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Federal Realty Investment Trust

Federal Realty Investment Trust

FRT · NYSE · Real Estate / REIT - Retail

112.92USD+0.39 (+0.35%)

Price History

Full chart

Market Stats

Previous Close112.53
Open112.73
Day Range112.40 – 113.34
52-Week Range87.27 – 128.21
Volume797.28K
Market Cap9.61B
P/E (TTM)22.33
Forward P/E34.72
EPS4.95
Dividend Yield4.20%
Beta0.92
50-Day Avg118.48
200-Day Avg112.16

About

Federal Realty Investment Trust is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations"such as Santana Row, Pike & Rose, and Assembly Row, which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 103 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,500 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 59 consecutive years, the longest record in the REIT industry. Federal Realty Investment Trust is based in North Bethesda, Maryland. Federal Realty Investment Trust was incorporated in 1962 in Maryland.

Company Details

  • SectorReal Estate
  • IndustryREIT - Retail
  • CEOMr. Donald C. Wood CPA
  • Employees314
  • Headquarters909 Rose Avenue, North Bethesda, MD, United States, 20852-4041, USA
  • Websitehttps://www.federalrealty.com

Leadership

  • Mr. Donald C. Wood CPACEO, President & Director · b. 1961
  • Mr. Daniel GuglielmoneExecutive VP, CFO & Treasurer · b. 1967
  • Ms. Dawn M. Becker J.D.Executive VP, Chief Legal Officer & Secretary · b. 1964
  • Ms. Wendy A. SeherExecutive VP, Eastern Region President and Chief Operating Officer
  • Mr. Jeffrey KreshekExecutive VP, Western Region President and Chief Operating Officer
  • Mr. Jan W. SweetnamExecutive VP & Chief Investment Officer · b. 1960
  • Ms. Melissa SolisChief Accounting Officer & Senior VP · b. 1978
  • Mr. Porter BellewSenior Vice President & Chief Information Officer
  • Ms. Jill Ryann SawyerSenior Vice President of Investor Relations
  • Ms. Laura HouserVice President of Human Resources

