NYSE:UMH

Stock Analysis Report

UMH Properties

Market Cap

US$673.7m

Last Updated

2020/01/23 00:11 UTC

Data Sources

Company Financials +

Executive Summary

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 122 manufactured home communities containing approximately 23,000 developed homesites.

Rewards

Revenue is forecast to grow 15.23% per year

Risk Analysis

Earnings are forecast to decline by an average of -5.9% per year for the next 3 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Dividend of 4.49% is not well covered by earnings

Shareholders have been diluted in the past year


Snowflake Analysis

Second-rate dividend payer with concerning outlook.

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Share Price & News

How has UMH Properties's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: UMH has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return

0.7%

UMH

0.9%

US REITs

0.6%

US Market

1 Year Return

30.3%

UMH

18.9%

US REITs

24.6%

US Market

Return vs Industry: UMH exceeded the US REITs industry which returned 17.9% over the past year.

Return vs Market: UMH exceeded the US Market which returned 24.7% over the past year.

Shareholder returns

UMHIndustryMarket
7 Day0.7%0.9%0.6%
30 Day5.4%3.9%3.0%
90 Day12.3%0.1%10.6%
1 Year37.4%30.3%23.8%18.9%27.3%24.6%
3 Year28.7%10.4%35.5%18.4%50.5%40.8%
5 Year130.6%71.8%46.8%16.5%78.9%59.1%

Price Volatility Vs. Market

How volatile is UMH Properties's share price compared to the market and industry in the last 5 years?

Simply Wall St News

1 week ago | Simply Wall St

Does UMH Properties, Inc.'s (NYSE:UMH) CEO Pay Reflect Performance?

2 months ago | Simply Wall St

UMH Properties, Inc. Just Missed EPS By 400%: Here's What Analysts Think Will Happen Next

2 months ago | Simply Wall St

It Might Not Be A Great Idea To Buy UMH Properties, Inc. (NYSE:UMH) For Its Next Dividend

Valuation

Is UMH Properties undervalued compared to its fair value and its price relative to the market?

4.55x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: UMH ($16.02) is trading above our estimate of fair value ($13.98)

Significantly Below Fair Value: UMH is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: UMH is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: UMH is unprofitable, so we can't compare its PE Ratio to the US market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate UMH's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: UMH is overvalued based on its PB Ratio (4.4x) compared to the US REITs industry average (2x).

Next Steps

Future Growth

How is UMH Properties forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-5.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: UMH is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: UMH is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: UMH is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: UMH's revenue (15.2% per year) is forecast to grow faster than the US market (7.5% per year).

High Growth Revenue: UMH's revenue (15.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if UMH's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has UMH Properties performed over the past 5 years?

-52.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: UMH is currently unprofitable.

Growing Profit Margin: UMH is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: UMH is unprofitable, and losses have increased over the past 5 years at a rate of -52.7% per year.

Accelerating Growth: Unable to compare UMH's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: UMH is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (8.1%).

Return on Equity

High ROE: UMH has a negative Return on Equity (-0.65%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is UMH Properties's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: UMH has a high level of physical assets or inventory.

Debt Coverage by Assets: UMH's debt is not covered by short term assets (assets are 0.2x debt).

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable UMH has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: UMH is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 8.2% per year.

Financial Institutions Analysis

Asset Level: UMH's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if UMH has a sufficient allowance for bad loans.

Low Risk Liabilities: UMH reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if UMH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: UMH has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if UMH has an appropriate level of bad loans.

Next Steps

Dividend

What is UMH Properties's current dividend yield, its reliability and sustainability?

4.37%

Current Dividend Yield

Upcoming Dividend Payment

Purchase UMH Properties before the 'Buy Limit' to receive their next dividend payment.

Dividend Yield vs Market

company4.4%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years4.4%

Current dividend yield vs market & industry

Notable Dividend: UMH's dividend (4.49%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: UMH's dividend (4.49%) is in the top 25% of dividend payers in the US market (3.66%)

Stability and Growth of Payments

Stable Dividend: UMH's dividends per share have been stable in the past 10 years.

Growing Dividend: UMH's dividend payments have not increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: UMH is paying a dividend but the company is unprofitable.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps

Management

What is the CEO of UMH Properties's salary, the management and board of directors tenure and is there insider trading?

16.3yrs

Average management tenure

CEO

Samuel Landy (59yo)

25yrs

Tenure

US$3,173,343

Compensation

Mr. Samuel A. Landy has been Chief Executive Officer and President of UMH Properties Inc. since 1995. Mr. Landy served as the Vice President at UMH Properties from 1991 to 1995. He has been a Director of M ...

CEO Compensation Analysis

Compensation vs Market: Samuel's total compensation ($USD3.17M) is about average for companies of similar size in the US market ($USD2.53M).

Compensation vs Earnings: Samuel's compensation has increased whilst the company is unprofitable.

Management Age and Tenure

16.3yrs

Average Tenure

59yo

Average Age

Experienced Management: UMH's management team is seasoned and experienced (16.3 years average tenure).

Board Age and Tenure

8.8yrs

Average Tenure

59.5yo

Average Age

Experienced Board: UMH's board of directors are considered experienced (8.8 years average tenure).

