Kingsway financial services CEO acquires shares worth $2,515

John Taylor Maloney Fitzgerald, President and CEO of Kingsway Financial Services Inc. (NYSE:KFS), recently acquired 297 shares of the company's common stock. The shares were purchased at a price of $8.47 each, totaling approximately $2,515. Following this transaction, Fitzgerald holds a direct ownership of 1,526,604 shares in the $227.2 million market cap company. According to InvestingPro data, KFS currently trades at $8.21, with an overall Financial Health score of FAIR.

The acquisition was made under the Kingsway America Inc. Employee Share Purchase Plan, which allows eligible employees to contribute up to 5% of their adjusted salary to purchase company shares, with Kingsway matching 100% of the employee's contribution. These shares are then acquired on the open market through a registered stockbroker. InvestingPro analysis reveals several key insights about KFS, including its tendency to move contrary to the market and strong five-year returns. Subscribers can access 5 more exclusive ProTips and comprehensive valuation metrics.

In addition to his direct holdings, Fitzgerald also has an indirect interest in 60,000 shares held in various trusts.

In other recent news, Kingsway Financial Services reported a significant 10% year-over-year increase in consolidated revenue for Q3 2024, reaching $27.1 million. Adjusted EBITDA also saw a substantial rise of 28%, reaching $2.9 million. The company's strategic acquisition of Image Solutions for $19.5 million was a notable development expected to bolster growth through 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, largely attributed to previous acquisitions. Kingsway continues to pursue growth through acquisitions, with a strong pipeline and a focus on asset-light business services and vertical market software.

These are recent developments, with Kingsway remaining optimistic about future growth, potentially benefiting from interest rate cuts. CFO Kent Hansen noted an increase in debt levels, with cash and equivalents at $6.5 million as of September 2024. Kingsway's strategic focus remains on growth through acquisitions, with a robust activity pipeline.

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