Exploring J.W. Mays, Inc. (MAYS) Investor Profile: Who’s Buying and Why?

When you look at J.W. Mays, Inc. (MAYS), a commercial real estate operator, the numbers tell a story that goes far beyond its modest fiscal year 2025 annual revenue of $22.47 million. You have to ask: who is actually buying a stock with a $78.89 million market capitalization that posted a net loss of $0.14 million last year, and why are they sticking around? The real action is in the ownership structure, where the Shulman family and other individual insiders beneficially control a massive portion-nearly 48.83% of the outstanding common stock. That level of insider concentration is defintely a red flag for liquidity, but it also points to a deep, long-term conviction in the underlying real estate value, not the quarterly earnings. So, is this a micro-cap real estate play or just a thinly-traded family office holding? Let's break down the institutional minority, including the small positions held by giants like Vanguard Group Inc and BlackRock, Inc., to see what they're truly valuing in this Brooklyn-based operation.

Who Invests in J.W. Mays, Inc. (MAYS) and Why?

The investor profile for J.W. Mays, Inc. (MAYS) is highly unusual, skewing heavily toward individual and insider ownership, which is a classic signal of a deep-value or real estate play. The primary draw is the underlying value of its commercial real estate holdings, particularly in the New York City metropolitan area, which many believe is significantly undervalued on the balance sheet.

As of late 2025, the company's market capitalization sits around $78.89 million, but its investor base is far from typical for a NASDAQ-listed firm.

Key Investor Types: A Breakdown of Ownership

When you look at the shareholder structure, the most striking feature is the dominance of non-institutional money. This isn't a stock driven by the massive inflows of mutual funds or exchange-traded funds (ETFs) like BlackRock, Inc.'s typical holdings.

• Retail/Individual Investors: This group holds the lion's share, accounting for approximately 84.14% of the stock. This suggests a high-conviction, long-term holding base, often composed of investors who have done deep-dive research on the underlying real estate assets.
• Insider Ownership: Company executives and board members own a substantial portion, around 11.26%. This high insider stake is a strong indicator that management's financial interests are defintely aligned with long-term shareholder value.
• Institutional Investors: This segment, which includes mutual funds and investment advisors, is relatively small, holding only about 4.05% to 4.2% of the stock. For a publicly traded company, this is a tiny float, contributing to low trading volume and illiquidity.

Here's the quick math on institutional positioning as of the third quarter of 2025 (ending September 30, 2025).

Investment Motivations: The Real Estate Value Proposition

The motivation for buying J.W. Mays, Inc. is not about fast growth or a stable dividend-the company does not pay a dividend. It's a classic value play built on the gap between the stock price and the estimated Net Asset Value (NAV) of its properties.

• Real Estate Asset Play: The core business is owning and leasing commercial properties in prime locations like Brooklyn, New York, and Jamaica, New York. Investors are betting that the true market value of these properties, which were acquired decades ago, far exceeds their book value on the balance sheet.
• Growth Prospects (Rental Income): The company's revenue is nearly all rental income. For the full fiscal year 2025, J.W. Mays, Inc. reported total revenue of $22.47 million, a modest increase from the prior year. The focus is on stable, long-term lease terms that provide predictable income streams.
• Financial Health Improvement: While the company reported a net loss of $0.14 million for the full fiscal year 2025, this was a significant narrowing from the previous year, showing operational progress. This narrowing loss is a positive signal for those focused on the long-term turnaround of the operating business. You can dive deeper into this by reading Breaking Down J.W. Mays, Inc. (MAYS) Financial Health: Key Insights for Investors.

Investment Strategies: Long-Term Value and Illiquidity

The strategies employed by MAYS investors are rooted in the company's small size, low trading volume (illiquidity), and tangible assets.

