Sound Income Strategies LLC has increased its holdings in Alpine Income Property Trust, Inc. by 7.6% during the third quarter of 2023. The investment firm reported owning 1,126,174 shares after acquiring an additional 79,119 shares in this period, according to its recent filing with the Securities and Exchange Commission. As of the latest filing, Sound Income Strategies LLC holds approximately 7.95% of the company’s total shares, valued at about $15 million.
Several other institutional investors have also modified their positions in Alpine Income Property Trust. For instance, Russell Investments Group Ltd. increased its stake by 3.7% in the second quarter, bringing its total to 332,426 shares, valued at $4.89 million. Similarly, Geode Capital Management LLC raised its holdings by 5.8%, now owning 327,734 shares, worth approximately $4.82 million.
In addition, Gabelli Funds LLC purchased a new stake valued at about $3.62 million, while Truvestments Capital LLC raised its position significantly by 2,385% during the first quarter, now holding 192,363 shares valued at $3.22 million. The actions of these institutional investors indicate a growing interest in Alpine Income Property Trust, which now counts hedge funds and institutional investors owning 60.50% of its stock.
Analyst ratings for Alpine Income Property Trust have seen shifts recently. On November 4, 2023, Zacks Research upgraded its rating from “hold” to “strong-buy.” Other analysts, including Jones Trading, reaffirmed a “buy” rating with a target price of $19.00. In contrast, Alliance Global Partners maintained a “neutral” rating, while Stifel Nicolaus raised its target price from $17.50 to $19.00, reflecting a positive outlook among analysts. Currently, the stock has a consensus rating of “Moderate Buy” with a target price averaging $17.88.
As of the latest trading session on Friday, NYSE:PINE opened at $16.55, showing a slight decrease of 0.5%. Over the past year, the stock has fluctuated, reaching a low of $13.10 and a high of $17.88. The market capitalization stands at $234.39 million, with a price-to-earnings (P/E) ratio of -47.29 and a beta of 0.56.
Alpine Income Property Trust recently reported its earnings, revealing a loss of $0.09 per share for the quarter ending October 23, 2023, which fell short of the consensus estimate of $0.43 by $0.52. Revenue for the quarter was $14.56 million, slightly below the expected $14.67 million. The company has set guidance for fiscal year 2025 at an earnings per share range of 1.820-1.850.
In a significant development for investors, Alpine Income Property Trust announced a quarterly dividend of $0.285, scheduled for payment on December 31, 2023. Shareholders on record as of December 11, 2023, will receive this dividend, representing an annualized amount of $1.14 and a yield of 6.9%. The dividend payout ratio stands at -325.71%, indicating the company’s current financial strategies.
Alpine Income Property Trust specializes in acquiring, owning, and managing single-tenant net lease properties, with a focus on sale-leaseback and build-to-suit transactions primarily involving food and beverage companies. This strategy aims to provide stable cash flow while allowing tenants to reinvest capital into their core operations, diversifying the company’s portfolio across multiple U.S. locations.
