Sachem Capital Corp. (NYSEAMERICAN:SACH) announced a quarterly dividend on Friday, July 16th, investing.com reports. Shareholders of record on Monday, July 26th will be given a dividend of 0.12 per share on Friday, July 30th. This represents a $0.48 annualized dividend and a yield of 9.01%. The ex-dividend date is Friday, July 23rd.
Sachem Capital has increased its dividend by 84.6% over the last three years and has raised its dividend annually for the last 1 consecutive years. Sachem Capital has a dividend payout ratio of 109.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Sachem Capital to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 96.0%.
Sachem Capital stock opened at $5.33 on Thursday. The company’s 50-day moving average price is $4.16. The stock has a market cap of $130.96 million, a P/E ratio of 12.14 and a beta of 1.35. Sachem Capital has a fifty-two week low of $3.03 and a fifty-two week high of $5.68.
A number of equities analysts recently weighed in on the company. Zacks Investment Research cut Sachem Capital from a “buy” rating to a “hold” rating in a report on Friday, July 2nd. Aegis upped their price target on Sachem Capital from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, April 1st. Finally, Janney Montgomery Scott assumed coverage on Sachem Capital in a report on Thursday, June 17th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $7.00.
About Sachem Capital
Sachem Capital Corp. operates as a real estate finance company. The company is involved in the originating, underwriting, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real property located primarily in Connecticut. It offers loans to real estate investors to fund their acquisition, renovation, rehabilitation, development, and/or improvement of residential or commercial properties.
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