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In a recent transaction, Kent A. Hansen, the Chief Financial Officer and Executive Vice President of Kingsway Financial Services Inc. (NYSE:KFS), acquired 38 shares of the company's common stock. The shares were purchased at a price of $8.30 each, amounting to a total value of $315. According to InvestingPro data, KFS currently trades at $8.15, with a market capitalization of $223 million. The company's overall financial health is rated as FAIR, though it hasn't been profitable over the last twelve months.
This acquisition was made as part of the Kingsway America Inc. Employee Share Purchase Plan. Under this plan, eligible employees can contribute up to 5% of their adjusted salary for each payroll period, with Kingsway America Inc. matching 100% of the employee's contribution. The shares are then purchased on the open market by the plan's administrator.
Following this transaction, Hansen now holds a total of 134,697 shares, which includes restricted stock granted in previous years.
In other recent news, Kingsway Financial Services Inc. has reported a growth in Q3 2024, with a near 10% increase in consolidated revenue, reaching $27.1 million, and a 28% rise in adjusted EBITDA to $2.9 million. The firm's strategic acquisition of Image Solutions for $19.5 million was a significant development, expected to enhance growth through expanded IT managed services. Despite a rise in claims expense, the Extended Warranty and KSX segments witnessed revenue increases of 3.4% and 23% respectively, largely due to previous acquisitions.
Kingsway's CFO, Kent Hansen, highlighted an increase in debt levels and the financing structure for acquisitions, with cash and equivalents reported at $6.5 million. Despite some operational challenges and delays in hardware installations for Image Solutions due to Hurricane Helene, the company maintains a positive outlook. Kingsway is committed to pursuing growth through acquisitions, with a robust pipeline and a focus on asset-light business services and vertical market software. These are some of the recent developments in the company's operations.
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