Financials

Income Statement

Currency: USD1986-12-311987-12-311988-12-311989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue44.80M60.10M68.10M90.10M91.90M97.70M102.20M114.50M137.76M154.39M179.06M210.60M238.48M264.71M274.19M271.54M297.29M345.76M385.39M410.33M451.02M483.12M520.19M530.52M541.80M551.10M605.79M637.41M686.09M744.01M801.59M857.35M915.44M935.79M835.49M951.22M1.07B1.13B1.20B1.28B
Growth (%)-+34.15%+13.31%+32.31%+2.00%+6.31%+4.61%+12.04%+20.32%+12.07%+15.98%+17.62%+13.24%+11.00%+3.58%-0.96%+9.48%+16.31%+11.46%+6.47%+9.92%+7.12%+7.67%+1.99%+2.13%+1.72%+9.92%+5.22%+7.64%+8.44%+7.74%+6.96%+6.78%+2.22%-10.72%+13.85%+12.95%+5.38%+6.21%+6.35%
Cost of Revenue--------------149.48M166.45M182.82M118.04M129.91M124.65M133.03M146.26M165.20M166.74M169.18M169.77M179.07M190.45M211.92M233.42M253.61M272.73M287.87M298.76M290.16M316.62M356.78M363.10M391.80M1.15B
Gross Profit44.80M60.10M68.10M90.10M91.90M97.70M102.20M114.50M137.76M154.39M179.06M210.60M238.48M264.71M274.19M271.54M297.29M345.76M385.39M410.33M451.02M336.86M354.99M363.78M372.62M381.33M426.72M446.96M474.17M510.60M547.98M584.62M627.57M637.03M545.33M634.61M717.60M769.06M810.65M124.41M
Gross Margin100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%69.73%68.24%68.57%68.77%69.19%70.44%70.12%69.11%68.63%68.36%68.19%68.55%68.07%65.27%66.71%66.79%67.93%67.42%9.73%
Operating Expense-22.50M-30.40M-36.90M-34.00M-39.30M-42.30M-53.50M-62.20M85.44M91.77M104.35M121.84M135.27M143.83M280.56M137.49M313.65M198.93M233.01M234.02M251.99M128.21M137.75M153.20M143.40M154.87M172.86M192.80M203.13M210.44M226.98M174.41M265.93M166.12M255.81M239.88M191.19M362.59M338.30M-335.11M
Operating Income67.30M90.50M105.00M124.10M131.20M140.00M155.70M176.70M52.32M62.62M74.70M88.76M103.21M120.88M-6.37M134.05M-16.36M146.83M152.38M176.31M199.04M208.65M217.24M210.58M229.22M226.46M253.86M254.16M271.04M300.15M321.00M410.21M361.64M470.91M289.52M394.73M526.41M406.47M472.36M459.51M
Operating Margin150.22%150.58%154.19%137.74%142.76%143.30%152.35%154.32%37.98%40.56%41.72%42.15%43.28%45.67%-2.32%49.37%-5.50%42.47%39.54%42.97%44.13%43.19%41.76%39.69%42.31%41.09%41.91%39.87%39.50%40.34%40.04%47.85%39.50%50.32%34.65%41.50%49.00%35.90%39.28%35.93%
EBITDA67.30M90.50M105.00M140.30M150.30M161.90M179.70M202.70M82.12M97.52M112.86M357.10M153.92M170.90M46.89M271.54M529.27M221.45M242.81M267.82M296.92M314.61M328.30M342.03M347.55M355.35M398.35M403.89M432.64M457.44M515.00M614.04M603.42M709.92M544.55M676.75M835.06M736.79M822.41M972.60M
EBITDA Margin150.22%150.58%154.19%155.72%163.55%165.71%175.83%177.03%59.61%63.17%63.03%169.56%64.54%64.56%17.10%100.00%178.03%64.05%63.01%65.27%65.83%65.12%63.11%64.47%64.15%64.48%65.76%63.36%63.06%61.48%64.25%71.62%65.92%75.86%65.18%71.15%77.72%65.08%68.39%76.06%
Net Income7.40M6.00M5.40M12.00M5.80M4.80M9.40M18.10M20.47M23.11M28.74M46.50M44.96M48.44M60.52M68.76M55.29M94.50M84.16M114.61M118.71M195.54M129.79M98.30M122.79M143.92M151.93M162.68M164.53M210.22M249.91M289.91M241.91M353.87M135.89M261.50M385.49M236.99M295.21M411.08M
Net Income Margin16.52%9.98%7.93%13.32%6.31%4.91%9.20%15.81%14.86%14.97%16.05%22.08%18.85%18.30%22.07%25.32%18.60%27.33%21.84%27.93%26.32%40.47%24.95%18.53%22.66%26.11%25.08%25.52%23.98%28.25%31.18%33.82%26.43%37.81%16.26%27.49%35.88%20.93%24.55%32.15%
R&D------------------------0000000.290.260.280.40.170.280.370.22--
R&D as % of Total Revenue------------------------0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%--
Interest Expense22.50M30.40M36.90M0009.40M18.10M20.47M23.11M28.74M46.50M44.96M48.44M60.52M68.76M55.29M94.50M85.06M88.57M118.71M111.36M99.16M108.78M101.88M98.47M113.34M104.98M93.94M92.55M94.99M100.13M110.15M109.62M136.29M127.70M136.99M167.81M175.48M181.11M
Interest Expense % of Total Revenue50.22%50.58%54.19%0.00%0.00%0.00%9.20%15.81%14.86%14.97%16.05%22.08%18.85%18.30%22.07%25.32%18.60%27.33%22.07%21.58%26.32%23.05%19.06%20.50%18.80%17.87%18.71%16.47%13.69%12.44%11.85%11.68%12.03%11.71%16.31%13.42%12.75%14.82%14.59%14.16%

