AFC Gamma (NASDAQ:AFCG) Director Leonard Tannenbaum Purchases 79,665 Shares

Key Points

• Leonard Tannenbaum, a director at AFC Gamma, purchased 79,665 shares at an average cost of $4.56 per share, totaling approximately $363,272, increasing his ownership by 1.63%.
• AFC Gamma's recent dividend cut led to a quarterly payout of $0.15 per share, despite a negative payout ratio of -146.34%.
• Analysts have downgraded AFC Gamma from a "buy" rating to a "hold" rating, setting a target price of $4.50, reflecting a consensus rating of "Moderate Buy" with an average price target of $5.75.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard Tannenbaum acquired 79,665 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $4.56 per share, for a total transaction of $363,272.40. Following the completion of the transaction, the director directly owned 4,962,171 shares of the company's stock, valued at $22,627,499.76. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link.

AFC Gamma Stock Performance

Shares of AFC Gamma stock traded down $0.03 during trading on Monday, hitting $4.55. 243,419 shares of the company's stock traded hands, compared to its average volume of 221,795. The stock has a market capitalization of $102.81 million, a P/E ratio of -11.10 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.13 and a quick ratio of 3.13. The business has a 50-day simple moving average of $4.48 and a 200-day simple moving average of $5.33. AFC Gamma Inc. has a 1 year low of $3.44 and a 1 year high of $10.88.

AFC Gamma Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date of this dividend was Monday, June 30th. AFC Gamma's payout ratio is presently -146.34%.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners cut AFC Gamma from a "buy" rating to a "hold" rating and set a $4.50 target price for the company. in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently 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.

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