B. Riley analyst John Massocca lowered the firm’s price target on UMH Properties (UMH) to $21.50 from $22.50 and keeps a Buy rating on the shares. UMH’s Q1 results represent another quarter of steady execution, with high-single-digit same property Net Operating Income growth on mid-single-digit rental rate growth and incremental increases in total portfolio occupancy, the analyst tells investors in a research note. B. Riley continues to see UMH as poised for strong bottom-line per-share growth, but believes growth will be contingent on execution on multiple fronts.
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