David L. Weinstein, a director at NewLake Capital Partners (WA:CPAP), Inc. (OTC:NLCP), has recently sold shares in the company, according to a filing with the Securities and Exchange Commission. Over two days, Weinstein sold a total of 9,856 shares, generating proceeds of approximately $190,160. NewLake Capital, with a market capitalization of approximately $398 million, currently offers an attractive 9% dividend yield and trades at a P/E ratio of 14.4x. According to InvestingPro analysis, the company maintains a "GREAT" financial health score of 3.58.
On December 17, 2024, Weinstein sold 3,856 shares at a weighted average price of $19.44 per share, with prices ranging from $19.40 to $19.56. The following day, he sold an additional 6,000 shares at a price of $19.20 per share. After these transactions, Weinstein's direct ownership in NewLake Capital stands at 53,767 shares. InvestingPro subscribers can access 8 additional key insights about NewLake Capital, including detailed valuation metrics and growth potential analysis.
These sales were conducted following the filing of a Form 144 with the SEC, which is required for the sale of restricted or controlled securities. Notably, analysts maintain a bullish stance on the stock with a price target of $23.50.
In other recent news, NewLake Capital Partners reported steady growth in its third-quarter 2024 earnings call. The company disclosed a 9.3% year-over-year increase in total revenue, reaching $12.5 million, and net income attributable to common shareholders of $6.4 million. The adjusted Funds from Operations (AFFO) also saw an increase, amounting to $10.8 million. Despite challenges faced with specific tenants, the management team expressed optimism about growth opportunities, particularly in Ohio's adult-use market. Furthermore, NewLake is exploring mergers and acquisitions opportunities and sale leaseback transactions to support capital needs. These are among the recent developments in the company. However, it's important to note that the timing of future deals is contingent on market conditions and potential regulatory reforms.
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