Modiv Industrial, Inc. (NYSE:MDV – Get Free Report) declared a monthly dividend on Friday, May 24th, Wall Street Journal reports. Investors of record on Friday, August 30th will be given a dividend of 0.0958 per share on Wednesday, September 25th. This represents a $1.15 dividend on an annualized basis and a yield of 7.56%. The ex-dividend date is Friday, August 30th.
Modiv Industrial has a payout ratio of 261.4% 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 $1.53 per share next year, which means the company should continue to be able to cover its $1.15 annual dividend with an expected future payout ratio of 75.2%.
Modiv Industrial Stock Performance
MDV opened at $15.22 on Friday. The firm’s 50-day moving average price is $15.59 and its 200 day moving average price is $15.21. Modiv Industrial has a twelve month low of $11.79 and a twelve month high of $19.12.
Insider Activity
In other news, major shareholder First City Investment Group, L sold 3,654 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $17.02, for a total value of $62,191.08. Following the transaction, the insider now directly owns 651,972 shares in the company, valued at approximately $11,096,563.44. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have purchased 1,045 shares of company stock valued at $15,597 and have sold 5,953 shares valued at $101,438. Insiders own 4.60% of the company’s stock.
Analyst Ratings Changes
Separately, Alliance Global Partners started coverage on shares of Modiv Industrial in a report on Monday, April 29th. They issued a “buy” rating and a $18.00 target price on the stock.
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.
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