Modiv Industrial, Inc. (NYSE:MDV) Announces $0.10 Monthly Dividend

Modiv Industrial, Inc. (NYSE:MDV - Get Free Report) announced a monthly dividend on Monday, June 23rd, Wall Street Journal reports. Investors of record on Tuesday, September 30th will be paid a dividend of 0.0975 per share on Wednesday, October 15th. This represents a $1.17 annualized dividend and a yield of 8.26%. The ex-dividend date is Tuesday, September 30th.

Modiv Industrial has a payout ratio of 835.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Modiv Industrial to earn $0.87 per share next year, which means the company may not be able to cover its $1.17 annual dividend with an expected future payout ratio of 134.5%.

Modiv Industrial Stock Up 0.4%

MDV traded up $0.06 during trading on Thursday, reaching $14.16. 51,000 shares of the stock traded hands, compared to its average volume of 37,123. Modiv Industrial has a 12 month low of $13.62 and a 12 month high of $18.11. The stock's 50-day moving average is $14.80 and its 200 day moving average is $15.03. The stock has a market capitalization of $143.29 million, a PE ratio of -157.30 and a beta of -0.31.

Wall Street Analysts Forecast Growth

Separately, B. Riley initiated coverage on shares of Modiv Industrial in a research note on Tuesday, April 22nd. They set a "buy" rating and a $18.00 target price on the stock.

Insider Transactions at Modiv Industrial

In other news, CEO Aaron Scott Halfacre purchased 3,121 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were acquired at an average price of $14.10 per share, for a total transaction of $44,006.10. Following the completion of the acquisition, the chief executive officer now owns 120,000 shares in the company, valued at approximately $1,692,000. The trade was a 2.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have purchased 7,364 shares of company stock valued at $105,252 in the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Modiv Industrial

A hedge fund recently raised its stake in Modiv Industrial stock. Goldman Sachs Group Inc. raised its holdings in Modiv Industrial, Inc. (NYSE:MDV - Free Report) by 38.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,557 shares of the company's stock after buying an additional 9,615 shares during the period. Goldman Sachs Group Inc. owned about 0.34% of Modiv Industrial worth $555,000 as of its most recent filing with the Securities and Exchange Commission. 8.21% of the stock is currently owned by institutional investors and hedge funds.

Modiv Industrial Company Profile

Modiv Industrial, Inc is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains.