NewLake Capital Partners, Inc. experienced a modest increase in its stock price, rising by 0.7% on Thursday, reaching a trading high of $12.70. The shares last traded at $12.70, with a total of 26,978 shares exchanged during the session, reflecting a significant decrease of 44% from the average trading volume of 48,416 shares. The stock had closed at $12.61 prior to this uptick.
Stock Performance and Moving Averages
The performance of NewLake Capital Partners’ stock shows a 50-day moving average of $13.18 and a 200-day moving average of $13.86. These averages indicate a slight decline in recent trading activity compared to previous periods.
In addition to the share price movement, the firm announced a quarterly dividend recently. Shareholders of record as of September 30, 2023, received a dividend of $0.43, which was distributed on October 15, 2023. This dividend translates to an annualized payout of $1.72 per share, yielding approximately 13.8%.
Company Overview
NewLake Capital Partners, Inc. operates as an internally-managed real estate investment trust (REIT). The company specializes in providing real estate capital to state-licensed cannabis operators, primarily through sale-leaseback transactions, as well as funding for build-to-suit projects.
Currently, NewLake boasts a diverse portfolio of 31 properties, which includes 14 cultivation facilities and 17 dispensaries. These properties are leased to single tenants on a triple-net basis, ensuring a stable income stream for the company.
The announcement of the dividend and the recent stock price increase may position NewLake Capital Partners as an attractive opportunity for investors considering the cannabis sector’s growth potential.
As the company continues to navigate the evolving landscape of cannabis investment, stakeholders are likely to monitor its financial performance and strategic decisions closely.
