Atlas Financial Holdings, Inc. (AFH) Issues Earnings Results
Atlas Financial Holdings, Inc. (NASDAQ:AFH) posted its quarterly earnings data on Monday. The insurance provider reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.30, Morningstar.com reports. The company had revenue of $55.70 million during the quarter, compared to analysts’ expectations of $58.50 million. Atlas Financial Holdings had a net margin of 1.46% and a negative return on equity of 4.19%.
Shares of Atlas Financial Holdings (AFH) traded up 6.311% during midday trading on Tuesday, hitting $16.425. 15,857 shares of the company were exchanged. Atlas Financial Holdings has a 52-week low of $12.15 and a 52-week high of $18.40. The stock has a market capitalization of $197.59 million, a price-to-earnings ratio of 82.955 and a beta of 0.88. The company has a 50-day moving average price of $14.88 and a 200-day moving average price of $14.59.
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In related news, Director Walter Frederick Walker acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was bought at an average price of $14.08 per share, with a total value of $70,400.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kingsway America Inc sold 28,191 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $15.10, for a total transaction of $425,684.10. The disclosure for this sale can be found here. Insiders own 12.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. WCM Investment Management CA boosted its stake in shares of Atlas Financial Holdings by 0.8% in the second quarter. WCM Investment Management CA now owns 448,883 shares of the insurance provider’s stock worth $6,688,000 after buying an additional 3,505 shares during the last quarter. Rhumbline Advisers boosted its position in Atlas Financial Holdings by 2.5% in the second quarter. Rhumbline Advisers now owns 11,737 shares of the insurance provider’s stock worth $175,000 after buying an additional 290 shares in the last quarter. Rice Hall James & Associates LLC bought a new position in Atlas Financial Holdings during the second quarter worth $1,770,000. Wedge Capital Management L L P NC bought a new position in Atlas Financial Holdings during the second quarter worth $955,000. Finally, Granite Investment Partners LLC bought a new position in Atlas Financial Holdings during the second quarter worth $1,422,000. Institutional investors and hedge funds own 80.27% of the company’s stock.
A number of equities research analysts have recently commented on AFH shares. Boenning Scattergood reiterated a “buy” rating on shares of Atlas Financial Holdings in a research report on Tuesday. JMP Securities started coverage on shares of Atlas Financial Holdings in a research report on Wednesday, May 24th. They issued an “outperform” rating and a $18.00 target price for the company. ValuEngine cut shares of Atlas Financial Holdings from a “hold” rating to a “sell” rating in a research report on Friday, June 16th. Finally, Sandler O’Neill upgraded shares of Atlas Financial Holdings from a “hold” rating to a “buy” rating in a research report on Wednesday, May 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $18.50.
About Atlas Financial Holdings
Atlas Financial Holdings Inc formerly JJR VI Acquisition Corp is a Canada-based company. It is engaged in the business of providing commercial automobile insurance in the United States with a niche market orientation. The Company’s automobile insurance products provide coverage in three areas: liability, accident benefits and physical damage.
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