AFC Gamma (NASDAQ:AFCG) Director Leonard M. Tannenbaum Acquires 36,861 Shares

Key Points

• Leonard Tannenbaum, Director of AFC Gamma, purchased 36,861 shares at an average price of $4.57, increasing his ownership to approximately $22.3 million.
• AFC Gamma's shares traded up 3.6% on the same day of the purchase, closing at $4.65, with a market cap of $105.04 million.
• The company has cut its dividend, now yielding 12.9% with a dividend payout ratio of -146.34%, reflecting a financial strain.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard M. Tannenbaum acquired 36,861 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were bought at an average cost of $4.57 per share, for a total transaction of $168,454.77. Following the purchase, the director owned 4,882,506 shares of the company's stock, valued at approximately $22,313,052.42. The trade was a 0.76% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

AFC Gamma Trading Down 0.4%

NASDAQ:AFCG traded down $0.02 during mid-day trading on Friday, reaching $4.58. The company's stock had a trading volume of 338,124 shares, compared to its average volume of 367,971. The company's fifty day simple moving average is $4.48 and its two-hundred day simple moving average is $5.33. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.13 and a quick ratio of 3.13. AFC Gamma Inc. has a twelve month low of $3.44 and a twelve month high of $10.88. The stock has a market cap of $103.46 million, a P/E ratio of -11.17 and a beta of 1.07.

AFC Gamma Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date was Monday, June 30th. AFC Gamma's dividend payout ratio (DPR) is -146.34%.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners downgraded AFC Gamma from a "buy" rating to a "hold" rating and set a $4.50 price objective on the stock. in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, AFC Gamma currently has a consensus rating of "Moderate Buy" and an average price target of $5.75.

AFC Gamma Company Profile

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other various commercial real estate loans and debt securities for established companies operating in the cannabis industry. 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.