UMH Properties price target raised to $20 from $17 at Wedbush

Wedbush analyst Richard Anderson raised the firm’s price target on UMH Properties to $20 from $17 and keeps a Neutral rating on the shares. The firm says UMH produced another quarter of double-digit same store NOI growth driven by 380 additional occupied sites and rate growth averaging 4.9%. Wedbush notes that UMH took another important step in furthering itself as a mainstream REIT option with its first ever issuance of full-year Normalized FFO guidance.