AmTrust Financial Services (AFSI) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of AmTrust Financial Services (NASDAQ:AFSI) from a hold rating to a buy rating in a research note published on Tuesday morning. They currently have $14.00 price target on the insurance provider’s stock.
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.”
A number of other brokerages have also recently issued reports on AFSI. BidaskClub upgraded AmTrust Financial Services from a sell rating to a hold rating in a report on Tuesday. FBR & Co cut AmTrust Financial Services from a buy rating to a neutral rating and set a $14.00 target price on the stock. in a report on Tuesday, October 24th. ValuEngine cut AmTrust Financial Services from a buy rating to a hold rating in a report on Friday, February 2nd. SunTrust Banks restated a buy rating and issued a $16.00 target price on shares of AmTrust Financial Services in a report on Friday, November 10th. Finally, B. Riley restated a neutral rating and issued a $12.00 target price on shares of AmTrust Financial Services in a report on Monday, November 6th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $15.14.
Several hedge funds have recently modified their holdings of AFSI. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of AmTrust Financial Services during the fourth quarter valued at $101,000. Unison Advisors LLC purchased a new position in shares of AmTrust Financial Services during the fourth quarter valued at $119,000. Commerzbank Aktiengesellschaft FI purchased a new position in shares of AmTrust Financial Services during the third quarter valued at $135,000. Sapphire Star Partners LP purchased a new position in shares of AmTrust Financial Services during the third quarter valued at $153,000. Finally, Paragon Capital Management Ltd purchased a new position in shares of AmTrust Financial Services during the third quarter valued at $165,000. Institutional investors and hedge funds 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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