Carlos Lawrence Heard, the Senior Vice President and Chief Financial Officer of Saul Centers, Inc. (NYSE:BFS), a $1.32 billion market cap REIT with a GOOD financial health score according to InvestingPro, recently acquired 300 shares of Series D Preferred Stock. The transaction, dated December 17, involved shares purchased at a price of $21.69 each, totaling approximately $6,507.
Following this transaction, Heard holds 700 shares of the Series D Preferred Stock. Additionally, he maintains direct ownership of 2,222.632 shares of common stock, reflecting a slight increase due to a dividend reinvestment plan award.
Heard's holdings also include various employee stock options and performance shares, which contribute to his overall investment in the real estate investment trust.
In other recent news, Saul Centers, a real estate investment trust, has decided to maintain its quarterly dividend at $0.59 per common share. This rate remains consistent with the dividend paid in the previous quarter and the same quarter of the prior year. Dividends on its preferred stock have also been declared, with specific amounts due to different series of stockholders. These are recent developments and part of the company's ongoing financial strategy.
Furthermore, Saul Centers has been the focus of updated analysis from B.Riley. The firm maintained a Buy rating on Saul Centers and increased the price target to $45.50 from $43.50, following a review of the company's recent quarterly results. The company's performance showed a 1.45% growth in same-property net operating income for its shopping center portfolio, and an unexpected upside in its office real estate segment.
In addition, the company is making progress in its leased but not occupied spaces, potentially adding up to $5.3 million of annual base rent. Two major mixed-use development projects are underway, with the first, Twinbrook, commencing residential leasing in the fourth quarter of 2024. However, B.Riley also indicated potential risks associated with the current macroeconomic environment that could impact the leasing activities at Saul Centers' mixed-use developments.
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