Atlas Financial (NASDAQ:AFH) was upgraded by investment analysts at Boenning Scattergood to a “buy” rating in a report released on Tuesday. The brokerage presently has a $10.00 price objective on the insurance provider’s stock. Boenning Scattergood’s target price suggests a potential upside of 21.21% from the stock’s current price.
The analysts wrote, “We are upgrading our rating for Atlas’ common stock to Outperform from Neutral. Atlas booked a good 2Q18 on the heels of a solid 1Q18, continuing to move in the right direction as management works to rebuild investor trust following the company’s significant reserve charge in 4Q17. While the risk of additional adverse reserve development remains (two good quarters following the large reserve charge does not mean the company is out of the woods yet), we believe upside potential outweighs downside risk. The stock declined 40% in March upon the news of the reserve charge and is off an additional 25% since then, partly attributed, we believe, to a financial strength rating downgrade by A.M. Best and the stock’s removal from the Russell 2000. While certainly a negative, management does not expect the A.M.””
Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Atlas Financial from a “strong sell” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, May 2nd. ValuEngine upgraded shares of Atlas Financial from a “sell” rating to a “hold” rating in a report on Friday, June 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $15.33.
Shares of Atlas Financial opened at $8.25 on Tuesday, MarketBeat reports. Atlas Financial has a 1 year low of $8.05 and a 1 year high of $21.50. The company has a market cap of $100.27 million, a price-to-earnings ratio of -2.28 and a beta of 1.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.55 and a quick ratio of 0.55.
Atlas Financial (NASDAQ:AFH) last announced its quarterly earnings data on Monday, August 6th. The insurance provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Atlas Financial had a negative net margin of 16.63% and a negative return on equity of 38.43%. equities research analysts predict that Atlas Financial will post 1.64 earnings per share for the current fiscal year.
In other Atlas Financial news, Director John Taylor Maloney Fitzgerald bought 6,000 shares of Atlas Financial stock in a transaction dated Thursday, June 28th. The shares were purchased at an average cost of $8.90 per share, with a total value of $53,400.00. Following the transaction, the director now directly owns 50,354 shares of the company’s stock, valued at $448,150.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 15.10% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in AFH. Wasatch Advisors Inc. boosted its stake in Atlas Financial by 6.0% in the 1st quarter. Wasatch Advisors Inc. now owns 818,652 shares of the insurance provider’s stock worth $8,473,000 after purchasing an additional 46,411 shares in the last quarter. BlackRock Inc. lifted its stake in Atlas Financial by 0.9% during the 4th quarter. BlackRock Inc. now owns 549,562 shares of the insurance provider’s stock valued at $11,293,000 after acquiring an additional 5,028 shares during the period. Tieton Capital Management LLC lifted its stake in shares of Atlas Financial by 26.0% in the 1st quarter. Tieton Capital Management LLC now owns 428,210 shares of the insurance provider’s stock worth $4,432,000 after purchasing an additional 88,330 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Atlas Financial by 14.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 382,027 shares of the insurance provider’s stock worth $3,954,000 after purchasing an additional 47,634 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in shares of Atlas Financial by 1.5% in the 1st quarter. Baird Financial Group Inc. now owns 339,362 shares of the insurance provider’s stock worth $3,512,000 after purchasing an additional 5,056 shares during the period. 79.27% of the stock is currently owned by hedge funds and other institutional investors.
About Atlas Financial
Atlas Financial Holdings, Inc, through its subsidiaries, engages in underwriting commercial automobile insurance policies in the United States. Its automobile insurance products provide insurance coverage in three primary areas, including liability, accident benefits, and physical damage. The company focuses on the light commercial automobile sector, including taxi cabs, non-emergency para-transit, limousine, livery, and business autos.
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