Bullish indicating open at $55-$60, IPO prices at $37
Robert E. Dixon, CEO and President of MacKenzie Realty Capital, Inc. (NASDAQ:MKZR), recently acquired additional shares of the company’s common stock. According to a recent SEC filing, Dixon purchased 3,328 shares at a price of $1.70 per share, totaling approximately $5,657. This transaction increased his direct ownership to 115,591 shares. The purchase comes as the stock trades significantly below its 52-week high of $6.07, with InvestingPro analysis indicating the stock is currently undervalued.
In addition to his direct holdings, Dixon is also associated with MPF Successors, LP, which owns 55,692 shares of MacKenzie Realty Capital. Through his interest in MPF, Dixon is deemed to beneficially own an additional 9,935.45 shares indirectly. This purchase reflects Dixon’s continued investment in the company as he maintains his leadership role. The $24.62M market cap company trades at just 0.35 times book value and offers an attractive 11.36% dividend yield. InvestingPro subscribers can access 12 additional investment tips for MKZR.
In other recent news, MacKenzie Realty Capital announced the successful raising of approximately $4.8 million through a stock offering. The transaction, involving over 2.8 million shares sold to a single institutional investor, includes Series A and B warrants that could lead to the purchase of an additional 4.2 million shares. Additionally, MacKenzie Realty has secured a $10 million line of credit with Patterson Real Estate Services, LP, which offers financial flexibility with a 10% interest rate and a maturity date set for June 1, 2026. The company’s Board of Directors approved this agreement, highlighting the potential benefits to shareholders.
Furthermore, MacKenzie Realty plans to update its stockholders through letters addressing dividend payments and other company affairs, as noted in a recent SEC filing. The company has also amended its charter and bylaws following a Special Meeting of Stockholders, implementing changes to corporate governance and stockholder meeting procedures. These amendments, which include adjustments to voting procedures and meeting requirements, aim to align with Maryland’s corporate laws. MacKenzie Realty’s leadership emphasizes transparency and communication with investors, reflecting its ongoing efforts to maintain robust corporate governance practices.
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