Leonard M. Tannenbaum Buys 51,309 Shares of AFC Gamma, Inc. (NASDAQ:AFCG) Stock

AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) CEO Leonard M. Tannenbaum bought 51,309 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $10.45 per share, with a total value of $536,179.05. Following the completion of the acquisition, the chief executive officer now owns 3,633,527 shares in the company, valued at approximately $37,970,357.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

AFC Gamma Price Performance

NASDAQ AFCG opened at $11.35 on Friday. The firm has a market cap of $232.22 million, a PE ratio of 6.41 and a beta of 0.90. AFC Gamma, Inc. has a one year low of $9.91 and a one year high of $19.00. The stock’s 50 day simple moving average is $11.70 and its 200 day simple moving average is $14.60.

AFC Gamma (NASDAQ:AFCG – Get Rating) last announced its quarterly earnings data on Tuesday, March 7th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $21.43 million for the quarter, compared to analyst estimates of $18.40 million. AFC Gamma had a return on equity of 16.66% and a net margin of 43.99%. As a group, equities analysts expect that AFC Gamma, Inc. will post 2.31 earnings per share for the current year.

AFC Gamma Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were given a $0.56 dividend. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $2.24 dividend on an annualized basis and a yield of 19.74%. AFC Gamma’s payout ratio is 126.55%.

Analysts Set New Price Targets

AFCG has been the subject of a number of recent research reports. EF Hutton Acquisition Co. I dropped their target price on AFC Gamma from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, March 8th. Lake Street Capital dropped their target price on AFC Gamma from $30.00 to $25.00 in a report on Thursday, May 11th. TheStreet lowered AFC Gamma from a “c-” rating to a “d+” rating in a research report on Tuesday, April 4th. Compass Point decreased their price target on AFC Gamma from $14.00 to $10.00 in a research report on Wednesday. Finally, TD Cowen decreased their price target on AFC Gamma from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 8th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AFCG. Bank of New York Mellon Corp boosted its position in shares of AFC Gamma by 20.5% in the 1st quarter. Bank of New York Mellon Corp now owns 43,307 shares of the company’s stock worth $828,000 after purchasing an additional 7,368 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of AFC Gamma by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 8,992 shares of the company’s stock worth $172,000 after purchasing an additional 3,206 shares during the last quarter. Rhumbline Advisers boosted its position in shares of AFC Gamma by 42.8% in the 1st quarter. Rhumbline Advisers now owns 15,422 shares of the company’s stock worth $295,000 after purchasing an additional 4,620 shares during the last quarter. BlackRock Inc. boosted its position in shares of AFC Gamma by 4.5% in the 1st quarter. BlackRock Inc. now owns 809,292 shares of the company’s stock worth $15,473,000 after purchasing an additional 34,958 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of AFC Gamma by 32.5% in the 1st quarter. Vanguard Group Inc. now owns 776,261 shares of the company’s stock worth $14,842,000 after purchasing an additional 190,609 shares during the last quarter. 36.90% of the stock is currently owned by institutional investors.

About AFC Gamma

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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.