Analysts expect AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) to report sales of $18.00 million for the current quarter, according to Zacks. Two analysts made estimates of AFC Gamma’s earnings, with estimates ranging from $17.30 million to $18.70 million. AFC Gamma recorded sales of $8.75 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 105.7%. The company is expected to release its next earnings report on Monday, January 1.
According to Zacks, analysts expect AFC Gamma to report sales of $81.60 million in the current fiscal year, with estimates ranging from $80.00 to $83.30 million. For next year, analysts expect the company to post sales of $119.72 million, with estimates ranging from $91.15 million to $141.10 million. Zacks sales calculations are an average based on a survey of sell-side research companies that track AFC Gamma.
AFC Gamma (NASDAQ:AFCG – Get Rating) released its quarterly results for the last time on Tuesday, May 10. The company reported earnings per share of $0.62 for the quarter, beating the consensus estimate of $0.61 by $0.01. AFC Gamma posted a net margin of 57.13% and a return on equity of 11.59%. In the same period a year earlier, the company earned earnings per share of $0.45.
Several analysts have looked at AFCG shares. Zacks Investment Research downgraded AFC Gamma shares from a “hold” rating to a “sell” rating in a Thursday, May 12 research note. Compass Point lowered its price target on AFC Gamma shares from $20.00 to $17.50 in a Monday, May 16 research note. One stock research analyst rated the stock with a sell rating, one gave the company a hold rating and three gave the company’s stock a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $24.50.
In related news, Chief Financial Officer Brett Kaufman bought 3,000 shares of the company in a trade that took place on Wednesday, May 11. The shares were purchased at an average cost of $16.70 per share, with a total value of $50,100.00. Following the completion of the purchase, the CFO now directly owns 6,000 shares of the company, valued at $100,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, CEO Leonard M. Tannenbaum purchased 21,183 shares of the company in a transaction that took place on Wednesday, May 11. The stock was purchased at an average cost of $15.80 per share, with a total value of $334,691.40. Following the completion of the purchase, the CEO now owns 3,363,683 shares of the company, valued at $53,146,191.40. Disclosure of this purchase can be found here. Over the past three months, insiders have purchased 25,183 shares of the company valued at $401,671. 28.00% of the shares are held by insiders.
A number of institutional investors and hedge funds have recently changed their positions in the AFCG. Royal Bank of Canada increased its holdings in AFC Gamma by 170.4% in the third quarter. Royal Bank of Canada now owns 1,344 shares of the company worth $29,000 after purchasing an additional 847 shares during the period. Tcwp LLC purchased a new stake in AFC Gamma in the first quarter worth approximately $32,000. Morgan Stanley bought a new stake in AFC Gamma in the first quarter worth about $48,000. Strs Ohio increased its holdings in AFC Gamma by 70.6% in the fourth quarter. Strs Ohio now owns 2,900 shares of the company worth $66,000 after purchasing an additional 1,200 shares during the period. Finally, Bank of America Corp DE bought a new stake in AFC Gamma in the second quarter worth about $85,000. Institutional investors and hedge funds hold 37.72% of the company’s shares.
AFC Gamma stock opened at $17.84 on Friday. The company has a market capitalization of $352.22 million, a PE ratio of 10.14 and a beta of 1.25. The company has a fifty-day simple moving average of $17.57 and a two-hundred-day simple moving average of $19.53. AFC Gamma has a 12-month low of $14.90 and a 12-month high of $25.50.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 15. Shareholders of record on Thursday, March 31 received a dividend of $0.55 per share. This represents an annualized dividend of $2.20 and a dividend yield of 12.33%. This is an increase from AFC Gamma’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, March 30. The AFC Gamma payout rate is 125.00%.
About AFC Gamma (Get an evaluation)
AFC Gamma, Inc originates, structures, guarantees and invests in senior secured loans and other types of loans and debt instruments for established companies operating in the cannabis industry in states that have legalized the use medical and/or adult cannabis. It primarily issues loans structured as Senior Loans secured by real estate, equipment and licenses and/or other assets of the lending parties to the extent permitted by applicable laws and regulations governing such lending parties.
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