One Liberty Properties Inc (NYSE:OLP) executive vice president and COO, Lawrence Ricketts, has sold a total of $115,661 worth of company stock, according to recent SEC filings. The transactions, which took place on July 11 and July 12, 2024, involved shares of the real estate investment trust's common stock at prices ranging from $24.14 to $24.33 per share.
On the first day of the reported transactions, Ricketts disposed of 4,756 shares at an average price of $24.14. The following day, an additional 35 shares were sold at $24.33 each. The detailed filing notes that the sales on July 11 were executed in multiple trades with prices between $24.09 and $24.20, the reported price reflecting the weighted average sale price. Ricketts has confirmed his readiness to provide full information regarding the number of shares sold and the specific prices upon request by the SEC staff, the issuer, or a security holder of the issuer.
Following these transactions, Ricketts's ownership in One Liberty Properties stands at 187,309.863 shares of common stock. The company, which is incorporated in Maryland, specializes in real estate investment trusts and is headquartered in Great Neck, New York.
Investors and market watchers often pay close attention to insider sales as they may provide insights into an executive's perspective on the company's current valuation or future prospects. However, it's also common for executives to sell shares for reasons unrelated to their outlook on the company, such as diversifying their portfolio or meeting personal financial objectives.
One Liberty Properties Inc has not issued any official statement regarding these transactions at the time of reporting.
In other recent news, One Liberty Properties has been actively managing its real estate portfolio with a series of transactions. The company completed property dispositions worth $23.0 million in the second quarter, according to B.Riley, which maintained a Buy rating on the company's stock and raised the share target to $26.00. One Liberty also reported the purchase of two industrial properties for $11.7 million and is under contract to acquire a larger industrial property for $33.0 million, signaling a shift towards industrial assets.
The company concluded the sale of a vacant retail property in Kennesaw, Georgia, for a gross sales price of $6.7 million, yielding an approximate gain of $2.1 million. Furthermore, One Liberty is set to acquire a newly constructed 302,000-square-foot industrial building near Omaha, Nebraska, for $33 million. The company also completed the acquisition of a 35,249-square-foot industrial facility in Savannah, Georgia, for $5.2 million.
B.Riley's analysis suggests that One Liberty's strategy of selling retail properties to fund industrial asset acquisitions is likely beneficial for the company's market valuation. Despite a slight decrease in their 2024 adjusted funds from operations (AFFO) per share estimate, the 2025 AFFO per share estimate remains unchanged, reflecting confidence in One Liberty Properties' property transactions and focus on industrial assets. These are the recent developments for One Liberty Properties.
InvestingPro Insights
Amidst recent insider trading activity, One Liberty Properties Inc (NYSE:OLP) remains a company of interest for investors, especially those seeking income-generating investments. With a notable dividend yield of 7.4%, the company has demonstrated a strong commitment to shareholder returns, maintaining dividend payments for 34 consecutive years. This consistency is a significant aspect for income-focused portfolios, as highlighted by one of the InvestingPro Tips.
InvestingPro Data further reveals a market capitalization of $530.24 million, indicating a moderate-sized player in the real estate investment trust (REIT) market. Although the company's revenue has seen a slight decline of 5.08% over the last twelve months as of Q1 2024, the gross profit margin remains robust at 80.87%, reflecting the company's ability to maintain profitability amidst revenue fluctuations. This financial health is also supported by the company's operating income margin of 35.89% for the same period.
For those considering the stock's valuation, the P/E ratio stands at 18.2, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 44.42. While the current valuation may raise questions about growth prospects, the company's track record of profitability and dividend reliability, as suggested by another InvestingPro Tip, may balance these concerns for certain investors.
It's noteworthy that the stock is trading near its 52-week high, at 99.92% of this peak. This could be an indication of market optimism about the company's performance or sector dynamics. For detailed analysis and additional InvestingPro Tips, investors can explore https://www.investing.com/pro/OLP. Moreover, by using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to an extensive range of investment insights and tips, with a total of six additional tips listed for One Liberty Properties in InvestingPro.
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