American Strategic Investment Co (NYSE:NYC), whose stock is currently trading at a significant discount to book value with a price-to-book ratio of 0.25, has recently experienced insider buying activity by Nicholas S. Schorsch and related entities. The transactions, reported on December 23 and 24, included the purchase of 1,626 shares of Class A common stock, valued at approximately $14,032. Shares were purchased at a weighted average price between $8.55 and $8.71 per share. according to InvestingPro Analysis, the stock appears to be undervalued based on fair value estimates.
Nicholas S. Schorsch, a major stakeholder, executed these transactions through entities under his control, including Bellevue. Capital Partners (WA:), LLC. The purchases increased the total shares owned by Schorsch and its affiliates to 919,994. Do you want deeper insights into insider trading patterns and comprehensive financial analysis? InvestingPro Subscribers get access to detailed insider trading data and over 10 additional ProTips for New York City.
These transactions highlight the continued interest in American Strategic Investment Co., formerly New York City REIT, Inc., from insiders. While the company maintains adequate liquidity with a current ratio of 1.5, it is operating with a large debt load, he revealed InvestingPro Data. The company operates in the real estate investment trusts sector and is headquartered in Newport, Rhode Island.
In other recent news, American Strategic Investment Co. reported an increase in net cash operating income and a slight increase in occupancy rates to 85.8% during its third-quarter 2024 earnings. However, the company also disclosed a GAAP net loss of $34.5 million This was primarily due to non-cash impairments, with revenue falling to $15.4 million from $16 million in the same quarter of 2023. In a noteworthy development, American Strategic Investment The company has closed the sale of its 9 Times Square property for a total purchase price of $63.5 million, a move that is part of the company’s strategic plan to optimize its portfolio. The company is also marketing properties for sale at 123 William Street and 196 Orchard. These latest developments reflect American Strategic Investment’s focus on long-term value creation through strategic portfolio management and asset divestitures, with plans to invest the proceeds of these sales in higher yielding assets outside of New York City.
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