James Kevin Hanna, Senior Vice President, Controller and Head of Accounting at… Trust Company for Medical Properties . (NYSE:), recently sold 11,641 shares of the company's common stock. The deal, which took place on December 26, was executed at a price of $3.72 per share, for a total of $43,304. Following this sale, Hanna retains ownership of 366,913 shares in the company. According to a footnote in the filing, the sale was part of Hanna's year-end tax planning, with the intent to repurchase shares, depending on market conditions and compliance with relevant laws and company policies. InvestingPro The analysis suggests the stock is trading at a low price/book multiple of 0.42, with additional insights available in Pro Research's comprehensive report covering MPW among more than 1,400 US stocks.
In other recent news, Medical Properties Trust has reported several important developments. The company reported a GAAP net loss of $1.34 per share for the third quarter of 2024, while its normalized funds from operations were $0.16 per share. In a strategic move, Medical Properties Trust has entered into a definitive agreement with Astrana Health for a transaction valued at approximately $745 million, including the sale of the majority of Prospect's managed care platform.
The company expects net cash proceeds of approximately $200 million after settling debt and other obligations, with the majority of cash proceeds expected in the first half of 2025. Truist Securities revised its price target on Medical Properties Trust shares to $4.00, maintaining a low price. Hold a rating for a stock, highlighting its large maturities and high cost of capital.
Medical Properties Trust also settled a defamation suit with Viceroy Research, although details of the agreement were not disclosed. These latest developments come amid disappointing capital allocation and risk management practices at the company, in addition to a significant amount of outstanding debt. Investors are expected to closely monitor the progress of the recently relocated Steward Hospitals and how effective management will be in recapitalizing the company.
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