AFC Gamma, Inc. (NASDAQ:AFCG) Announces $0.15 Quarterly Dividend

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) declared a quarterly dividend on Friday, June 13th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.15 per share on Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.19%.

AFC Gamma has a dividend payout ratio of 78.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings decline. Equities 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 Stock Performance

Shares of AFCG stock traded down $1.16 on Friday, reaching $4.55. The stock had a trading volume of 1,293,577 shares, compared to its average volume of 195,600. AFC Gamma has a 12 month low of $4.34 and a 12 month high of $12.74. 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 firm has a market capitalization of $102.81 million, a price-to-earnings ratio of 11.38 and a beta of 1.11. The firm's 50-day moving average is $5.22 and its two-hundred day moving average is $7.17.

Insider Buying and Selling

In other news, Director Leonard M. Tannenbaum bought 50,000 shares of the stock in a transaction dated Monday, March 17th. The shares were bought at an average price of $6.20 per share, for a total transaction of $310,000.00. Following the completion of the purchase, the director now owns 3,959,876 shares in the company, valued at approximately $24,551,231.20. This trade represents a 1.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Neville purchased 16,250 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were purchased at an average cost of $6.32 per share, with a total value of $102,700.00. Following the completion of the acquisition, the chief executive officer now owns 177,261 shares in the company, valued at $1,120,289.52. The trade was a 10.09% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 80,250 shares of company stock valued at $499,130. Company insiders own 26.80% of the company's stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered AFC Gamma from a "buy" rating to a "hold" rating and decreased their target price for the stock 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, AFC Gamma 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.