John Taylor Maloney Fitzgerald, President and CEO of Kingsway Financial Services Inc. (NYSE:KFS), has recently acquired additional shares of the company. According to a recent SEC filing, Fitzgerald purchased 279 shares of common stock on November 15 at a price of $8.96 per share, amounting to a total value of $2,499.
Following this transaction, Fitzgerald directly owns 1,525,737 shares of Kingsway Financial. Additionally, he holds indirect ownership of 20,000 shares each in three separate trusts: Trust-GEF, Trust-LTF, and Trust-MPF. The shares acquired were part of the Kingsway America Inc. Employee Share Purchase Plan, which allows eligible employees to purchase company shares with contributions matched by the company.
In other recent news, Kingsway Financial Services Inc. reported a near 10% increase in consolidated revenue, reaching $27.1 million in the third quarter of 2024. The company also saw a 28% rise in adjusted EBITDA to $2.9 million. The acquisition of Image Solutions for $19.5 million was a significant development, expected to enhance growth via expanded IT managed services. Despite a rise in claims expense, the Extended Warranty segment experienced a 3.4% revenue increase, while the KSX segment saw a 23% revenue surge, a result of past acquisitions. Kingsway continues to pursue growth through acquisitions, with a robust pipeline and a focus on asset-light business services and vertical market software. The company maintains optimism about future growth, potentially benefiting from interest rate cuts. CFO Kent Hansen acknowledged the financing structure for acquisitions and an increase in debt levels, with cash and equivalents reported at $6.5 million. These are among the recent developments in the company's operations.
InvestingPro Insights
In light of John Taylor Maloney Fitzgerald's recent share acquisition, it's worth examining some key financial metrics and insights for Kingsway Financial Services Inc. (NYSE:KFS). According to InvestingPro data, the company's market capitalization stands at $242.92 million, reflecting its current market valuation.
One notable InvestingPro Tip highlights that KFS stock has shown a strong return over the last three months, with a price total return of 15.47% during this period. This positive momentum aligns with Fitzgerald's decision to increase his stake in the company, potentially signaling confidence in KFS's near-term prospects.
Another relevant InvestingPro Tip indicates that KFS is trading at a high Price / Book multiple, currently at 24.55. This elevated valuation metric suggests that investors are placing a premium on the company's assets, which could be attributed to growth expectations or perceived value not fully reflected in the balance sheet.
It's worth noting that KFS has demonstrated solid revenue growth, with quarterly revenue increasing by 8.92% in Q3 2024. However, the company is not currently profitable over the last twelve months, as reflected in its negative P/E ratio of -53.52.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's mentioned here. In fact, there are 6 more InvestingPro Tips available for KFS, providing a deeper understanding of the company's financial health and market position.
John Taylor Maloney Fitzgerald, President and CEO of Kingsway Financial Services Inc. (NYSE:KFS), has recently acquired additional shares of the company. According to a recent SEC filing, Fitzgerald purchased 279 shares of common stock on November 15 at a price of $8.96 per share, amounting to a total value of $2,499.
Following this transaction, Fitzgerald directly owns 1,525,737 shares of Kingsway Financial. Additionally, he holds indirect ownership of 20,000 shares each in three separate trusts: Trust-GEF, Trust-LTF, and Trust-MPF. The shares acquired were part of the Kingsway America Inc. Employee Share Purchase Plan, which allows eligible employees to purchase company shares with contributions matched by the company.
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