AFC Gamma, Inc. (NASDAQ:AFCG) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in shares of AFC Gamma, Inc. (NASDAQ:AFCG) by 4.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,296 shares of the company’s stock after purchasing an additional 1,071 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of AFC Gamma worth $284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AFCG. Tidal Investments LLC bought a new stake in shares of AFC Gamma during the first quarter valued at approximately $7,001,000. Wasatch Advisors LP raised its stake in AFC Gamma by 11.6% during the 1st quarter. Wasatch Advisors LP now owns 640,617 shares of the company’s stock valued at $7,931,000 after acquiring an additional 66,702 shares in the last quarter. Renaissance Technologies LLC boosted its position in AFC Gamma by 1.4% during the 2nd quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock worth $1,640,000 after acquiring an additional 1,900 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of AFC Gamma by 9.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 279,534 shares of the company’s stock worth $3,519,000 after purchasing an additional 24,506 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of AFC Gamma by 88.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 46,806 shares of the company’s stock valued at $579,000 after purchasing an additional 21,915 shares during the period. 26.53% of the stock is owned by institutional investors and hedge funds.

AFC Gamma Stock Performance

AFCG opened at $10.46 on Friday. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.11. The firm has a market cap of $216.18 million, a PE ratio of 20.12 and a beta of 1.05. The business has a fifty day simple moving average of $10.19 and a 200-day simple moving average of $10.95. AFC Gamma, Inc. has a fifty-two week low of $8.06 and a fifty-two week high of $13.35.

AFC Gamma (NASDAQ:AFCG) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05. The business had revenue of $19.96 million during the quarter, compared to analyst estimates of $16.48 million. AFC Gamma had a return on equity of 12.41% and a net margin of 21.97%. As a group, equities analysts predict that AFC Gamma, Inc. will post 1.66 EPS for the current fiscal year.

AFC Gamma Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 12.62%. The ex-dividend date of this dividend was Monday, September 30th. AFC Gamma’s dividend payout ratio (DPR) is currently 253.85%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AFCG shares. Jefferies Financial Group reduced their price target on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Compass Point upgraded AFC Gamma from a “sell” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $9.00 in a report on Friday, August 16th. Seaport Res Ptn raised AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Finally, JMP Securities reissued a “market perform” rating on shares of AFC Gamma in a report on Thursday, June 27th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.00.

About AFC Gamma

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other various commercial real estate loans and debt securities for established companies operating in the cannabis industry. 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.