AmTrust Financial Services Sees Large Volume Increase Following Strong Earnings (AFSI)
AmTrust Financial Services (NASDAQ:AFSI) shares saw strong trading volume on Thursday following a stronger than expected earnings report, AR Network reports. 949,510 shares traded hands during trading, an increase of 129% from the previous session’s volume of 414,470 shares.The stock last traded at $40.50 and had previously closed at $38.67.
The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.36. The company had revenue of $954.00 million for the quarter, compared to the consensus estimate of $687.18 million. During the same quarter in the previous year, the company posted $0.81 earnings per share.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.91%.
Separately, analysts at Zacks downgraded shares of AmTrust Financial Services from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 22nd. They now have a $41.70 price target on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. AmTrust Financial Services presently has a consensus rating of “Buy” and a consensus price target of $44.74.
In other AmTrust Financial Services news, Insider Max Caviet sold 6,950 shares of the company’s stock on the open market in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $37.16, for a total value of $258,262.00. Following the transaction, the insider now directly owns 128,726 shares in the company, valued at approximately $4,783,458. The transaction was disclosed in a document filed with the SEC, which is available at this link.
The stock has a 50-day moving average of $37.34 and a 200-day moving average of $36.50. The company has a market cap of $3.136 billion and a price-to-earnings ratio of 10.54.
Amtrust Financial Services, Inc is a holding company. The Company is a multinational specialty property and casualty insurer focused on generating consistent underwriting profits.
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