Executive Vice President of Spire Inc (NYSE:SR), Steven P. Rasche, has recently invested in the company's 5.9% Series A Cumulative Redeemable Perpetual Preferred Stock, purchasing shares valued at a total of $107,234. The transaction took place on June 13, 2024, at a price of $23.83 per share.
The acquisition of 4,500 shares has increased Rasche's holdings to 16,499.84 shares in the preferred stock category, which are held in an Individual Retirement Account (IRA) over which he has sole voting and investment power. This move demonstrates a significant investment by Rasche in the company's financial instruments, reflecting a strong commitment to Spire Inc's future.
In addition to the preferred stock, Rasche's overall holdings include 5,625 shares of Spire Inc's common stock held directly, and another 26,265.804 shares held indirectly through a 401(k) and a revocable trust. The shares in the 401(k) are reported by the trustee as of the close of business on June 12, 2024, while the shares in the revocable trust are managed jointly by Rasche and his spouse.
The filing also notes the presence of Phantom Stock, representing another form of Rasche's investment in the company, with 20,232 shares held as of June 14, 2024. Phantom Stock is typically used as a deferred compensation tool that provides the holder with a cash or stock payment based on the performance of the company's stock.
Investors and enthusiasts following Spire Inc's stock movements will find these transactions noteworthy as they reflect the actions of a key executive within the company. These transactions are filed with the Securities and Exchange Commission and are publicly available for scrutiny. Rasche's investments align with his role as an executive, potentially signaling his confidence in the company's prospects and stability.
The detailed transactions and holdings are part of a standard disclosure process, providing transparency into the trading activities of corporate insiders. As Spire Inc continues its operations in the natural gas distribution sector, such investments by executives can be interpreted as positive indicators by the market and investors alike.
In other recent news, Spire Inc. has been the subject of several significant developments. The company's Senior Vice President and Chief Strategy and Corporate Development Officer, Michael C. Geiselhart, announced his retirement effective September 30, 2024. This change in leadership aligns with Spire's mandatory retirement age policy for its officers.
Furthermore, Spire reported a decrease in net economic earnings per share to $3.45 in the fiscal second quarter, down from $3.70 in the same period last year. Despite this, the company reaffirmed its fiscal year 2024 guidance, projecting net economic earnings of $4.25 to $4.45 per share and maintaining its long-term growth target of 5% to 7%.
In analysis news, a Wells Fargo (NYSE:WFC) analyst increased Spire's stock price target to $66.00 from the previous $64.00, while maintaining an Equal Weight rating. However, Mizuho downgraded Spire's stock from Buy to Neutral and adjusted the price target to $62 from $64, citing the company's underperformance compared to its peers.
These recent developments highlight the dynamic nature of Spire's operational and financial landscape. As the company navigates these changes, investors and stakeholders will be keenly watching Spire's strategic moves and financial performance.
InvestingPro Insights
As Executive Vice President Steven P. Rasche demonstrates confidence in Spire Inc's (NYSE:SR) future through his recent stock purchases, investors may find additional context in the company's financial health and market performance valuable. According to InvestingPro data, Spire Inc currently has a market capitalization of $3.36 billion USD. This metric is essential as it gives a sense of the company's size and how the market values it.
One of the notable InvestingPro Tips for Spire Inc is that the company has raised its dividend for 20 consecutive years, which is a testament to its commitment to returning value to shareholders. Furthermore, the company pays a significant dividend, with a dividend yield of 5.19% as of mid-2024, which is attractive to investors looking for steady income streams. Notably, Spire Inc's stock generally trades with low price volatility, which could appeal to investors who prioritize stability in their investment portfolios.
However, it's worth noting that Spire Inc's short-term obligations exceed its liquid assets, which could be a point of consideration for investors evaluating the company's financial resilience. For those interested in delving deeper into Spire Inc's financials and stock performance, InvestingPro offers additional insights and metrics. There are more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/SR. To take advantage of these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Overall, the executive's investment in Spire Inc, alongside the company's long history of dividend payments and its current yield, may signal a positive outlook to potential investors. With these InvestingPro Insights, individuals can make more informed decisions backed by real-time data and expert analysis.
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