In a recent flurry of insider buying, Gould Investors L.P., a ten-percent owner of BRT Apartments Corp. (NYSE:BRT), has increased its stake in the company with a series of purchases totaling approximately $625,469. The transactions, which occurred over three consecutive days, reflect the owner's growing investment in the real estate investment trust.
The purchases began on April 15, 2024, when Gould Investors L.P. acquired 11,212 shares at a weighted average price of $16.9996. This was followed by an additional 12,850 shares bought on April 16 at an average of $16.9537, and the same number of shares on April 17, with the price slightly lower at $16.8883. The prices for these transactions ranged between $16.8883 and $16.9996, as reported to the Securities and Exchange Commission.
These transactions have increased Gould Investors L.P.'s holdings to a total of 3,707,980.9731 shares in BRT Apartments Corp., including shares acquired through the issuer's dividend reinvestment plan. The SEC filings included footnotes indicating that the transactions were executed in multiple trades and that the prices reported reflect the weighted average sale price.
The insider buying activity by Gould Investors L.P. provides a notable addition to the company's shareholder base and may be of interest to current and potential investors. BRT Apartments Corp., which specializes in the ownership, operation, and development of multi-family properties, is headquartered in Great Neck, New York.
InvestingPro Insights
Amidst the insider buying activity by Gould Investors L.P., BRT Apartments Corp. (NYSE:BRT) has shown a commitment to returning value to shareholders. An InvestingPro Tip worth noting is that the company has raised its dividend for seven consecutive years, highlighting a potentially attractive aspect for income-focused investors. Furthermore, the company’s management has been actively engaging in share buybacks, which can be indicative of their confidence in the company's value and future prospects.
From a financial perspective, BRT Apartments Corp. holds a market capitalization of approximately $322.51M. While the company's P/E ratio stands at a high 101.41, it is important to consider that this figure is based on past earnings and might not fully reflect future potential. Additionally, the company has experienced significant revenue growth over the last twelve months with a 35.62% increase, demonstrating its ability to expand its financial base in a competitive market.
Investors should also be aware of the company's dividend yield, which is currently at 5.95%, and that the company has been profitable over the last twelve months. These metrics, along with a price/book ratio of 1.43, could be useful in evaluating the company's stock from a value investing standpoint. However, analysts do caution that net income is expected to drop this year, and they do not anticipate the company will be profitable this year, which could be a concern for those looking at the immediate financial health of BRT.
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