AmTrust Financial Services (AFSI) Downgraded by Zacks Investment Research
AmTrust Financial Services (NASDAQ:AFSI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “AmTrust Financial’s leadership position in commercial small business, expansion of other segments and an impressive inorganic growth story poise it well for growth. The company also aims to build an investment portfolio that returns in line with the sector. The slow but improving rate environment also raises optimism. Plus, a strong balance sheet facilitates growth initiatives and effective capital deployment. The company also witnessed the Zacks Consensus Estimate for 2018 moved 5.2% north over the last 60 days. However, a high level of debt increases interest burden and escalates expenses, thereby hurting margin. Exposure to cat environment induced volatility in underwriting results. Shares of AmTrust Financial have underperformed the industry in a year's time.”
AFSI has been the subject of several other reports. ValuEngine cut AmTrust Financial Services from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $10.00 target price on shares of AmTrust Financial Services in a research report on Wednesday, December 6th. FBR & Co cut AmTrust Financial Services from a “buy” rating to a “neutral” rating and set a $14.00 target price for the company. in a research report on Tuesday, October 24th. BidaskClub raised AmTrust Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, B. Riley reaffirmed a “neutral” rating and issued a $12.00 target price on shares of AmTrust Financial Services in a research report on Monday, November 6th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $15.14.
Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in AmTrust Financial Services by 34.6% during the third quarter. Legal & General Group Plc now owns 43,000 shares of the insurance provider’s stock worth $580,000 after acquiring an additional 11,042 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in AmTrust Financial Services by 3.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 829,629 shares of the insurance provider’s stock worth $11,167,000 after acquiring an additional 23,818 shares in the last quarter. FNY Managed Accounts LLC acquired a new position in AmTrust Financial Services during the third quarter worth $298,000. Victory Capital Management Inc. acquired a new position in AmTrust Financial Services during the third quarter worth $314,000. Finally, State Street Corp raised its stake in AmTrust Financial Services by 54.1% during the second quarter. State Street Corp now owns 3,292,917 shares of the insurance provider’s stock worth $49,854,000 after acquiring an additional 1,156,431 shares in the last quarter. Hedge funds and other institutional investors own 33.59% of the company’s stock.
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About AmTrust Financial Services
Amtrust Financial Services, Inc (AmTrust) is an insurance holding company. The Company, through its subsidiaries, provides specialty property and casualty insurance focusing on workers’ compensation and commercial package coverage for small business, specialty risk and extended warranty coverage, and property and casualty coverage for middle market business.
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