Douglas Elliman’s parent company Vector Group is having a heyday on the stock market, with shares outperforming expectations. And Vector’s director Bennett Lebow – partner to president and CEO Howard Lorber – is cashing in.
Lebow sold 25,000 shares of Vector stock on the open market on Wednesday, according to Sleek Money. The shares sold at an average price of $22.41, making the total total transaction worth $560,250. Lebow now directly owns about 1.55 million shares in the company, valued at approximately roughly $34.7 million.
Shares of Vector Group – which is principally engaged in the manufacture and sale of cigarettes, as well as real estate — opened at $22.53 on Friday, according to Sleek Money. Vector Group’s one-year low is $18.46, and its one-year high is $23.30.
Vector Group announced $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Still, that’s down from the previous years $0.36 earnings. The company also had revenue of $417.60 million for the quarter, up 39.4 percent year-over-year.
As The Real Deal previously reported, Howard Lorber made nearly $30 million in total compensation last year from Vector Group. [Sleek Money] – Christopher Cameron