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

AFC Gamma, Inc. (NASDAQ:AFCG) declared a dividend on Thursday, March 13th, NASDAQ Dividends reports. Investors of record on Monday, March 31st will be paid a dividend of 0.23 per share on Tuesday, April 15th. The ex-dividend date of this dividend 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. 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 Trading Down 3.2 %

Shares of NASDAQ:AFCG traded down $0.20 during midday 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 company has a fifty day simple moving average of $7.92 and a two-hundred day simple moving average of $9.00. The firm has a market cap of $137.61 million, a price-to-earnings ratio of 15.23 and a beta of 1.03. AFC Gamma has a 1-year low of $6.07 and a 1-year high of $12.74. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.92 and a current ratio of 3.92.

Insider Activity at AFC Gamma

In other news, CEO Daniel Neville acquired 16,250 shares of AFC Gamma stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average price of $6.32 per share, with a total value of $102,700.00. Following the completion of the transaction, the chief executive officer now owns 177,261 shares in the company, valued at approximately $1,120,289.52. This trade represents a 10.09 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Leonard M. Tannenbaum bought 32,007 shares of the company’s stock in a transaction on Friday, March 14th. The stock was purchased at an average cost of $6.52 per share, for a total transaction of $208,685.64. Following the completion of the transaction, the director now owns 3,909,876 shares in the company, valued at approximately $25,492,391.52. The trade was a 0.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 141,606 shares of company stock valued at $899,941. Corporate insiders own 26.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AFCG. Jefferies Financial Group lowered shares of AFC Gamma from a “buy” rating to a “hold” rating and cut their price target for the company from $10.00 to $7.00 in a report on Friday, March 14th. Alliance Global Partners started coverage on shares of AFC Gamma in a research note on Tuesday, December 17th. They set a “buy” rating and a $13.00 target price on the stock. Finally, JMP Securities restated a “market perform” rating on shares of AFC Gamma in a report on Thursday, January 23rd. Three equities research 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 data from MarketBeat, the stock presently has a consensus 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.