Steward Partners Investment Advisory LLC Cuts Position in AFC Gamma, Inc. (NASDAQ:AFCG)

Steward Partners Investment Advisory LLC lessened its holdings in AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) by 56.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,000 shares of the company’s stock after selling 2,550 shares during the period. Steward Partners Investment Advisory LLC’s holdings in AFC Gamma were worth $38,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wasatch Advisors Inc. boosted its stake in shares of AFC Gamma by 7.8% in the 4th quarter. Wasatch Advisors Inc. now owns 525,420 shares of the company’s stock worth $11,959,000 after buying an additional 37,894 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of AFC Gamma by 21.0% in the 4th quarter. HighTower Advisors LLC now owns 312,520 shares of the company’s stock worth $7,114,000 after buying an additional 54,215 shares during the last quarter. Merlin Capital LLC purchased a new position in shares of AFC Gamma in the 4th quarter worth approximately $3,306,000. Renaissance Technologies LLC lifted its stake in AFC Gamma by 57.6% in the fourth quarter. Renaissance Technologies LLC now owns 143,301 shares of the company’s stock valued at $3,262,000 after purchasing an additional 52,401 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in AFC Gamma by 36.3% in the fourth quarter. Northern Trust Corp now owns 107,415 shares of the company’s stock valued at $2,445,000 after purchasing an additional 28,607 shares during the last quarter. Hedge funds and other institutional investors own 37.72% of the company’s stock.

AFC Gamma Trading Up 2.3 %

AFC Gamma stock opened at $17.31 on Friday. AFC Gamma, Inc. has a 12 month low of $14.90 and a 12 month high of $25.50. The business’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $17.85. The company has a market cap of $341.75 million, a price-to-earnings ratio of 9.84 and a beta of 1.18.

AFC Gamma (NASDAQ:AFCG – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. AFC Gamma had a return on equity of 11.59% and a net margin of 57.13%. The business had revenue of $18.64 million for the quarter, compared to the consensus estimate of $17.24 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, equities research analysts forecast that AFC Gamma, Inc. will post 2.53 earnings per share for the current fiscal year.

AFC Gamma Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a $0.56 dividend. The ex-dividend date was Wednesday, June 29th. This is a boost from AFC Gamma’s previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a dividend yield of 12.94%. AFC Gamma’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Upgrades and Downgrades

Separately, Compass Point dropped their price objective on AFC Gamma from $20.00 to $17.50 in a research note on Monday, May 16th.

Insider Buying and Selling

In other AFC Gamma news, Director Jonathan Gilbert Kalikow bought 57,600 shares of the business’s stock in a transaction that occurred on Thursday, June 16th. The shares were bought at an average cost of $15.62 per share, with a total value of $899,712.00. Following the completion of the purchase, the director now directly owns 97,500 shares of the company’s stock, valued at $1,522,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other AFC Gamma news, Director Jonathan Gilbert Kalikow bought 57,600 shares of the business’s stock in a transaction that occurred on Thursday, June 16th. The shares were bought at an average cost of $15.62 per share, with a total value of $899,712.00. Following the completion of the purchase, the director now directly owns 97,500 shares of the company’s stock, valued at $1,522,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Kaufman bought 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The stock was acquired at an average cost of $16.70 per share, for a total transaction of $50,100.00. Following the completion of the purchase, the chief financial officer now directly owns 6,000 shares of the company’s stock, valued at $100,200. The disclosure for this purchase can be found here. Insiders have acquired 87,783 shares of company stock valued at $1,380,633 over the last ninety days. 28.00% of the stock is owned by insiders.

AFC Gamma Company Profile

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AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. 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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