Conifer Holdings’ (CNFR) “Hold” Rating Reaffirmed at Boenning Scattergood
“We believe purchasing the ADC is a good step for the company – it allows management to focus on Conifer’s core book of specialty commercial lines business without worrying about the negative impact of continued reserve charges related to older claims. Management believes the company is positioned to grow and generate positive returns, potentially beginning as soon as 4Q17. In terms of valuation, however, management estimates BVPS of $6.22 at the end of 3Q so the company is now trading above expected book value. As such, we don’t see much multiple expansion in the near-term until the company begins to show positive earnings momentum.”,” the firm’s analyst wrote.
Separately, Zacks Investment Research raised Conifer Holdings from a strong sell rating to a hold rating in a research report on Monday, July 17th.
Conifer Holdings (CNFR) traded up 9.16% during mid-day trading on Wednesday, hitting $7.15. 7,162 shares of the stock traded hands. Conifer Holdings has a 52-week low of $6.00 and a 52-week high of $8.41. The firm’s market cap is $54.58 million. The firm’s 50-day moving average is $6.39 and its 200 day moving average is $6.39.
Conifer Holdings (NASDAQ:CNFR) last posted its quarterly earnings results on Wednesday, August 9th. The insurance provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.31). The company had revenue of $26.28 million during the quarter, compared to analysts’ expectations of $24.98 million. Conifer Holdings had a negative return on equity of 14.14% and a negative net margin of 8.65%. Equities analysts predict that Conifer Holdings will post ($0.59) EPS for the current fiscal year.
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In other Conifer Holdings news, Chairman James G. Petcoff acquired 216,000 shares of Conifer Holdings stock in a transaction that occurred on Friday, September 29th. The stock was bought at an average cost of $6.25 per share, for a total transaction of $1,350,000.00. Following the acquisition, the chairman now owns 258,057 shares of the company’s stock, valued at $1,612,856.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Brian J. Roney acquired 16,000 shares of Conifer Holdings stock in a transaction that occurred on Thursday, September 28th. The stock was acquired at an average price of $6.25 per share, with a total value of $100,000.00. Following the completion of the acquisition, the president now directly owns 301,920 shares in the company, valued at approximately $1,887,000. The disclosure for this purchase can be found here. Insiders purchased a total of 260,000 shares of company stock valued at $1,625,000 over the last quarter. 45.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aegis Financial Corp increased its holdings in Conifer Holdings by 49.8% in the 1st quarter. Aegis Financial Corp now owns 686,614 shares of the insurance provider’s stock worth $5,012,000 after buying an additional 228,175 shares in the last quarter. Northpointe Capital LLC increased its holdings in Conifer Holdings by 22.7% in the 2nd quarter. Northpointe Capital LLC now owns 316,190 shares of the insurance provider’s stock worth $2,182,000 after buying an additional 58,484 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Conifer Holdings by 0.8% in the 1st quarter. Wells Fargo & Company MN now owns 149,245 shares of the insurance provider’s stock worth $1,067,000 after buying an additional 1,200 shares in the last quarter. Institutional investors own 28.92% of the company’s stock.
About Conifer Holdings
Conifer Holdings, Inc is an insurance holding company. Through its insurance company subsidiaries, the Company offers insurance coverage in both specialty commercial and specialty personal product lines. It operates through two segments: commercial lines and personal lines. It is engaged in underwriting and marketing insurance coverage, and administering claims processing for such policies.
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