AFC Gamma, Inc. Announces Dividend of $0.23 (NASDAQ:AFCG)

AFC Gamma, Inc. (NASDAQ:AFCG) declared a dividend on Thursday, March 13th, NASDAQ Dividends reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.23 per share on Tuesday, April 15th. The ex-dividend date is Monday, March 31st.

AFC Gamma has decreased its dividend by an average of 1.0% annually over the last three years. AFC Gamma has a dividend payout ratio of 71.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect AFC Gamma to earn $1.71 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 53.8%.

AFC Gamma Price Performance

AFCG traded down $0.20 during trading on Friday, hitting $6.09. The company’s stock had a trading volume of 298,029 shares, compared to its average volume of 172,566. The firm’s 50 day moving average price is $7.92 and its two-hundred day moving average price is $9.00. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $137.61 million, a price-to-earnings ratio of 15.23 and a beta of 1.03. AFC Gamma has a 12 month low of $6.07 and a 12 month high of $12.74.

Insider Activity

In related news, Director Leonard M. Tannenbaum acquired 50,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were bought at an average cost of $6.20 per share, with a total value of $310,000.00. Following the completion of the transaction, the director now directly owns 3,959,876 shares of the company’s stock, valued at $24,551,231.20. This trade represents a 1.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel Neville purchased 16,250 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were purchased at an average cost of $6.32 per share, with a total value of $102,700.00. Following the completion of the acquisition, the chief executive officer now owns 177,261 shares in the company, valued at $1,120,289.52. The trade was a 10.09 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 141,606 shares of company stock valued at $899,941 in the last quarter. Company insiders own 26.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on AFCG shares. JMP Securities reiterated a “market perform” rating on shares of AFC Gamma in a research report on Thursday, January 23rd. Alliance Global Partners initiated coverage on shares of AFC Gamma in a report on Tuesday, December 17th. They issued a “buy” rating and a $13.00 price target for the company. Finally, Jefferies Financial Group cut shares of AFC Gamma from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $7.00 in a research report on Friday, March 14th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, AFC Gamma has an average rating of “Moderate Buy” and an average target price of $9.67.

About AFC Gamma

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.