NewLake Capital Partners, Inc. saw its stock price increase by 0.7% on Thursday, reaching $12.70. The company’s shares traded as high as this amount during the day, closing at the same figure. A total of 26,978 shares were exchanged, marking a significant 44% decline from the average trading volume of 48,416 shares.
The stock’s performance in recent weeks shows a 50-day moving average price of $13.18 and a 200-day moving average price of $13.86. This indicates a downward trend compared to its moving averages, raising questions about the stock’s future trajectory.
Dividend Announcement Boosts Investor Interest
On October 15, 2023, NewLake Capital Partners also announced a quarterly dividend of $0.43, which was distributed to shareholders of record as of September 30, 2023. This dividend translates to an annualized figure of $1.72, providing shareholders with an attractive yield of 13.8%. The dividend payout reflects the company’s commitment to returning value to its investors, potentially influencing market sentiment positively.
About NewLake Capital Partners
NewLake Capital Partners, Inc. operates as an internally-managed real estate investment trust (REIT). The firm specializes in providing real estate capital to state-licensed cannabis operators through various financing methods, including sale-leaseback transactions and funding for build-to-suit projects. Currently, NewLake’s portfolio consists of 31 properties, which includes 14 cultivation facilities and 17 dispensaries. These properties are primarily leased to single tenants on a triple-net basis, a structure that allows for reduced risk and stable income.
As interest in the cannabis sector continues to grow, NewLake Capital Partners positions itself as a key player in the real estate investment space, catering specifically to this emerging market. Investors will be keenly observing the company’s performance in light of recent trends and dividend announcements.
