Although it is true that the real estate investment trust Medalist Diversified REIT (NASDAQ:MDRR) did not see much action yesterday and traded in a range, it should be noted that the company actually made a key announcement yesterday.
Trading Data
On Wednesday, MDRR stock fell 1% to $1.02 with more than 53k, compared to its average volume of 140k shares. The stock has moved within a range of $1.0100 – 1.0500 after opening trade at $1.01.
Major News
The company, which is based out of Virginia, is mainly involved in the acquisition and management of commercial real estate assets in the Southeastern region of the United States. On Wednesday, the company was in the news cycle after it announced that the board of directors had provided the approval for a quarterly cash dividend.
The company noted that the quarterly dividend that is going to be paid out is going to work out to $0.02 a share. The dividend is going to paid out on January 22 next year to all shareholders of record as of the date January 13, 2022.
It goes without saying that the announcement of a cash dividend can often prove to be a positive trigger for investors but that did not appear to be the case with the Medalist stock. However, at this point it could be a sound move to keep an eye on the stock and see if the stock gains traction in the lead up to January 13.
Technical Data
MDRR stock is below the 20-Day and 50-Day Moving averages of $1.06 and $1.13 respectively. However, the stock is trading below the 200-Day moving average of $1.32. The stock is down 7% in the past month.
