AFC Gamma, Inc. (NASDAQ:AFCG) to Issue $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 given 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% per year over the last three years. AFC Gamma has a payout ratio of 71.9% meaning 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

Shares of NASDAQ AFCG traded down $0.20 during mid-day trading on Friday, reaching $6.09. The company’s stock had a trading volume of 298,029 shares, compared to its average volume of 172,566. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.92 and a quick ratio of 3.92. AFC Gamma has a 52 week low of $6.07 and a 52 week high of $12.74. The stock has a fifty day moving average of $7.92 and a two-hundred day moving average of $9.00. The firm has a market capitalization of $137.61 million, a PE ratio of 15.23 and a beta of 1.03.

Wall Street Analyst Weigh In

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

Insider Activity at AFC Gamma

In related news, CEO Daniel Neville purchased 30,349 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was bought at an average cost of $6.52 per share, for a total transaction of $197,875.48. Following the completion of the transaction, the chief executive officer now directly owns 161,011 shares in the company, valued at $1,049,791.72. This represents a 23.23 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Leonard M. Tannenbaum acquired 50,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were purchased at an average price of $6.20 per share, for a total transaction of $310,000.00. Following the transaction, the director now directly owns 3,959,876 shares of the company’s stock, valued at approximately $24,551,231.20. The trade was a 1.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 141,606 shares of company stock valued at $899,941. Insiders own 26.20% of the company’s stock.

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.