The New York State Common Retirement Fund increased its stake in shares of AFC Gamma, Inc. (NASDAQ: AFCG – Get Rating) by 120.2% in the first quarter, according to the company in its latest Form 13F filing with the Securities and Exchange Commission. (SECOND). The company held 13,818 shares of the company after purchasing an additional 7,544 shares during the quarter. The New York State Common Retirement Fund held approximately 0.07% of AFC Gamma worth $264,000 at the end of the last reporting period.
A number of other hedge funds and other institutional investors have also recently increased or reduced their stakes in the stock. Strs Ohio increased its position in AFC Gamma by 20.7% during the first quarter. Strs Ohio now owns 3,500 shares of the company worth $66,000 after purchasing an additional 600 shares during the period. Advisor Group Holdings Inc. increased its position in AFC Gamma shares by 32.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 8,260 shares of the company valued at $187,000 after acquiring an additional 2,010 shares during the period. ETF Managers Group LLC increased its position in AFC Gamma shares by 206.4% in the fourth quarter. ETF Managers Group LLC now owns 13,631 shares of the company valued at $304,000 after acquiring an additional 9,182 shares during the period. Castleview Partners LLC purchased a new stake in shares of AFC Gamma in the fourth quarter valued at approximately $426,000. Finally, Rockefeller Capital Management LP purchased a new equity stake in AFC Gamma in the fourth quarter valued at approximately $250,000. 37.72% of the shares are held by institutional investors.
Analysts set new price targets
A number of brokerages have recently released reports on AFCG. Compass Point reduced its target price on AFC Gamma shares from $20.00 to $17.50 in a Monday, May 16 research report. Cowen raised his price target on AFC Gamma shares to $22.00 in a Monday, August 15 research report.
AFC Gamma stock up 0.9%
AFCG stock opened at $18.69 on Friday. The company has a market capitalization of $371.18 million, a PE ratio of 9.39 and a beta of 1.18. The company has a 50-day simple moving average of $16.52 and a 200-day simple moving average of $17.73. AFC Gamma, Inc. has a 52 week minimum of $14.90 and a 52 week maximum of $25.50.
AFC Gamma (NASDAQ:AFCG – Get Rating) released its quarterly results for the last time on Tuesday August 9th. The company reported EPS of $0.69 for the quarter, beating consensus analyst estimates of $0.59 by $0.10. AFC Gamma posted a return on equity of 13.48% and a net margin of 56.14%. In the same period a year earlier, the company earned earnings per share of $0.43. On average, analysts expect AFC Gamma, Inc. to post EPS of 2.6 for the current fiscal year.
AFC Gamma increases the dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $0.56 per share. This is an increase from AFC Gamma’s previous quarterly dividend of $0.55. The ex-dividend date was Wednesday, June 29. This represents an annualized dividend of $2.24 and a yield of 11.99%. AFC Gamma’s current payout ratio is 112.56%.
Insiders place their bets
In other AFC Gamma news, manager Jonathan Gilbert Kalikow purchased 57,600 shares in a trade on Thursday, June 16. The shares were purchased at an average price of $15.62 per share, with a total value of $899,712.00. Following the completion of the purchase, the administrator now owns 97,500 shares of the company, valued at $1,522,950. The purchase was disclosed in a filing with the SEC, accessible via this link. In other AFC Gamma news, manager Jonathan Gilbert Kalikow purchased 57,600 shares in a trade on Thursday, June 16. The shares were purchased at an average price of $15.62 per share, with a total value of $899,712.00. Following the completion of the purchase, the administrator now owns 97,500 shares of the company, valued at $1,522,950. The purchase was disclosed in a filing with the SEC, accessible via this link. Additionally, CEO Leonard M. Tannenbaum purchased 5,000 shares in a trade on Friday, June 17. The shares were acquired at an average cost of $15.85 per share, with a total value of $79,250.00. As a result of the purchase, the CEO now owns 5,000 shares of the company, valued at around $79,250. Disclosure of this purchase can be found here. Insiders hold 28.00% of the company’s shares.
AFC gamma profile
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AFC Gamma, Inc originates, structures, guarantees and invests in senior secured loans and other types of loans and debt instruments for established companies operating in the cannabis industry in states that have legalized the use medical and/or adult cannabis. It primarily issues loans structured as senior loans secured by real estate, equipment and licenses and/or other assets of the lending parties to the extent permitted by applicable laws and regulations governing such lending parties.
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