Geode Capital Management LLC Grows Position in AFC Gamma, Inc. (NASDAQ:AFCG)

Geode Capital Management LLC boosted its stake in shares of AFC Gamma, Inc. (NASDAQ:AFCG) by 57.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,225 shares of the company’s stock after purchasing an additional 8,877 shares during the period. Geode Capital Management LLC owned approximately 0.12% of AFC Gamma worth $248,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AFCG. Ritholtz Wealth Management grew its position in AFC Gamma by 91.1% during the 3rd quarter. Ritholtz Wealth Management now owns 60,820 shares of the company’s stock worth $621,000 after purchasing an additional 28,998 shares during the last quarter. Centiva Capital LP purchased a new stake in AFC Gamma during the 3rd quarter worth approximately $193,000. Barclays PLC grew its position in AFC Gamma by 257.0% during the 3rd quarter. Barclays PLC now owns 22,567 shares of the company’s stock worth $231,000 after purchasing an additional 16,245 shares during the last quarter. Penserra Capital Management LLC grew its position in AFC Gamma by 22.9% during the 3rd quarter. Penserra Capital Management LLC now owns 78,261 shares of the company’s stock worth $799,000 after purchasing an additional 14,570 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in AFC Gamma during the 3rd quarter worth approximately $140,000. Hedge funds and other institutional investors own 26.53% of the company’s stock.

AFC Gamma Stock Up 1.3 %

AFCG stock opened at $8.33 on Tuesday. The firm’s fifty day simple moving average is $9.19 and its 200-day simple moving average is $9.75. The company has a market capitalization of $182.87 million, a P/E ratio of 20.83 and a beta of 1.05. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.92 and a quick ratio of 3.92. AFC Gamma, Inc. has a 12 month low of $8.06 and a 12 month high of $13.28.

AFC Gamma Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 15.85%. The ex-dividend date of this dividend is Tuesday, December 31st. AFC Gamma’s dividend payout ratio is currently 330.00%.

Analysts Set New Price Targets

Several analysts have weighed in on AFCG shares. Alliance Global Partners initiated coverage on shares of AFC Gamma in a research report on Tuesday, December 17th. They set a “buy” rating and a $13.00 target price on the stock. Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.67.

AFC Gamma Profile

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.