Insider Trading

Insider Buying: UMH insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BuyUS$1,00016 Jan 20
Kenneth Quigley
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares65.04
Max PriceUS$15.38
BuyUS$1,00016 Jan 20
William Mitchell
EntityIndividual
Role
Member of the Board of Directors
Director
Shares65.04
Max PriceUS$15.38
BuyUS$14,99226 Dec 19
Matthew Hirsch
EntityIndividual
Role
Lead Director
Presiding Independent Director
Shares966
Max PriceUS$15.52
BuyUS$1,00022 Nov 19
Kenneth Quigley
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares69.57
Max PriceUS$14.38
BuyUS$1,00016 Oct 19
William Mitchell
EntityIndividual
Role
Member of the Board of Directors
Director
Shares73.39
Max PriceUS$13.63
BuyUS$1,00018 Sep 19
William Mitchell
EntityIndividual
Role
Member of the Board of Directors
Director
Shares76.19
Max PriceUS$13.13
BuyUS$1,00017 Sep 19
Kenneth Quigley
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares76.19
Max PriceUS$13.13
BuyUS$10,00703 Sep 19
Matthew Hirsch
EntityIndividual
Role
Lead Director
Presiding Independent Director
Shares780
Max PriceUS$12.83
BuyUS$5,00226 Aug 19
Matthew Hirsch
EntityIndividual
Role
Lead Director
Presiding Independent Director
Shares406
Max PriceUS$12.32
BuyUS$15,00322 Aug 19
Matthew Hirsch
EntityIndividual
Role
Lead Director
Presiding Independent Director
Shares1,207
Max PriceUS$12.43
BuyUS$3,00016 Aug 19
William Mitchell
EntityIndividual
Role
Member of the Board of Directors
Director
Shares258.07
Max PriceUS$11.63
BuyUS$70,95215 Aug 19
Stephen Wolgin
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares6,000
Max PriceUS$11.86
BuyUS$1,00016 Jul 19
Kenneth Quigley
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares83.33
Max PriceUS$12.00
BuyUS$10,00018 Jun 19
Matthew Hirsch
EntityIndividual
Role
Lead Director
Presiding Independent Director
Shares784.31
Max PriceUS$12.75
BuyUS$200,00018 Mar 19
James Mitchell
EntityIndividual
Shares15,384.62
Max PriceUS$13.00

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.3%.

Management Team

  • Eugene Landy (85yo)

    Founder & Chairman of the Board

    • Tenure: 25yrs
    • Compensation: US$551.36k

  • Samuel Landy (59yo)

    President

    • Tenure: 25yrs
    • Compensation: US$3.17m

  • Anna Chew (60yo)

    VP, Chief Financial & Accounting Officer

    • Tenure: 25yrs
    • Compensation: US$2.54m

  • Christine Lindsey

    Vice President of Sales

    • Tenure: 16.6yrs

  • Jeffrey Yorick

    Vice President of Engineering

    • Tenure: 16yrs

  • Craig Koster (43yo)

    General Counsel & Secretary

    • Tenure: 5yrs
    • Compensation: US$387.18k

  • Robert Van Schuyver

    Vice President

    • Tenure: 4.8yrs

  • Brett Taft (29yo)

    Chief Operating Officer

    • Tenure: 1yrs
    • Compensation: US$355.64k

  • Nelli Madden

    Director of Investor Relations

    • Kristin Langley

      Controller

      Board Members

      • Eugene Landy (85yo)

        Founder & Chairman of the Board

        • Tenure: 25yrs
        • Compensation: US$551.36k

      • Samuel Landy (59yo)

        President

        • Tenure: 25yrs
        • Compensation: US$3.17m

      • Anna Chew (60yo)

        VP, Chief Financial & Accounting Officer

        • Tenure: 25yrs
        • Compensation: US$2.54m

      • Matthew Hirsch (60yo)

        Presiding Independent Director

        • Tenure: 3.8yrs
        • Compensation: US$75.11k

      • Michael Landy (57yo)

        Director

        • Tenure: 8.8yrs
        • Compensation: US$73.91k

      • Steve Wolgin (65yo)

        Independent Director

        • Tenure: 12.7yrs
        • Compensation: US$82.81k

      • Ken Quigley (62yo)

        Independent Director

        • Tenure: 3.8yrs
        • Compensation: US$75.11k

      • Jeffrey Carus (56yo)

        Independent Director

        • Tenure: 8.8yrs
        • Compensation: US$81.61k

      • Stuart Levy (49yo)

        Independent Director

        • Tenure: 8.3yrs
        • Compensation: US$82.81k

      • Bill Mitchell (52yo)

        Director

        • Tenure: 0.6yrs

      Company Information

      UMH Properties, Inc.'s company bio, employee growth, exchange listings and data sources

      Key Information

      • Name: UMH Properties, Inc.
      • Ticker: UMH
      • Exchange: NYSE
      • Founded: 1968
      • Industry: Residential REITs
      • Sector: Real Estate
      • Market Cap: US$673.660m
      • Shares outstanding: 40.85m
      • Website: https://www.umh.reit

      Number of Employees

      Location

      • UMH Properties, Inc.
      • Juniper Business Plaza
      • Suite 3-C
      • Freehold
      • New Jersey
      • 7728
      • United States

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      UMHNYSE (New York Stock Exchange)YesCommon StockUSUSDFeb 1985
      WXEDB (Deutsche Boerse AG)YesCommon StockDEEURFeb 1985
      UMH.PRBNYSE (New York Stock Exchange)PFD RED SER BUSUSDOct 2015
      UMH.PRCNYSE (New York Stock Exchange)6.75% CUM PFD CUSUSDJul 2017
      UMH.PRDNYSE (New York Stock Exchange)6.375% CUM PFD DUSUSDJan 2018

      Biography

      UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 122 manufactured home communities containing approximately 23,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. In addition, the Company owns a portfolio of REIT securities. 

      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/23 00:11
      End of Day Share Price2020/01/22 00:00
      Earnings2019/09/30
      Annual Earnings2018/12/31


      Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.