Sachem Capital Corp. (AMEX:SACH) declared quarterly dividend of $ 0.12 per share, or $ 0.48 annualized.
The dividend will be payable on November 4, 2020, to stockholders of record on October 26, 2020, with an ex-dividend date of October 23, 2020.
John Villano, CPA, Chief Executive Officer, stated, We are pleased to declare the issuance of this dividend, which reflects our continued confidence in the outlook for the business. Moreover, the fix-and-flip market has rebounded since COVID-19 in many of the markets we serve. As a result, we have seen steady growth in new loans in our traditional markets, as well as growth in new markets such as Florida. At the same time, we continue to maintain a solid balance sheet, disciplined underwriting and a conservative loan-to-value ratio.
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Sachem Capital Corp. recently reported second quarter financial results on August 10, 2020, before market open, the Branford based company unwinded income for the second quarter of $ 0.10 per share, from the revenue of $ 4.31 million.
Shares of Sachem Capital Corp. traded up $ 0.07 or 1.70 percent on Friday, reaching $ 4.19 with volume of 22.50 thousand shares. The stock opened positive for the day at $ 4.14, after closing the previous day trading at $ 4.12.
According to the previous trading day, closing price of $ 4.12, representing a 243.33 % increase from the 52 week low of $ 1.20 and a 13.81 % decrease over the 52 week high of $ 4.78.
The company has a market capital of $ 92.67 million and is part of the Real Estate sector and REIT – Residential industry.
Sachem Capital Corp. operates as a real estate finance company. The company engages in originating, underwriting, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real property located primarily in Connecticut.