On December 30, the company announced a share repurchase program of its common stock. Following the news, Medalist Diversified REIT Inc. (MDRR) stock soared high in the after-hours session on Thursday.
During the regular trading session, the stock saw a small gain of 2.93% at its closing price of $1.02. The session saw a super heavy volume of 4,114% of its average, at 7.13 million shares. After the emergence of the news, MDRR stock peaked up to reach $1.25 in the after hours. Consequently, the stock gained a huge 22.55% at 6.8 million shares in the after hours.
Currently, the 16.05 million outstanding shares of the company trade at a market capitalization of $16.12 million.
MDRR’s Share Repurchase Program
On Thursday, the company announced the approval of a share repurchase program by its board of directors. As per the program, at a price of $4.80 per share, MDRR will buy up to 500,000 shares of its common stock. Moreover, the repurchase will be done according to its ongoing assessment of capital needs, market conditions and the price of its common stock, etc. Further, upon its own discretion, the company may choose to terminate or suspend the repurchase program at any time.
According to the Chairman and CEO of MDRR, Thomas E. Messier, the company is not only deploying capital for investments acquisitions but also working on repurchasing its shares. Furthermore, the company is still focused on its growth strategy with the outlook for enhancing stockholders’ value.
Cash Dividends
On December 22, the company announced quarterly cash dividends on its common stock as well as on its 8.0% Series A Cumulative Redeemable Preferred Stock. MDRR’s board of directors authorized a dividend of $0.02 per share on its common stock. Moreover, the board also authorized a dividend of $0.5000 per share on its Series A Preferred stock.
Furthermore, the record date for the dividend of Q4 2021, is January 13, 2022. And it will be payable on January 20, 2022, in cash.
MDRR’s Q3 Financial Highlights
The company declared its third-quarter financial results for 2021, on November 15, 2021.
In the third quarter of 2021, MDRR incurred a net loss of $0.87 million against $1.29 million a year ago. Consequently, the net loss per basic and diluted share was $0.05 and $0.27 in the third quarter of 2021 and 2020, respectively.
Moreover, the net operating income was $1.57 million in the Q3 of 2021, against $1.01 million in the year-ago quarter.
