Newbridge Financial Services Group Inc. acquired a new position in AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,000 shares of the company's stock, valued at approximately $31,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank acquired a new stake in AFC Gamma in the 1st quarter worth approximately $29,000. Tcwp LLC acquired a new stake in AFC Gamma in the 1st quarter worth approximately $32,000. Strs Ohio boosted its stake in AFC Gamma by 20.7% in the 1st quarter. Strs Ohio now owns 3,500 shares of the company's stock worth $66,000 after purchasing an additional 600 shares in the last quarter. California State Teachers Retirement System lifted its stake in AFC Gamma by 18.7% during the 1st quarter. California State Teachers Retirement System now owns 6,425 shares of the company's stock valued at $123,000 after acquiring an additional 1,011 shares during the period. Finally, American International Group Inc. lifted its stake in AFC Gamma by 12.5% during the 1st quarter. American International Group Inc. now owns 7,418 shares of the company's stock valued at $142,000 after acquiring an additional 826 shares during the period. Hedge funds and other institutional investors own 40.67% of the company's stock.
Get AFC Gamma alerts:AFC Gamma Trading Down 1.3 %
Shares of NASDAQ AFCG opened at $16.52 on Monday. The company has a 50 day simple moving average of $17.17 and a two-hundred day simple moving average of $17.29. AFC Gamma, Inc. has a 12 month low of $14.90 and a 12 month high of $25.50. The stock has a market cap of $328.05 million, a price-to-earnings ratio of 8.30 and a beta of 1.06.
AFC Gamma (NASDAQ:AFCG – Get Rating) last posted its earnings results on Tuesday, August 9th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. AFC Gamma had a net margin of 56.14% and a return on equity of 13.48%. The firm had revenue of $21.65 million during the quarter, compared to analysts' expectations of $18.00 million. During the same period in the previous year, the business posted $0.43 EPS. Analysts forecast that AFC Gamma, Inc. will post 2.6 EPS for the current year.AFC Gamma Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 13.56%. The ex-dividend date of this dividend is Thursday, September 29th. AFC Gamma's dividend payout ratio is currently 112.56%.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Cowen lifted their price objective on shares of AFC Gamma to $22.00 in a research note on Monday, August 15th. TheStreet upgraded shares of AFC Gamma from a "d+" rating to a "c-" rating in a research note on Monday, September 12th.
AFC Gamma Profile
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AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.
Further Reading
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