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

AFC Gamma, Inc. (NASDAQ:AFCG) announced a dividend on Thursday, March 13th, NASDAQ Dividends reports. Shareholders 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 payment 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. Equities 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 Stock Performance

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

Insider Activity

In related news, Director Leonard M. Tannenbaum bought 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average cost of $6.20 per share, for a total transaction of $310,000.00. Following the purchase, the director now directly owns 3,959,876 shares in the company, valued at $24,551,231.20. This trade represents a 1.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Neville purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was bought at an average price of $6.20 per share, for a total transaction of $31,000.00. Following the completion of the transaction, the chief executive officer now directly owns 182,261 shares in the company, valued at approximately $1,130,018.20. The trade was a 2.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 141,606 shares of company stock valued at $899,941. 26.20% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.