AFC Gamma, Inc. (NASDAQ:AFCG) Plans $0.33 Quarterly Dividend

AFC Gamma, Inc. (NASDAQ:AFCG) announced a quarterly dividend on Thursday, September 12th, Zacks reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.33 per share on Tuesday, October 15th. This represents a $1.32 annualized dividend and a yield of 12.48%. The ex-dividend date of this dividend is Monday, September 30th.

AFC Gamma has a dividend payout ratio of 89.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect AFC Gamma to earn $1.99 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 66.3%.

AFC Gamma Stock Down 0.4 %

NASDAQ AFCG opened at $10.58 on Friday. AFC Gamma has a 52 week low of $8.06 and a 52 week high of $13.35. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $218.69 million, a P/E ratio of 20.35 and a beta of 1.05. The stock’s 50-day moving average price is $9.93 and its 200-day moving average price is $11.21.

AFC Gamma (NASDAQ:AFCG) last released its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. AFC Gamma had a net margin of 21.97% and a return on equity of 12.41%. The company had revenue of $19.96 million for the quarter, compared to analysts’ expectations of $16.48 million. On average, equities research analysts predict that AFC Gamma will post 2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AFCG has been the topic of several recent analyst reports. JMP Securities restated a “market perform” rating on shares of AFC Gamma in a research report on Thursday, June 27th. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $9.00 in a report on Friday, August 16th. Finally, Jefferies Financial Group lowered their price objective on AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd.

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.