Balance Sheet

Currency: USD1986-12-311987-12-311988-12-311989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets305.60M402.30M475.70M564.40M551.30M563.10M603.80M690.90M753.74M886.15M1.04B1.32B1.48B1.53B1.62B1.84B2.00B2.14B2.27B2.35B2.69B2.99B3.09B3.22B3.16B3.66B3.90B4.22B4.55B4.91B5.42B6.28B6.29B6.79B7.61B7.62B8.23B8.44B8.52B9.13B
Total Liabilities216.80M302.00M380.00M416.50M421.30M411.70M380.90M406.70M408.58M558.69M646.42M762.76M954.37M1.01B1.13B1.22B1.34B1.42B1.46B1.56B1.88B1.84B1.95B2.01B1.98B2.33B2.49B2.64B2.74B2.99B3.20B3.74B3.69B4.02B4.92B4.75B5.02B5.21B5.10B5.63B
Total Equity88.80M100.30M95.70M147.90M130.00M151.40M222.90M284.20M345.15M327.47M388.88M553.80M529.95M523.08M489.45M589.29M644.29M691.37M790.53M774.85M784.08M1.11B1.11B1.18B1.18B1.22B1.41B1.58B1.81B1.92B2.22B2.53B2.60B2.78B2.69B2.58B2.95B2.96B3.17B3.25B
Cash----128.50M-128.00M-126.40M-125.60M-137.30M4.00M10.52M11.04M17.04M17.23M11.74M11.36M17.56M23.12M34.97M30.48M8.64M11.49M50.69M15.22M135.39M15.80M67.81M36.99M88.93M47.95M21.05M23.37M15.19M64.09M127.43M798.33M162.13M85.56M250.82M123.41M107.42M
Total Debt39.70M199.00M166.30M389.60M389.00M379.60M348.00M364.20M270.10M422.10M487.01M915.77M795.85M870.08M815.90M783.72M844.39M1.05B1.05B1.12B1.40B1.93B1.75B992.49M1.87B2.11B2.51B2.62B2.70B2.70B3.08B3.33B3.51B3.51B4.84B4.19B4.47B4.69B4.56B5.03B
Net Debt39.70M199.00M166.30M389.60M389.00M379.60M348.00M364.20M266.10M411.58M475.97M898.73M778.62M858.35M804.55M766.16M821.27M1.02B1.02B1.11B1.38B1.87B1.73B857.11M1.06B2.04B2.17B2.23B2.36B2.62B2.78B3.27B3.17B3.37B3.64B4.03B4.39B4.44B4.44B4.92B

Cash Flow

Currency: USD1989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow19.50M24.20M27.00M28.20M35.20M45.20M65.12M65.65M72.20M90.43M102.18M107.06M122.81M119.07M135.46M174.15M174.46M184.40M214.21M228.28M256.76M256.74M244.71M296.63M314.50M346.13M369.05M427.67M458.83M516.69M461.92M369.93M471.35M516.77M555.83M574.56M622.38M
Investing Cash Flow-35.10M-25.30M-18.70M-58.20M-110.70M-90.47M-134.36M-161.82M-279.30M-187.65M-99.31M-121.74M-233.19M-175.74M-97.23M-157.61M-152.25M-317.43M-151.44M-207.57M-127.34M-187.09M-196.37M-273.56M-345.20M-396.15M-353.76M-590.22M-837.92M-192.25M-316.53M-368.38M-660.12M-786.00M-358.32M-446.83M-743.07M
Financing Cash Flow50.40M-24.00M10.00M22.90M48.80M39.63M75.77M96.69M213.18M97.41M-8.36M15.21M129.80M62.23M-19.27M-11.33M-44.05M135.88M-23.57M-56.19M-9.26M-189.24M3.67M-53.89M82.64M9.04M-32.98M173.29M369.44M-241.31M-100.11M661.74M-452.97M190.41M-33.85M-252.30M102.95M
Capital Expenditure48.20M33.20M20.20M15.20M34.30M138.96M244.02M213.94M553.05M258.92M141.47M192.95M321.89M050.63M101.69M96.92M386.66M69.49M237.61M112.61M146.23M246.02M180.67M290.14M360.96M282.53M437.28M518.94M368.26M409.91M501.94M440.51M416.70M311.12M246.76M291.34M
Free Cash Flow-28.70M-9.00M6.80M13.00M900.00K-93.76M-178.90M-148.29M-480.88M-168.50M-39.29M-86.80M-213.35M119.07M71.76M59.42M77.54M-202.26M144.72M-9.33M144.16M110.51M-1.31M115.96M24.36M-14.83M77.30M-18.03M-59.76M148.43M52.01M-132.01M30.84M100.07M244.71M327.80M331.04M
Dividends Paid19.20M23.70M25.40M31.10M38.10M43.97M47.92M52.08M62.62M74.28M76.62M77.50M80.59M96.46M104.80M108.76M130.50M139.84M131.44M146.42M162.32M168.47M169.25M179.88M193.02M215.22M243.31M267.69M283.00M301.19M313.65M324.60M335.66M347.28M359.19M371.59M388.06M
FCF to OCF-147.18%-37.19%25.19%46.10%2.56%-207.44%-274.74%-225.89%-666.04%-186.33%-38.45%-81.08%-173.72%100.00%52.98%34.12%44.45%-109.69%67.56%-4.09%56.14%43.04%-0.53%39.09%7.74%-4.28%20.95%-4.21%-13.02%28.73%11.26%-35.68%6.54%19.36%44.03%57.05%53.19%
Dividend Paid to FCF-66.90%-263.33%373.53%239.23%4233.33%-46.90%-26.78%-35.12%-13.02%-44.09%-195.02%-89.28%-37.78%81.01%146.04%183.01%168.30%-69.14%90.82%-1570.00%112.60%152.45%-12939.91%155.12%792.48%-1451.42%314.76%-1485.04%-473.56%202.92%603.07%-245.89%1088.45%347.05%146.78%113.36%117.22%

