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In a recent transaction reported to the Securities and Exchange Commission, Kingsway Financial Services Inc . (NYSE:KFS) CFO and Executive Vice President Kent Hansen purchased 40 shares of the company’s common stock. The shares were acquired at a price of $7.95 each, totaling $318. The purchase comes as KFS trades near its 52-week low of $7.52, with the stock currently at $7.57. According to InvestingPro analysis, the company maintains a FAIR financial health score despite posting losses in the last twelve months. This acquisition was made under the Kingsway America Inc. Employee Share Purchase Plan, which allows eligible employees to purchase shares with contributions matched by the company. Following this transaction, Hansen’s direct ownership in the company increased, bringing his total holdings to 134,813 shares. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with additional ProTips and detailed metrics in its Pro Research Report, available for over 1,400 US stocks including KFS.
In other recent news, Kingsway Financial Services Inc. has successfully completed a private placement of its newly created Class C Preferred Stock, raising over $6 million. This financial move involved the sale of 63,244 shares at $25 per share, generating $1,581,100, in addition to an earlier sale of 176,756 shares that secured $4.4 million. The preferred stock offering was conducted privately and targeted accredited investors, without registration under the Securities Act of 1933. This strategic initiative is aimed at strengthening Kingsway’s capital structure and potentially funding growth initiatives. The Class C Preferred Stock comes with an 8% annual dividend, payable quarterly if declared by the board, with the possibility of increasing to 18% if dividends remain unpaid for more than two quarters. Additionally, the preferred stock is convertible into common stock and has a liquidation preference over other capital stock. Kingsway Financial has also set a redemption date for all outstanding Class C Preferred Stock by February 12, 2032, at $25 per share plus accrued dividends. These recent developments reflect Kingsway’s ongoing efforts to optimize its financial flexibility and secure funding for future endeavors.
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