Allspring Global Investments Holdings LLC Sells 3,026 Shares of AFC Gamma, Inc. (NASDAQ:AFCG)

Allspring Global Investments Holdings LLC lowered its stake in shares of AFC Gamma, Inc. (NASDAQ:AFCG) by 20.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 12,091 shares of the company’s stock after selling 3,026 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AFC Gamma were worth $123,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in AFCG. The Manufacturers Life Insurance Company increased its holdings in 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 acquiring an additional 1,071 shares in the last quarter. Anson Funds Management LP bought a new stake in AFC Gamma in the first quarter worth $319,000. Spire Wealth Management lifted its position in AFC Gamma by 141.5% in the second quarter. Spire Wealth Management now owns 29,700 shares of the company’s stock worth $362,000 after buying an additional 17,400 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of AFC Gamma by 51.1% during the second quarter. Ritholtz Wealth Management now owns 31,822 shares of the company’s stock worth $388,000 after purchasing an additional 10,758 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position 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 worth $579,000 after purchasing an additional 21,915 shares during the last quarter. Institutional investors own 26.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AFCG shares. Seaport Res Ptn upgraded AFC Gamma to a “strong-buy” rating in a research note on Tuesday, October 8th. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $9.00 in a report on Friday, August 16th. Finally, Jefferies Financial Group decreased their price target on AFC Gamma from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

AFC Gamma Stock Performance

Shares of AFC Gamma stock opened at $9.71 on Tuesday. The business’s fifty day simple moving average is $10.20 and its 200-day simple moving average is $10.78. AFC Gamma, Inc. has a 52 week low of $8.06 and a 52 week high of $13.35. 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 $200.71 million, a PE ratio of 13.30 and a beta of 1.05.

AFC Gamma (NASDAQ:AFCG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.05. AFC Gamma had a return on equity of 12.41% and a net margin of 21.97%. The company had revenue of $19.96 million for the quarter, compared to analyst estimates of $16.48 million. Equities analysts forecast that AFC Gamma, Inc. will post 1.69 earnings per share for the current year.

AFC Gamma Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 13.59%. The ex-dividend date was Monday, September 30th. AFC Gamma’s payout ratio is currently 180.82%.

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.