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

AFC Gamma, Inc. (NASDAQ:AFCG) announced a dividend on Thursday, March 13th, NASDAQ Dividends reports. Investors 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% 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 Down 3.2 %

Shares of NASDAQ:AFCG traded down $0.20 during midday trading on Friday, hitting $6.09. The stock had a trading volume of 298,029 shares, compared to its average volume of 172,566. 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 business’s 50-day simple moving average is $7.92 and its 200-day simple moving average is $9.00. AFC Gamma has a 12 month low of $6.07 and a 12 month high of $12.74. The company has a market cap of $137.61 million, a P/E ratio of 15.23 and a beta of 1.03.

Insiders Place Their Bets

In related news, CEO Daniel Neville acquired 5,000 shares of the stock in a transaction dated Wednesday, March 26th. The stock was bought at an average cost 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 of the company’s stock, valued at $1,130,018.20. The trade was a 2.82 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Leonard M. Tannenbaum bought 50,000 shares of AFC Gamma stock in a transaction that occurred on Monday, March 17th. The stock was bought at an average price of $6.20 per share, for a total transaction of $310,000.00. Following the completion of the acquisition, the director now directly owns 3,959,876 shares of the company’s stock, valued at $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. Insiders have acquired 141,606 shares of company stock valued at $899,941 in the last ninety days. 26.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AFCG has been the subject of several research analyst reports. JMP Securities reiterated a “market perform” rating on shares of AFC Gamma in a research note on Thursday, January 23rd. Alliance Global Partners started coverage on AFC Gamma in a report on Tuesday, December 17th. They set a “buy” rating and a $13.00 price objective for the company. Finally, Jefferies Financial Group cut AFC Gamma from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $10.00 to $7.00 in a research report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently 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.