AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) – Equities researchers at Jefferies Financial Group lowered their Q3 2022 earnings estimates for AFC Gamma in a research note issued to investors on Tuesday, May 10th. Jefferies Financial Group analyst J. Hecht now anticipates that the company will earn $0.67 per share for the quarter, down from their previous forecast of $0.73. Jefferies Financial Group also issued estimates for AFC Gamma’s FY2022 earnings at $2.61 EPS, Q1 2023 earnings at $0.76 EPS and Q3 2023 earnings at $0.79 EPS.
Separately, Zacks Investment Research lowered shares of AFC Gamma from a “hold” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $26.50.
AFC Gamma (NASDAQ:AFCG – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. AFC Gamma had a net margin of 57.13% and a return on equity of 12.28%. During the same period last year, the business earned $0.45 earnings per share.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of AFC Gamma by 4.5% in the first quarter. BlackRock Inc. now owns 809,292 shares of the company’s stock valued at $15,473,000 after purchasing an additional 34,958 shares during the period. Rhumbline Advisers raised its position in shares of AFC Gamma by 42.8% in the first quarter. Rhumbline Advisers now owns 15,422 shares of the company’s stock valued at $295,000 after purchasing an additional 4,620 shares during the period. MetLife Investment Management LLC raised its position in shares of AFC Gamma by 55.4% in the first quarter. MetLife Investment Management LLC now owns 8,992 shares of the company’s stock valued at $172,000 after purchasing an additional 3,206 shares during the period. HighTower Advisors LLC grew its stake in shares of AFC Gamma by 24.9% in the first quarter. HighTower Advisors LLC now owns 390,451 shares of the company’s stock worth $7,465,000 after acquiring an additional 77,931 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of AFC Gamma by 20.5% in the first quarter. Bank of New York Mellon Corp now owns 43,307 shares of the company’s stock worth $828,000 after acquiring an additional 7,368 shares during the last quarter. 37.72% of the stock is currently owned by institutional investors.
The company also recently declared a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were given a $0.55 dividend. This is a positive change from AFC Gamma’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, March 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 12.91%. AFC Gamma’s dividend payout ratio (DPR) is currently 125.00%.
About AFC Gamma (Get Rating)
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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