Kenneth J. Bacon, a director at Welltower Inc. (NYSE:WELL), a prominent healthcare REIT with an $80 billion market capitalization, recently sold 2,200 shares of the company's common stock. The company's shares have delivered an impressive 51% return over the past year, reaching near their 52-week high of $140.75. The shares were sold at a weighted average price of $130.19 per share, resulting in a total transaction value of approximately $286,418. After this sale, Bacon holds 12,379 shares of Welltower, which has maintained dividend payments for 49 consecutive years and currently offers a 2.07% yield. Additionally, there was a gift transaction involving 700 shares, which did not involve any monetary exchange, bringing his total share ownership to 11,679 shares post-transaction. InvestingPro analysis suggests the stock is currently overvalued, with 12 additional key insights available to subscribers, including detailed insider trading patterns and comprehensive valuation metrics.
In other recent news, Welltower Inc. reported substantial growth in its third quarter of 2024. The health care infrastructure giant announced a 21% increase in funds from operations per share, with quarterly revenue exceeding $2 billion for the first time. The company's senior housing portfolio saw a 23% year-over-year growth in same-store net operating income, and occupancy rates rose by 310 basis points.
CEO Shankh Mitra emphasized Welltower's robust capital deployment, with $1.2 billion in transactions completed or under contract since the last update, contributing to a year-to-date total of over $6 billion. Welltower concluded the quarter with $3.8 billion in cash and projected net income attributable to common stockholders between $1.75 and $1.81 per diluted share for 2024.
In other recent developments, Diana W. Reid, a board member, has resigned from her position at Welltower to assume the role of CEO at Freddie Mac (OTC:FMCC). Her departure is not due to any disagreements with the company's operations, policies, or practices. Following Reid's resignation, the board size has been adjusted to nine directors. These are recent developments that investors in Welltower Inc. may find noteworthy.
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