratings restated a 'buy' rating on July 24. According to MarketBeat, the stock has a consensus rating of 'Hold' and a consensus price target of $23.20.
Urban Edge Properties stock opened at $22.60 on Tuesday, with a market capitalization of $2.85 billion. The company has a price-to-earnings ratio of 26.28 and a beta of 0.98. Its 50-day moving average is $22.92, and its 200-day moving average is $21.51. The stock's 52-week range is $18.46 to $24.11.
The company recently paid a quarterly dividend of $0.21 per share on June 30, representing an annualized dividend of $0.84 and a yield of 3.7%. The dividend payout ratio is 97.67%. CEO Jeffrey S. Olson sold 161,553 shares on May 8 at an average price of $21.73, reducing his position by 87.68%. Insiders own 2.70% of the company's stock.
Source: dailypolitical.com
