Andrew Spodek, CEO and Director of Postal Realty Trust, Inc. (NYSE:PSTL), has recently purchased a notable amount of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Spodek acquired 7,968 shares at a price of $13.00 per share, totaling $103,584. This transaction was executed under a Rule 10b5-1 trading plan, which Spodek adopted on December 14, 2023. The timing appears strategic, as InvestingPro data shows the stock trading near its 52-week low of $12.94, with technical indicators suggesting oversold conditions.
Following this purchase, Spodek now holds 277,518 shares indirectly through the Spodek 2016 Family Trust and 651,153 shares directly. This acquisition underscores Spodek's continued investment in the real estate investment trust, which focuses on properties leased to the United States Postal Service. The $364 million market cap company offers investors a substantial 7.4% dividend yield and has maintained dividend growth for six consecutive years. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report about PSTL's financial health and growth prospects.
In other recent news, Postal Realty Trust reported steady growth during its third-quarter 2024 earnings call. The company's financial performance showed an FFO of $0.24 per diluted share and an AFFO of $0.30 per diluted share. The company also raised its quarterly dividend to $0.24 per share, a 1.1% increase from the previous year. Postal Realty Trust has executed a significant number of new leases that include annual rent escalations, contributing to its stable growth. In addition to these developments, the company completed $64 million in acquisitions for 2024 and sold two properties for $6.3 million. These recent developments indicate the company's strategic approach to acquisitions and property sales. The company's CEO, Andrew Spodek, projects an upward trend for the coming years, reinforcing the company's position for continued growth and financial stability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.