AMREP Corporation (NYSE:AXR), a land development and real estate company, has disclosed compensatory arrangements for its top executives and amendments to its Bylaws in a recent SEC filing. On July 18, 2024, the company awarded President and CEO Christopher V. Vitale a $150,000 cash bonus and 7,200 restricted shares of common stock. These shares are set to vest in three equal installments over the next three years, contingent upon Vitale's continued employment on the vesting dates. Additionally, the company's Vice President of Finance and Accounting, Adrienne M. Uleau, received a $55,000 cash bonus and 1,890 restricted shares, also vesting over a three-year period under similar conditions.
The company announced salary increases for both executives effective as of July 29, 2024, with Vitale's salary rising to $375,000 and Uleau's to $180,000. These executive compensation decisions were made under the AMREP Corporation 2016 Equity Compensation Plan.
In another development, AMREP's Board of Directors amended the company's Bylaws on July 18, 2024. The changes, effective as of July 19, 2024, were described as technical and administrative adjustments to its prior Bylaws. Details of the amendments were not specified in the summary provided, but full texts of the amended Bylaws and a marked version highlighting the changes have been filed as exhibits with the SEC.
This corporate governance update and executive compensation information is based on AMREP Corporation's Form 8-K filing with the Securities and Exchange Commission. The filing serves to satisfy the company's reporting obligations under the Securities Exchange Act of 1934. The company has not provided any commentary on the broader implications of these changes for its operations or market position.
InvestingPro Insights
In light of AMREP Corporation's recent executive compensation and corporate governance updates, it is worth considering the company's financial health and market performance. InvestingPro data shows that AMREP Corporation has a market capitalization of $115.82 million USD and a Price/Earnings (P/E) ratio of 52.49, which adjusts to a more attractive 18.51 when considering the last twelve months as of Q3 2024. This suggests a potential undervaluation of the company's earnings capacity. Additionally, the company's Price to Book ratio as of the same period stands at a lean 1.01, indicating that the stock may be trading at a value close to its net asset value.
InvestingPro Tips highlight that AMREP Corporation holds more cash than debt on its balance sheet and is trading at a low revenue valuation multiple, which could be of interest to value investors. Moreover, the company has been profitable over the last twelve months and has shown a strong return over the last month, with a 17.34% increase in its stock price.
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