Robert E. Dixon, CEO and President of MacKenzie Realty Capital, Inc. (NASDAQ:MKZR), recently acquired 15,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. This insider purchase comes as the stock trades at $2.31, down 23% in the past week. InvestingPro data shows the company trading at just 0.38 times book value, with a notable 9.2% dividend yield. The shares were purchased at a price of $2.56 each, amounting to a total transaction value of $38,400. Following this acquisition, Dixon now directly owns 40,000 shares. Additionally, through an interest in MPF Successors, LP, Dixon is indirectly associated with 9,935.45 shares owned by the partnership. According to InvestingPro analysis, the company, currently valued at $29.4 million, shows signs of being undervalued based on its Fair Value assessment.
In other recent news, MacKenzie Realty Capital, Inc. has been active with various developments. The company has announced that it will communicate with its preferred and common stockholders through separate letters, addressing matters such as dividend payments and other company affairs. These letters are part of MacKenzie Realty Capital's effort to keep stockholders informed of the company's plans and activities.
In addition, the real estate investment trust has made amendments to its Articles of Amendment and Restatement and its bylaws. These changes, approved by a majority of shares present at a Special Meeting of Stockholders, include modifications to the company's corporate governance and stockholder meeting procedures.
Furthermore, MacKenzie Realty Capital held its annual stockholders' meeting where all four director nominees were re-elected for the upcoming fiscal year. The directors, Thomas Frame, Timothy Dozois, Chip Patterson, and Kjerstin Hatch, received strong endorsement with over 86% of votes cast in favor of each. The company also ratified Moss Adams, LLP as its independent registered public accounting firm for the fiscal year ending June 30, 2025, with 97.16% of shares present supporting the ratification. These are the latest steps in MacKenzie Realty Capital's ongoing efforts to update its corporate governance practices and align with the standards of publicly listed companies.
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