• Value Investing: This is the dominant strategy. Investors are buying the stock because they believe the current price of around $38.22 per share (as of November 2025) is a fraction of the liquidation value of the real estate. The investment thesis centers on a potential future event, like a sale of a major asset or a full company sale, that would unlock the hidden real estate value.
• Long-Term Holding: With a beta coefficient of -0.25, the stock is historically less volatile than the overall market, and the low trading volume means short-term trading is difficult. This forces a long-term holding period, often measured in years, waiting for the real estate cycle or a corporate action to close the value gap.
• Micro-Cap/Small Float Play: The tiny institutional ownership and small public float make the stock susceptible to large price swings from even small trades. This is a risk, but for some, it is an opportunity for a high-impact move should a larger institutional buyer decide to take a significant stake.

The investment is essentially a patient bet on real estate appreciation and a potential corporate event. The low liquidity is a feature, not a bug, for the most committed long-term value investors.

Institutional Ownership and Major Shareholders of J.W. Mays, Inc. (MAYS)

You're looking at J.W. Mays, Inc. (MAYS), a unique real estate holding company, and the first thing to note is that institutional money is not the primary driver here. As of the most recent filings for the 2025 fiscal year, institutional ownership is remarkably low, sitting at just about 4.48% of the total shares outstanding. This suggests the stock's price action and strategic direction are largely influenced by insiders and individual investors, which is a crucial distinction for a micro-cap stock like this.

The total value of institutional holdings is approximately $3.39 million, spread across a small group of owners. This low float-the number of shares available for public trading-means any significant buying or selling by these few institutions can create outsized volatility. It's a classic low-liquidity scenario. The total number of institutional owners is small, at just 29 firms, and their collective stake of 90,224 shares is tiny in the grand scheme of the market. That's a very different picture than a BlackRock-owned mega-cap.

Top Institutional Investors: Who's Buying MAYS?

When you break down the institutional buyers, you see a mix of specialized funds and the massive index players who are essentially forced to own the stock due to its inclusion in certain small-cap benchmarks. The largest single institutional holder is Raffles Associates Lp, which holds a significant portion of the institutional float. This suggests a targeted, active investment thesis, not just passive indexing. Here is the snapshot of the top holders as of the end of the third quarter in 2025:

Raffles Associates Lp's position of 44,438 shares is the anchor of the institutional side. They own nearly half of the institutional shares, which gives them considerable influence in this small pond. The presence of Vanguard Group Inc and Dimensional Fund Advisors Lp, both major index fund managers, is mostly a function of MAYS being a micro-cap component of their broader extended market or micro-cap portfolios. They are passive holders, but still important.

Recent Shifts: Have the Big Players Increased or Decreased Stakes?

Honestly, the trend in 2025 has been one of slow, choppy accumulation, which is common for a stock with such low institutional interest. Over the quarter ending June 2025, the institutional ownership percentage actually rose, climbing from 3.4% to 4.2%. That's a healthy quarterly change of 11.74% in institutional shares held, and a year-over-year increase of 10.00% in the total number of institutional owners. This suggests a few more smaller funds are starting to take a look.

In the most recent quarter, the total institutional shares increased by 18.17%. Drilling down, we saw a mixed bag of activity among the 11 filers who reported: 2 firms increased their positions, 3 reduced their stakes, and 6 remained unchanged. The buying and selling activity is highly specific:

• Vanguard Group Inc trimmed its position by 2,766 shares, a reduction of over 16.5%.
• Jane Street Group, Llc also slightly reduced its stake by 104 shares.
• BlackRock, Inc. made a small increase of 17 shares, a 2.199% bump.

The net buying is positive, but it's not a stampede. It's more of a gradual accumulation, likely by value-focused micro-cap funds who see the underlying real estate value, which is the core of the J.W. Mays, Inc. business model. You can learn more about their long-term strategy here: Mission Statement, Vision, & Core Values of J.W. Mays, Inc. (MAYS).

Impact of Institutional Investors on MAYS Stock and Strategy

The role of institutional investors in J.W. Mays, Inc. is fundamentally different from their role in a company like Apple or Microsoft. Because institutional ownership is so low-under 5%-these large investors do not dictate the company's strategy or capital allocation in the same way. The control rests firmly with insiders and long-term private holders. This is defintely a key risk and opportunity.

