RICHMOND, Va.—Winn Charles Brent Jr., the Chief Financial Officer of Medalist Diversified REIT, Inc. (NASDAQ:MDRR), has recently acquired additional shares in the company. According to a filing with the Securities and Exchange Commission, Winn purchased 321 shares of common stock on November 18, 2024, at a price of $12.25 per share. This transaction totaled approximately $3,932. Following this acquisition, Winn's total holdings in the company amount to 37,645 shares.
Medalist Diversified REIT, headquartered in Richmond, Virginia, operates as a real estate investment trust, focusing on acquiring, owning, and managing commercial real estate.
In other recent news, Medalist Diversified REIT, Inc. has reported a series of significant developments. The company's CEO, Francis P. Kavanaugh, has acquired 160,000 units of partnership interest in a private placement sale. The units, priced at $12.50 each, can be redeemed for cash or shares of the company's common stock with certain restrictions.
Moreover, Medalist Diversified REIT has approved an amendment to conduct a reverse stock split of its outstanding common stock. The ratio for this split ranges from 1-for-10 to 1-for-100, based on the Board's discretion. This proposal received robust support, with 842,566 votes in favor.
The company also announced changes to its Board of Directors. A. Lee Finley was appointed as a Class II director, while directors Timothy O’Brien and Charles S. Pearson (LON:PSON), Jr. resigned, causing the Board to resize to five directors and Francis Kavanaugh to assume the role of Chair of the Board. Additionally, David Lunin was elected as a Class I director for a three-year term.
Finally, Cherry Bekaert (EBR:BEKB) LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These are among the recent developments for Medalist Diversified REIT.
InvestingPro Insights
In light of Winn Charles Brent Jr.'s recent share acquisition, it's worth examining some key financial metrics and insights for Medalist Diversified REIT (NASDAQ:MDRR). According to InvestingPro data, the company's market capitalization stands at $16.57 million, reflecting its position as a niche player in the real estate industry.
Despite the CFO's confidence in purchasing additional shares, InvestingPro Tips highlight some challenges facing the company. One tip indicates that MDRR has not been profitable over the last twelve months, with a negative P/E ratio of -63.47. This aligns with another tip suggesting that analysts do not anticipate the company will be profitable this year.
On a more positive note, MDRR's gross profit margin for the last twelve months as of Q3 2024 is robust at 77.19%, indicating efficient management of direct costs. Additionally, the company's dividend yield stands at 1.94%, potentially offering some income to investors despite a significant dividend growth decline of -62.5% in the same period.
For investors considering MDRR, it's important to note that InvestingPro offers 8 additional tips that could provide further insights into the company's financial health and prospects. These additional tips could be particularly valuable given the mixed signals from the current data and the recent insider buying activity.
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