Insider Buying: AFC Gamma (NASDAQ:AFCG) Director Purchases $162,054.09 in Stock

AFC Gamma Inc. (NASDAQ:AFCG) Director Leonard Tannenbaum acquired 44,643 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The stock was purchased at an average price of $3.63 per share, for a total transaction of $162,054.09. Following the acquisition, the director directly owned 7,109,614 shares of the company’s stock, valued at $25,807,898.82. The trade was a 0.63% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

AFC Gamma Price Performance

NASDAQ AFCG opened at $3.50 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $79.34 million, a PE ratio of 18.42 and a beta of 0.99. AFC Gamma Inc. has a 12-month low of $2.06 and a 12-month high of $4.01. The company has a 50 day moving average price of $3.29 and a two-hundred day moving average price of $3.12.

AFC Gamma (NASDAQ:AFCG) last posted its earnings results on Thursday, August 13th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.19 by $0.04. AFC Gamma had a net margin of 15.64% and a return on equity of 2.85%. The firm had revenue of $6.77 million for the quarter, compared to the consensus estimate of $8.59 million. As a group, equities analysts predict that AFC Gamma Inc. will post 0.72 earnings per share for the current fiscal year.

AFC Gamma Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Wednesday, September 30th. AFC Gamma’s dividend payout ratio (DPR) is presently 105.26%.

Analysts Set New Price Targets

Several brokerages have commented on AFCG. Weiss Ratings upgraded AFC Gamma from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, August 20th. Wall Street Zen cut shares of AFC Gamma from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, AFC Gamma currently has an average rating of “Reduce”.

About AFC Gamma

AFC Gamma, Inc (NASDAQ: AFCG) is a commercial real estate finance company that provided institutional capital to businesses operating in state-regulated cannabis markets. The company primarily focused on lending to licensed cannabis operators and related businesses, an area historically underserved by traditional banks because cannabis remains illegal under U.S. federal law.

Its financing activities included secured loans backed by commercial real estate and other borrower assets. AFC Gamma offered capital for purposes such as facility acquisition, construction, expansion, refinancing and working capital.