Insider Buying: AFC Gamma (NASDAQ:AFCG) Director Acquires 23,072 Shares of Company Stock

Key Points

• Insider buying: AFC Gamma Director Leonard Tannenbaum purchased 23,072 shares at $3.49 each, investing approximately $80,521 and increasing his stake to 6,985,518 shares.
• Stock and earnings: AFCG recently traded near $3.48, with shares ranging from $2.06 to $4.20 over the past year. The company exceeded quarterly EPS expectations, reporting $0.23 versus the $0.19 consensus, though revenue fell short of estimates.
• Dividend and outlook: AFC Gamma declared a quarterly dividend of $0.05 per share, representing a 5.7% annualized yield, while analysts maintain a generally cautious “Reduce” rating on the stock.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard Tannenbaum bought 23,072 shares of the company's stock in a transaction on Tuesday, September 22nd. The stock was bought at an average cost of $3.49 per share, with a total value of $80,521.28. Following the completion of the purchase, the director owned 6,985,518 shares of the company's stock, valued at approximately $24,379,457.82. The trade was a 0.33% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

AFC Gamma Price Performance

Shares of AFCG traded down $0.02 during mid-day trading on Thursday, hitting $3.48. 62,858 shares of the company traded hands, compared to its average volume of 219,125. AFC Gamma Inc. has a one year low of $2.06 and a one year high of $4.20. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.69. The business has a 50-day moving average of $3.17 and a 200 day moving average of $3.08. The stock has a market capitalization of $78.90 million, a price-to-earnings ratio of 18.32 and a beta of 0.95.

AFC Gamma (NASDAQ:AFCG - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.23 earnings per share 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 during the quarter, compared to analysts' expectations of $8.59 million. As a group, equities analysts expect that AFC Gamma Inc. will post 0.72 earnings per share for the current fiscal year.

AFC Gamma Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 5.7%. AFC Gamma's payout ratio is presently 105.26%.

Wall Street Analysts Forecast Growth

AFCG has been the topic of several recent research reports. Wall Street Zen cut AFC Gamma from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings upgraded shares of AFC Gamma from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Reduce".

AFC Gamma Company Profile

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.

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