AFC Gamma, Inc. (NASDAQ:AFCG) Announces Quarterly Dividend of $0.33

AFC Gamma, Inc. (NASDAQ:AFCG) announced a quarterly dividend on Friday, September 13th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.33 per share on Tuesday, October 15th. This represents a $1.32 annualized dividend and a yield of 12.77%. The ex-dividend date is Monday, September 30th.

AFC Gamma has a dividend payout ratio of 132.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect AFC Gamma to earn $1.99 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 96.5%.

AFC Gamma Trading Up 1.9 %

Shares of AFCG traded up $0.19 during mid-day trading on Friday, hitting $10.34. 265,124 shares of the company’s stock traded hands, compared to its average volume of 138,089. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.11. AFC Gamma has a 1 year low of $8.06 and a 1 year high of $13.35. The firm has a market capitalization of $213.73 million, a P/E ratio of 19.88 and a beta of 1.05. The business’s 50-day moving average price is $9.73 and its 200-day moving average price is $11.27.

AFC Gamma (NASDAQ:AFCG) last posted its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.05. AFC Gamma had a return on equity of 12.41% and a net margin of 21.97%. The firm had revenue of $19.96 million for the quarter, compared to analysts’ expectations of $16.48 million. As a group, sell-side analysts forecast that AFC Gamma will post 2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on AFCG shares. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $9.00 in a report on Friday, August 16th. JMP Securities reaffirmed a “market perform” rating on shares of AFC Gamma in a report on Thursday, June 27th. Finally, Jefferies Financial Group lowered their price target on AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd.

AFC Gamma Company Profile

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other various commercial real estate loans and debt securities for established companies operating in the cannabis industry. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.