In a recent transaction, Jeffrey Gould, the President and CEO of BRT Apartments Corp. (NYSE:BRT), acquired a significant number of shares in the company. The executive's purchase, which took place on two separate days, amounted to over $300,000 in total value.
On April 18, 2024, Jeffrey Gould bought 12,850 shares at a weighted average price of $16.628, with the transaction executed in multiple trades ranging from $16.49 to $16.79. The following day, he added another 5,500 shares to his holdings, this time at a weighted average price of $16.8883, with trades occurring between $16.815 and $16.91.
These acquisitions reflect Gould's continued investment in BRT Apartments Corp., a real estate investment trust known for its ownership, operation, and development of multi-family properties. The transactions were made indirectly through Gould Investors L.P., an entity in which Gould serves as an officer of the managing general partner, as disclosed in the footnotes of the SEC filing.
The footnotes also clarify that the reported shares include those obtained through the issuer's dividend reinvestment plan and that Gould has a pecuniary interest in these shares. Additionally, the footnotes mention that Gould is a director of the Gould Shenfeld Family Foundation, a trustee of the Gould Family Trust, and a manager of 130 Store Company LLC, indicating the various ways in which the shares are held.
Investors often view insider purchases as a sign of confidence in the company's future prospects. With the CEO of BRT Apartments Corp. increasing his stake in the company, market watchers may take note of the positive signal this could send about the firm's outlook.
The transactions were formally filed with the Securities and Exchange Commission on April 22, 2024, providing transparency and allowing the public to see the details of these insider trades.
InvestingPro Insights
Recent insider activity at BRT Apartments Corp. (NYSE:BRT) has caught the attention of market observers, as the company's President and CEO, Jeffrey Gould, has made substantial investments in the firm's stock. In light of this, a closer look at BRT Apartments Corp. through the lens of InvestingPro data and tips offers additional context for investors considering the company's potential.
InvestingPro data shows that BRT Apartments Corp. has a market capitalization of $347.71 million, which reflects the company's size and market value as of the last twelve months ending Q4 2023. Despite the company's relatively high Price/Earnings (P/E) ratio of 108.59, indicating a premium on earnings, it's notable that the company has been actively raising its dividend for seven consecutive years, boasting a current dividend yield of 5.76%. This consistent return to shareholders is a positive signal and aligns with the company's growth in revenue, which increased by 35.62% over the last twelve months.
Two InvestingPro Tips that stand out for BRT Apartments Corp. are the management's aggressive share buyback strategy and the company's high return over the last decade. These actions suggest confidence from the management in the company's value and a potentially rewarding long-term investment for shareholders. For those looking to delve deeper into the company's financials and performance metrics, InvestingPro provides 7 additional tips that can be accessed at https://www.investing.com/pro/BRT. To enhance your investment research with these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date approaching on May 6, 2024, investors will be keen to see how the company's strategies, including share buybacks and dividend increases, will impact its financial performance in the coming quarters.
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