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

Modiv Industrial, Inc. (NYSE:MDV - Get Free Report) announced a monthly dividend on Monday, June 23rd, Wall Street Journal reports. Shareholders of record on Tuesday, September 30th will be given a dividend of 0.0975 per share on Wednesday, October 15th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 8.04%. The ex-dividend date is Tuesday, September 30th.

Modiv Industrial has a dividend payout ratio of 835.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Performance

Shares of NYSE:MDV opened at $14.56 on Monday. The firm has a market cap of $147.30 million, a PE ratio of -161.70 and a beta of -0.31. The firm's fifty day moving average is $14.87 and its 200-day moving average is $15.07. Modiv Industrial has a 52 week low of $13.62 and a 52 week high of $18.11.

Wall Street Analyst Weigh In

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

Insider Activity at Modiv Industrial

In other news, CEO Aaron Scott Halfacre bought 2,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average price of $14.48 per share, for a total transaction of $28,960.00. Following the completion of the acquisition, the chief executive officer now directly owns 115,412 shares in the company, valued at approximately $1,671,165.76. This represents a 1.76% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have bought a total of 6,835 shares of company stock worth $97,737 over the last quarter. Company insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Modiv Industrial

A hedge fund recently raised its stake in Modiv Industrial stock. Goldman Sachs Group Inc. grew its stake in shares of Modiv Industrial, Inc. (NYSE:MDV - Free Report) by 38.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,557 shares of the company's stock after purchasing an additional 9,615 shares during the period. Goldman Sachs Group Inc. owned approximately 0.34% of Modiv Industrial worth $555,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 8.21% of the company's stock.

About Modiv Industrial

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.

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