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

AFC Gamma, Inc. (NASDAQ:AFCG) declared 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 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. 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

AFCG traded down $0.20 during trading hours on Friday, hitting $6.09. 298,029 shares of the stock were exchanged, 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. The stock has a 50-day simple moving average of $7.92 and a 200-day simple moving average of $9.00. AFC Gamma has a 12 month low of $6.07 and a 12 month high of $12.74. The stock has a market cap of $137.61 million, a price-to-earnings ratio of 15.23 and a beta of 1.03.

Insider Transactions at AFC Gamma

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

Analysts Set New Price Targets

A number of research analysts recently commented on AFCG shares. JMP Securities reiterated a “market perform” rating on shares of AFC Gamma in a research note on Thursday, January 23rd. Jefferies Financial Group downgraded 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 note on Friday, March 14th. Finally, Alliance Global Partners started coverage on AFC Gamma in a research note on Tuesday, December 17th. They set a “buy” rating and a $13.00 target price for the company. 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. Based on data from MarketBeat, the stock 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.