Earnings

Report DateAug 12, 1993Mar 31, 1998Jun 30, 1998Sep 30, 1998Dec 31, 1998Mar 31, 1999Jun 30, 1999Sep 30, 1999Dec 31, 1999May 4, 2000Jul 26, 2000Sep 30, 2000Dec 31, 2000Mar 31, 2001Jul 30, 2001Nov 1, 2001Feb 13, 2002Apr 29, 2002Aug 12, 2002Oct 30, 2002Feb 12, 2003May 7, 2003Jul 30, 2003Nov 3, 2003Feb 17, 2004May 5, 2004Jul 28, 2004Nov 3, 2004Feb 16, 2005May 4, 2005Jul 28, 2005Oct 31, 2005Feb 21, 2006May 3, 2006Aug 2, 2006Nov 6, 2006Feb 13, 2007May 2, 2007Aug 1, 2007Oct 31, 2007Feb 12, 2008May 7, 2008Jul 30, 2008Oct 29, 2008Feb 18, 2009May 6, 2009Aug 4, 2009Nov 4, 2009Feb 17, 2010May 4, 2010Aug 4, 2010Nov 3, 2010Feb 15, 2011May 5, 2011Aug 3, 2011Nov 3, 2011Feb 15, 2012May 7, 2012Aug 1, 2012Nov 1, 2012Feb 12, 2013May 1, 2013Aug 1, 2013Oct 31, 2013Feb 11, 2014May 8, 2014Aug 7, 2014Oct 30, 2014Feb 10, 2015May 7, 2015Aug 5, 2015Nov 4, 2015Feb 9, 2016May 4, 2016Aug 4, 2016Nov 2, 2016Feb 13, 2017May 3, 2017Aug 2, 2017Nov 1, 2017Feb 13, 2018May 2, 2018Aug 1, 2018Oct 31, 2018Feb 13, 2019May 2, 2019Aug 1, 2019Oct 30, 2019Feb 10, 2020May 6, 2020Aug 5, 2020Nov 5, 2020Feb 11, 2021May 5, 2021Aug 4, 2021Nov 4, 2021Feb 10, 2022May 5, 2022Aug 4, 2022Nov 3, 2022Feb 8, 2023May 4, 2023Aug 2, 2023Nov 2, 2023Feb 12, 2024May 2, 2024Aug 1, 2024Oct 30, 2024Feb 13, 2025May 8, 2025Aug 6, 2025Oct 31, 2025Feb 12, 2026May 1, 2026Jul 31, 2026Oct 30, 2026
EPS Estimate0.39--------0.610.63---0.350.340.34-0.28--0.070.200.260.300.390.230.310.260.250.280.320.350.440.380.370.400.370.430.460.470.410.490.520.500.540.510.510.420.410.600.520.520.550.520.600.530.530.580.480.580.640.650.590.610.600.590.580.630.660.700.610.730.770.710.750.770.780.770.800.740.730.780.760.790.770.750.820.810.780.700.400.350.180.200.350.410.560.520.620.630.630.620.650.680.670.690.710.740.740.700.750.780.760.681.851.86
EPS Actual0.100.270.250.140.270.290.120.300.300.310.410.320.300.310.510.330.35-0.140.270.32-0.050.260.280.300.410.280.290.300.360.400.340.350.610.530.380.410.320.410.430.450.460.510.490.500.590.530.500.450.520.520.480.480.540.500.520.510.480.480.510.600.580.530.550.570.580.570.640.630.670.670.740.750.730.730.760.750.800.781.051.470.840.810.840.820.710.781.050.840.790.700.110.360.230.370.570.640.510.630.750.660.610.640.720.670.660.660.690.700.730.721.780.691.561.811.88-
Surprise-74.36%---------49.18%-34.92%---45.71%-2.94%2.94%--3.57%-28.57%30.00%7.69%0.00%5.13%21.74%-6.45%15.38%44.00%42.86%6.25%0.00%38.64%39.47%2.70%2.50%-13.51%-4.65%-6.52%-4.26%12.20%4.08%-5.77%0.00%9.26%3.92%-1.96%7.14%26.83%-13.33%-7.69%-7.69%-1.82%-3.85%-13.33%-3.77%-9.43%-17.24%6.25%3.45%-9.38%-18.46%-6.78%-6.56%-3.33%-3.39%10.34%0.00%1.52%-4.29%21.31%2.74%-5.19%2.82%1.33%-2.60%2.56%1.30%31.25%98.65%15.07%3.85%10.53%3.80%-7.79%4.00%28.05%3.70%1.28%0.00%-72.50%2.86%27.78%85.00%62.86%56.10%-8.93%21.15%20.97%4.76%-3.17%3.23%10.77%-1.47%-1.49%-4.35%-2.82%-5.41%-1.35%2.86%137.33%-11.54%105.26%166.18%1.62%-
Timing---------After-hoursAfter-hours---------After-hours--After-hoursPre-marketPre-market-After-hoursAfter-hours-After-hoursPre-marketPre-market-After-hoursPre-marketAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours-After-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketAfter-hoursPre-marketPre-marketPre-market

