UDR, Inc. (NYSE:UDR) declared a second quarter dividend on its common stock in the amount of $0.18 per share. This amounts to almost a 41% decrease from the prior quarter's dividend of $0.305 per share.
CEO Tom Toomey said the dividend rate increases retained capital by $79 million over the next 12 months, and that, "this action, combined with the existing $1.2 billion of cash and credit capacity allows the Company to effectively navigate the challenging economy and be better positioned to take advantage of opportunities as they emerge."
In afternoon trading, shares of UDR were up over 8% on above average volume.
In other dividend news, power and electric company FPL Group (NYSE:FPL) announced its quarterly dividend of 47.25 cents per share. Mining equipment manufacturer Joy Global (JOYG) announced its quarterly dividend of 17.5 cents per share.
Among dividend increases, specialty consulting firm Pharmaceutical Product Development (PPDI) announced its quarterly dividend of 15 cents per share, an increase of about 20% over its prior dividend in March of 12.5 cents.
Among dividend reductions, regional bank United Securities Bancshares (USBI) announced its quarterly dividend of 11 cents per share, a decrease of about 59% over its prior dividend in March of 27 cents.
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