Dennis H. Gartman, a director at Armada Hoffler Properties, Inc. (NYSE:AHH), recently acquired additional shares of the company. According to a filing with the Securities and Exchange Commission, Gartman purchased 4,500 shares of common stock on December 11, 2024, at a price of $10.8499 per share. This transaction amounts to a total value of $48,824. Following the acquisition, Gartman now holds a total of 31,649 shares in the company. The purchase comes as the $1.1 billion market cap REIT offers a substantial 7.5% dividend yield and trades near its 52-week low of $10.02. This move reflects Gartman's continued investment in Armada Hoffler, a real estate firm based in Virginia Beach, Virginia. According to InvestingPro, the company has raised its dividend for three consecutive years, with analysts setting price targets up to $13.00 per share. InvestingPro analysis shows 7 more key insights available for subscribers, along with a comprehensive Pro Research Report covering what really matters about this stock.
In other recent news, Armada Hoffler Properties Inc. has announced a leadership transition, with Shawn Tibbetts set to assume the role of CEO effective January 1, 2025. Tibbetts, who has significantly contributed to the company's growth since 2019, will succeed current CEO Lou Haddad upon his retirement. In addition to this, Armada Hoffler reported steady financial results for the third quarter of 2024, including a normalized funds from operations (FFO) of $0.35 per diluted share, and a standard FFO of $0.14 per diluted share.
The company also highlighted its successful common equity offering and the addition of approximately 900 multifamily units to its portfolio. Occupancy rates across segments remain robust, with retail at 96.2%, multifamily at 95.3%, and commercial at 95.6%. Furthermore, Armada Hoffler has secured a lease with Stifel Financial Corp (NYSE:SF) for 35,000 square feet at Wills Wharf, indicating a positive outlook for the upcoming quarters. These are some of the recent developments in the company's operations and strategic initiatives.
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