Key Statistics & Ratios

Market Cap9.61B
Enterprise Value14.41B
Trailing P/E22.33
Forward P/E34.72
PEG Ratio3.65
Price / Sales7.19
Price / Book2.97
EPS4.95
Book Value36.89
Revenue (TTM)1.34B
Gross Profit (TTM)909.90M
EBITDA837.70M
Profit Margin32.66%
Operating Margin35.04%
Return on Equity12.55%
Return on Assets3.26%
Shares Outstanding86.39M
Shares Float80.13M
Beta0.92
Dividend Yield4.20%
Dividend Rate4.64
Payout Ratio76.60%

Analyst Ratings

Buy
Based on 17 analystsTarget 132.26
  • Strong Buy
    6
  • Buy
    5
  • Hold
    6

Ownership Breakdown

Institutions
101.06%
Insiders
1.03%
Retail / Other
0.00%

Top Institutional Holders

  • BlackRock Inc
    8.64M9.95%
  • Vanguard Portfolio Management, LLC
    7.28M8.38%
  • State Street Corp
    6.38M7.34%
  • NORGES BANK
    5.59M6.44%
  • Vanguard Capital Management, LLC
    5.38M6.19%
  • Resolution Capital Limited
    3.17M3.65%
  • Amvescap Plc.
    2.69M3.09%
  • Geode Capital Management, LLC
    2.29M2.64%
  • AQR Capital Management LLC
    2.13M2.45%
  • Northern Trust Corp
    1.63M1.88%
  • Charles Schwab Investment Management Inc
    1.49M1.72%
  • ProShare Advisors LLC
    1.46M1.68%
  • Dimensional Fund Advisors, Inc.
    1.29M1.48%
  • FMR Inc
    1.28M1.48%

Top Fund Holders

  • Vanguard Real Estate Index Investor
    2.92M3.36%
  • Vanguard MStar Total Stk Mkt Idx Invest
    2.73M3.15%
  • Vanguard 500 Index Investor
    2.09M2.40%
  • Vanguard Small Cap Index
    1.99M2.29%
  • Invesco S&P 500® Equal Weight ETF
    1.53M1.76%
  • ProShares S&P 500 Dividend Aristocrats
    1.33M1.53%

Dividends

20264×
1.16Oct 1, 20261.13Jul 1, 20261.13Apr 1, 20261.13Jan 2, 2026
20254×
1.13Oct 1, 20251.10Jul 1, 20251.10Apr 1, 20251.10Jan 2, 2025
20243×
1.10Oct 1, 20241.09Jun 21, 20241.09Mar 12, 2024
20234×
1.09Dec 29, 20231.09Sep 21, 20231.08Jun 21, 20231.08Mar 10, 2023
20224×
1.08Dec 30, 20221.08Sep 21, 20221.07Jun 21, 20221.07Mar 15, 2022
20214×
1.07Dec 31, 20211.07Sep 21, 20211.06Jun 21, 20211.06Mar 15, 2021
20201×
1.06Dec 31, 2020

Stock Splits

  • Nov 6, 19853:2
  • Sep 1, 19822:1