Here's the quick math: with only 4.48% of the stock held by institutions, the management team, led by insiders, has a much freer hand in decision-making. This can be a double-edged sword: it allows for long-term, patient strategy focused on the underlying real estate assets, but it also means there is less external pressure for immediate performance or shareholder-friendly actions like dividends or buybacks. The main impact is on liquidity and price volatility:

• Price Volatility: The low institutional float means a single large block trade, like Raffles Associates Lp selling a portion of its 44,438 shares, could cause a disproportionate price drop.
• Strategic Influence: Active institutional investors, like Raffles Associates Lp, may still engage with management on topics related to maximizing the value of the company's New York and Ohio commercial real estate portfolio, but their leverage is limited compared to a majority holder.
• Acquisition Target Signal: A low institutional ownership percentage can make a company an easier target for a hostile takeover or activist campaign, as fewer large, coordinated shareholders need to be convinced.

For you, the investor, this means you are betting on the long-term vision of the current management and the intrinsic value of the real estate, not on a quick institutional-driven rally. The stock moves on real estate news and insider activity, not on the whims of the broader institutional market.

Key Investors and Their Impact on J.W. Mays, Inc. (MAYS)

You're looking at J.W. Mays, Inc. (MAYS) and trying to figure out who's really in the driver's seat, and honestly, the answer is straightforward: it's an insider-controlled real estate play, not a battleground for institutional giants. The company's ownership structure means a small group of individuals, not big funds, dictates strategy, so you need to watch their moves far more closely than a BlackRock filing.

The core of J.W. Mays, Inc.'s ownership rests with the Shulman family, who beneficially own a controlling stake of approximately 48.83% of the outstanding common stock as of October 2025. This massive concentration of shares-nearly half the company-gives them immense power over corporate actions, from board elections to major real estate decisions. For context, the family's total beneficial shares were around 984,339.71. That's a decisive block of votes. You can learn more about this foundational structure in our deep dive on J.W. Mays, Inc. (MAYS): History, Ownership, Mission, How It Works & Makes Money.

The Dominant Insider and Family Influence

When insiders hold this much stock, their influence isn't just a factor; it's the main event. Lloyd J. Shulman, who serves as the Chairman of the Board and CEO, is the primary figure, and his family's stake ensures stability in the company's long-term, real-estate-focused strategy. This high insider ownership, which is around 11.26% for all insiders, means management's interests are defintely aligned with long-term shareholder value, but it also creates a high barrier for any activist investor (Schedule 13D filer) looking to force a change.

Beyond the Shulman family, two other large individual/private holdings further cement the insider-centric control: the J. Weinstein Foundation, Inc., which holds 6.11% (123,068 shares), and the Estate of Allan H. Goldman, holding 5.63% (113,500 shares) as of September 2025. This trio of closely-linked entities effectively controls the company. It's not a democracy; it's a tight ship.

Institutional Buyers: A Small, Passive Presence

Institutional ownership-the big mutual funds, exchange-traded funds (ETFs), and hedge funds-is remarkably low for a NASDAQ-listed company, sitting at only about 4.2% as of June 2025. This small percentage tells you that J.W. Mays, Inc. is not on the radar for most large-cap investment mandates. When institutional ownership is this low, the funds that do hold shares are typically passive index trackers or small-cap value funds.

The largest institutional holders as of the September 30, 2025, filings include:

• Raffles Associates LP: Held 44,438 shares, making them the top institutional holder.
• Vanguard Group Inc.: Held 13,995 shares, primarily through their index funds.
• Dimensional Fund Advisors LP: Held 8,620 shares, typical for a firm focusing on micro-cap and value factors.

Even a massive entity like BlackRock, Inc. holds a tiny, almost symbolic position of just 790 shares (representing 0.04% ownership) as of September 29, 2025. Their presence here is likely just their index funds buying a sliver of every stock in a given benchmark. Don't expect them to start demanding board seats.

