AFC Gamma, Inc. (NASDAQ:AFCG) Receives $11.00 Average PT from Brokerages

Shares of AFC Gamma, Inc. (NASDAQ:AFCG) have earned a consensus recommendation of “Moderate Buy” from the four brokerages that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $11.00.

AFCG has been the subject of a number of research reports. Jefferies Financial Group decreased 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. Seaport Res Ptn upgraded AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Finally, Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $9.00 in a research report on Friday, August 16th.

Institutional Investors Weigh In On AFC Gamma

Several hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in shares of AFC Gamma by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company’s stock worth $284,000 after purchasing an additional 1,071 shares during the last quarter. Renaissance Technologies LLC increased its stake in AFC Gamma by 1.4% during the 2nd quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock valued at $1,640,000 after purchasing an additional 1,900 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in AFC Gamma by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company’s stock worth $515,000 after buying an additional 2,200 shares during the last quarter. McIlrath & Eck LLC purchased a new position in AFC Gamma in the third quarter worth about $52,000. Finally, Geode Capital Management LLC lifted its stake in shares of AFC Gamma by 57.8% in the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock worth $248,000 after buying an additional 8,877 shares in the last quarter. 26.53% of the stock is owned by institutional investors.

AFC Gamma Stock Performance

Shares of AFCG stock opened at $9.73 on Thursday. The firm has a market capitalization of $213.57 million, a price-to-earnings ratio of 24.33 and a beta of 1.05. The stock has a fifty day moving average of $9.90 and a 200 day moving average of $10.48. AFC Gamma has a 52 week low of $8.06 and a 52 week high of $13.35. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.29.

AFC Gamma Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 13.57%. The ex-dividend date was Monday, September 30th. AFC Gamma’s dividend payout ratio (DPR) is presently 330.00%.

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.