NewLake Capital Partners, Inc. (NASDAQ:NLCP) President and CEO, Anthony Coniglio, has recently made a purchase of the company's common stock, signaling a vote of confidence in the real estate investment trust. According to the latest filings, Coniglio acquired a total of 400 shares across two separate transactions on March 19 and March 20, 2024.
Investors might take note that the CEO paid between $17.96 and $18.38 per share for these recent acquisitions. The total amount invested over these two days reached over $7,226. On the first day, Coniglio bought 300 shares at an average price of $17.96, while on the following day, he added another 100 shares to his holdings at $18.38 each.
Following these transactions, CEO Anthony Coniglio now directly holds a total of 579,119 shares in NewLake Capital Partners, Inc. This move by the company's top executive could be interpreted by the market as a positive indicator of the company's future prospects.
NewLake Capital Partners, Inc., headquartered in New Canaan, Connecticut, specializes as a real estate investment trust within the cannabis industry, offering a unique investment proposition in a rapidly growing sector.
Investors and shareholders of NewLake Capital Partners can request detailed information about the exact number of shares purchased at each price point within the range mentioned in the SEC filing footnote, should they require it for their analysis.
The recent purchase by the CEO is part of the routine disclosures made by company insiders, which are closely watched by the market for insights into executive sentiment about the company's performance and outlook.
InvestingPro Insights
NewLake Capital Partners, Inc.'s (NASDAQ:NLCP) recent insider buying activity is complemented by a broader financial perspective that may interest investors. According to InvestingPro data, the company boasts a solid market capitalization of $375.79 million USD and a Price to Earnings (P/E) ratio of 14.55, which slightly adjusts to 15.01 when looking at the last twelve months as of Q4 2023. This P/E ratio suggests a reasonable valuation compared to historical earnings.
The company's revenue has seen growth, with a 5.12% increase over the last twelve months as of Q4 2023, indicating a steady upward trajectory. Furthermore, NewLake Capital Partners maintains an impressive gross profit margin of 98.61%, a testament to their efficient operations and strong market position within the cannabis industry's real estate sector.
InvestingPro Tips highlight that NewLake Capital Partners not only has been aggressively buying back shares but also holds more cash than debt on its balance sheet, which is a reassuring sign for investors looking for financial stability. Moreover, the company has a track record of rewarding its shareholders, having raised its dividend for 3 consecutive years and currently offering a robust dividend yield of 9.11%.
For those seeking more in-depth analysis, InvestingPro offers additional tips on NewLake Capital Partners. By using the coupon code PRONEWS24, investors can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. There are 16 more InvestingPro Tips available, including insights into valuation multiples and stock performance metrics, which can be found at https://www.investing.com/pro/NLCP.
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