Kent A. Hansen, the Chief Financial Officer and Executive Vice President of Kingsway Financial Services Inc. (NYSE:KFS), a $243.74 million market cap financial services company, recently acquired shares in the company. On November 29, Hansen purchased 175 shares of common stock at a price of $8.95 per share, totaling approximately $1,566. This acquisition was made as part of the Kingsway America Inc. Employee Share Purchase Plan, which allows employees to contribute a portion of their salary to purchase company shares, with the company matching the contributions.
In addition to this purchase, Hansen also surrendered a total of 8,036 shares on December 1 to cover tax withholding obligations upon the vesting of shares from a restricted stock agreement. These shares were surrendered at a price of $8.83 per share, amounting to roughly $70,957. According to InvestingPro data, while KFS has delivered a strong 16.95% return over the past year, the company is currently not profitable, with a basic EPS of -$0.27.
Following these transactions, Hansen holds a total of 119,144 shares in Kingsway Financial Services Inc. For deeper insights into KFS's valuation and financial health metrics, InvestingPro subscribers can access the comprehensive Pro Research Report, which includes detailed analysis and additional ProTips.
In other recent news, Kingsway Financial Services Inc. reported a near 10% increase in consolidated revenue, reaching $27.1 million, and a 28% rise in adjusted EBITDA to $2.9 million in Q3 2024. The company's acquisition of Image Solutions for $19.5 million was a significant development, expected to facilitate growth through expanded IT managed services. Despite a rise in claims expense, the Extended Warranty segment reported a 3.4% increase in revenue, while the KSX segment saw a 23% surge in revenue, largely attributed to previous 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's cash and equivalents stood at $6.5 million, with an increase in total debt to $58.5 million. These are among the latest developments for Kingsway. The company remains optimistic about future growth, with potential benefits from interest rate cuts, and plans to use cash flow for debt reduction and working capital needs.
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