U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Christine Elizabeth Simpson, Chief Portfolio Manager at MacKenzie Realty Capital, Inc. (EXCHANGE:MKZR), reported purchasing shares of the company’s common stock in a series of transactions. On August 12th and 13th, Simpson acquired a total of $15,708 worth of shares in "P" transactions. The insider buying comes as the company, currently valued at $7.87 million, trades at a notably low Price/Book ratio of 0.12. According to InvestingPro analysis, the stock appears undervalued despite facing significant challenges.
The purchases included 3,198 shares acquired at prices ranging from $4.9008 to $4.9365 per share. Following these transactions, Simpson directly and indirectly owns 41,725 shares of MacKenzie Realty Capital. The stock, which offers a substantial 42% dividend yield, has declined over 80% in the past six months. InvestingPro subscribers can access 8 additional key insights about MKZR’s financial health and market position.
In other recent news, MacKenzie Realty Capital, Inc. has announced the approval of quarterly dividends for its Series A and Series B preferred shares, set for the quarter ending September 30, 2025. This decision was communicated through a press release and an SEC filing, with detailed letters to be sent to shareholders. In another development, the company’s Board of Directors has approved a 1-for-10 reverse stock split to ensure compliance with Nasdaq Capital Market’s minimum bid price requirement. This move will consolidate ten current shares into one new share, reducing the total number of outstanding shares from approximately 15.8 million to 1.58 million. Additionally, MacKenzie Realty Capital has appointed Baker Tilly US, LLP as its new auditor following the merger of its previous auditor, Moss Adams LLP, with Baker Tilly. The audit reports from Moss Adams for the past two fiscal years were free of any adverse opinions or modifications. These recent developments aim to position the company favorably in the market and maintain its listing requirements.
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