Penserra Capital Management LLC Purchases 14,570 Shares of AFC Gamma, Inc. (NASDAQ:AFCG)

Penserra Capital Management LLC raised its holdings in shares of AFC Gamma, Inc. (NASDAQ:AFCG) by 22.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,261 shares of the company’s stock after acquiring an additional 14,570 shares during the period. Penserra Capital Management LLC owned about 0.38% of AFC Gamma worth $799,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AFCG. Bank of New York Mellon Corp boosted its stake in shares of AFC Gamma by 15.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 75,763 shares of the company’s stock valued at $924,000 after purchasing an additional 10,016 shares in the last quarter. Spire Wealth Management boosted its position in AFC Gamma by 141.5% during the second quarter. Spire Wealth Management now owns 29,700 shares of the company’s stock valued at $362,000 after buying an additional 17,400 shares during the period. Ritholtz Wealth Management boosted its position in AFC Gamma by 51.1% during the second quarter. Ritholtz Wealth Management now owns 31,822 shares of the company’s stock valued at $388,000 after buying an additional 10,758 shares during the period. AdvisorShares Investments LLC grew its stake in shares of AFC Gamma by 14.7% during the second quarter. AdvisorShares Investments LLC now owns 124,606 shares of the company’s stock valued at $1,505,000 after buying an additional 16,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of AFC Gamma by 1.4% in the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock worth $1,640,000 after buying an additional 1,900 shares during the period. 26.53% of the stock is owned by hedge funds and other institutional investors.

AFC Gamma Trading Up 0.6 %

NASDAQ AFCG opened at $9.64 on Thursday. The stock has a market cap of $211.60 million, a P/E ratio of 24.10 and a beta of 1.05. AFC Gamma, Inc. has a fifty-two week low of $8.06 and a fifty-two week high of $13.35. The stock has a 50 day simple moving average of $9.96 and a two-hundred day simple moving average of $10.51. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.92 and a current ratio of 3.92.

AFC Gamma Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 13.69%. The ex-dividend date of this dividend was Monday, September 30th. AFC Gamma’s payout ratio is 330.00%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AFCG shares. Compass Point upgraded AFC Gamma from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $10.00 to $9.00 in a research report on Friday, August 16th. Jefferies Financial Group cut their target price on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Finally, Seaport Res Ptn upgraded shares of AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.