Geode Capital Management LLC raised its stake in shares of Urstadt Biddle Properties Inc. (NYSE:UBA) by 20.7% during the first quarter, Holdings Channel reports. The firm owned 282,840 shares of the real estate investment trust’s stock after buying an additional 48,522 shares during the period. Geode Capital Management LLC’s holdings in Urstadt Biddle Properties were worth $5,815,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Prudential Financial Inc. raised its stake in Urstadt Biddle Properties by 16.6% in the first quarter. Prudential Financial Inc. now owns 78,988 shares of the real estate investment trust’s stock valued at $1,624,000 after buying an additional 11,220 shares during the period. Guggenheim Capital LLC purchased a new position in Urstadt Biddle Properties during the fourth quarter valued at approximately $852,000. Lasalle Investment Management Securities LLC purchased a new position in Urstadt Biddle Properties during the first quarter valued at approximately $212,000. Swiss National Bank increased its position in Urstadt Biddle Properties by 5.5% in the first quarter. Swiss National Bank now owns 48,036 shares of the real estate investment trust’s stock valued at $988,000 after buying an additional 2,500 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Urstadt Biddle Properties by 4.0% in the first quarter. Arizona State Retirement System now owns 15,452 shares of the real estate investment trust’s stock valued at $318,000 after buying an additional 600 shares in the last quarter. 61.14% of the stock is currently owned by institutional investors and hedge funds.

Urstadt Biddle Properties Inc. (NYSE:UBA) opened at 21.25 on Thursday. The firm has a 50-day moving average price of $20.40 and a 200 day moving average price of $20.56. Urstadt Biddle Properties Inc. has a 52-week low of $18.32 and a 52-week high of $25.43. The company has a market capitalization of $801.17 million, a P/E ratio of 20.39 and a beta of 0.53.

Urstadt Biddle Properties declared that its board has initiated a share repurchase program on Friday, June 9th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date was Wednesday, June 28th. Urstadt Biddle Properties’s payout ratio is currently 100.95%.

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Several research firms have commented on UBA. ValuEngine downgraded Urstadt Biddle Properties from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. FBR & Co reiterated a “mkt perform” rating and issued a $20.00 target price on shares of Urstadt Biddle Properties in a research report on Tuesday, July 11th. Zacks Investment Research upgraded Urstadt Biddle Properties from a “sell” rating to a “hold” rating in a research report on Friday, June 16th. Finally, TheStreet downgraded Urstadt Biddle Properties from a “b-” rating to a “c+” rating in a research report on Friday, May 12th. Two analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $23.67.

About Urstadt Biddle Properties

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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Institutional Ownership by Quarter for Urstadt Biddle Properties (NYSE:UBA)

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