Zacks Investment Research Downgrades AFC Gamma (NASDAQ:AFCG) to Hold

Zacks Investment Research cut shares of AFC Gamma (NASDAQ:AFCG) from a strong-buy rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “AFC Gamma Inc. is a commercial real estate finance company. It originates, structure, underwrites and manages senior secured loans and other types of loans for established companies operating in the cannabis industry. AFC Gamma Inc. is based in FL, United States. “

Separately, JMP Securities reissued a buy rating and set a $29.00 price target on shares of AFC Gamma in a report on Tuesday, October 5th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $26.39.

Shares of AFCG opened at $20.50 on Tuesday. AFC Gamma has a one year low of $18.91 and a one year high of $25.50. The stock’s fifty day moving average is $22.06 and its 200-day moving average is $21.85.

AFC Gamma (NASDAQ:AFCG) last issued its quarterly earnings results on Wednesday, November 3rd. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $10.62 million for the quarter, compared to analyst estimates of $10.27 million. Sell-side analysts anticipate that AFC Gamma will post 1.84 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 14th. Investors of record on Friday, December 31st were issued a dividend of $0.50 per share. This is a positive change from AFC Gamma’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a yield of 9.76%. The ex-dividend date was Thursday, December 30th.

A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its position in shares of AFC Gamma by 19.8% in the 3rd quarter. American International Group Inc. now owns 4,867 shares of the company’s stock valued at $105,000 after purchasing an additional 803 shares during the period. Deutsche Bank AG boosted its position in shares of AFC Gamma by 18.7% in the 3rd quarter. Deutsche Bank AG now owns 5,111 shares of the company’s stock valued at $110,000 after purchasing an additional 804 shares during the period. Royal Bank of Canada boosted its position in shares of AFC Gamma by 170.4% in the 3rd quarter. Royal Bank of Canada now owns 1,344 shares of the company’s stock valued at $29,000 after purchasing an additional 847 shares during the period. Cohanzick Management LLC acquired a new position in shares of AFC Gamma in the 2nd quarter valued at $41,000. Finally, Morgan Stanley acquired a new position in shares of AFC Gamma in the 1st quarter valued at $48,000. 48.47% of the stock is currently owned by hedge funds and other institutional investors.

AFC Gamma Company Profile

AFC Gamma, Inc originates, structures, underwrites, and manages senior secured loans and other types of loans 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, 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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