Recent Investor Moves: Trimming Passive Stakes

In terms of recent activity, the institutional movement has been a mixed bag of minor position adjustments, which is common in low-float stocks like this. For the quarter ending September 30, 2025, the most notable move was Vanguard Group Inc. reducing its stake by 2,766 shares, a cut of over 16.503%. This isn't a strategic exit, but a routine portfolio rebalancing.

Here's the quick math on institutional shifts for the period ending June 2025: institutional investors collectively increased their holdings to 85,410 shares, up by 8,980 shares quarter-over-quarter. This small accumulation suggests a slight increase in passive index inclusion or a few small value investors initiating positions, but nothing that signals a major shift in the investment thesis. The stock's price on November 3, 2025, was $39.38 per share, giving a rough value to these small movements.

Your action here is simple: if you're investing in J.W. Mays, Inc., you are betting on the long-term, real-estate management acumen of the Shulman family and their associates, not on a turnaround engineered by a hedge fund. The institutional buyers are just along for the ride.

Market Impact and Investor Sentiment

The investor profile for J.W. Mays, Inc. (MAYS) is dominated by a tight, family-controlled ownership structure, which creates a low public float and often overrides typical market sentiment. While the stock recently showed a technical uptick, crossing its 50-day moving average of $38.98 in November 2025, the overarching analyst sentiment remains squarely in the 'Sell' camp.

The core of the MAYS investment thesis isn't about rapid growth; it's about the value of its commercial real estate portfolio in New York and Ohio. The company's small market capitalization, approximately $78.97 million as of November 2025, makes it highly susceptible to large block trades, but the deeply negative price-to-earnings (P/E) ratio of -489.56 reflects the market's skepticism about its current profitability.

The simple truth is, you're buying a stable, but slow-moving, real estate holding company with a very concentrated ownership base. That's the whole story.

Who Controls the Shares and Why It Matters

The ownership structure at J.W. Mays, Inc. (MAYS) is the single most important factor for any investor to understand. This is not a widely-held institutional stock; it is a family-controlled entity. The Shulman family beneficially owns a massive 48.83% of the outstanding common stock, giving them near-absolute control over strategic direction, asset sales, and board decisions.

This high insider ownership means the public float-the shares actually available for trading-is very limited, which can lead to sharp price movements on low volume. For institutional investors, this structure presents a liquidity challenge, which is why major asset managers like BlackRock, Inc. hold only a minimal stake of 0.04%, or 790 shares, as of the September 2025 reporting date.

Here's a quick look at the top institutional and insider holders as of late 2025:

The impact of the Shulman family's control is stability but also a likely resistance to activist investor pressure or a forced sale of assets, even if a breakup value (net asset value) is significantly higher than the current stock price. Breaking Down J.W. Mays, Inc. (MAYS) Financial Health: Key Insights for Investors is a good place to review the underlying asset strength.

Market Response and Analyst Skepticism

The stock market's reaction to J.W. Mays, Inc. (MAYS) is a classic case of fundamentals clashing with technicals. On the one hand, the company reported full-year 2025 revenue of $22.47 million, a modest 4.1% increase year-over-year, and significantly narrowed its net loss to $0.14 million from $0.41 million in the prior fiscal year. That's a defintely positive trend in operational control.

But analysts remain unconvinced. Weiss Ratings reaffirmed a 'Sell (D-)' rating, and MarketBeat shows a consensus 'Sell' rating, reflecting deep-seated concerns over the long-term growth prospects of a pure-play commercial real estate firm in a challenging environment. One institutional model even highlighted an 'Exceptional 17.3:1 risk-reward short setup' in October 2025, targeting a 4.9% downside, which signals that some sophisticated players are actively betting against the stock in the near term.

The market is essentially saying: great job narrowing the loss, but where's the growth? The key takeaway for you is that the stock's movement is less about earnings per share (EPS) of -$0.07 for FY 2025 and more about the perceived value of its underlying real estate assets and the decisions of its controlling shareholders.

• Focus on asset value, not earnings.
• Expect low liquidity and high volatility.
• Understand the family controls the future.