NewLake Capital Partners, Inc. saw its stock price increase by 0.7% on October 12, 2023, closing at $12.70. The trading session recorded a total of 26,978 shares exchanged, which is a notable decline of 44% from the average session volume of 48,416 shares. The stock had previously closed at $12.61.
Stock Performance Overview
Currently, NewLake Capital Partners maintains a 50-day moving average price of $13.18 and a 200-day moving average price of $13.86. The fluctuations in the stock price underscore the company’s performance in a competitive market, particularly as it engages in a niche sector of real estate investment related to the cannabis industry.
Dividend Announcement and Implications
On October 15, 2023, NewLake Capital Partners issued a quarterly dividend of $0.43 per share to its shareholders of record as of September 30, 2023. This dividend translates to an annualized amount of $1.72, yielding 13.8% for investors. Such a return is significant for shareholders, particularly in the real estate investment trust (REIT) sector, where dividends often reflect the financial health and profitability of the company.
NewLake Capital Partners, Inc. operates as an internally-managed real estate investment trust, focusing on providing capital to state-licensed cannabis operators. The company engages in sale-leaseback transactions and funding for build-to-suit projects. Its portfolio consists of 31 properties that include 14 cultivation facilities and 17 dispensaries, all leased to single tenants under a triple-net lease structure.
Investors and analysts will be watching closely to see how the company’s stock performs in the coming weeks, particularly in light of its recent dividend announcement and overall market conditions in the cannabis sector.
