In a report released today, Randy Binner from B.Riley FBR reiterated a Hold rating on AmTrust (NASDAQ: AFSI), with a price target of $12. The company’s shares opened today at $13.90.
Binner said:
“Carl Icahn disclosed a 9.38% stake in AmTrust Financial Services (AFSI) and sent an open letter to the company’s board of directors in opposition of the proposed private deal. Mr. Icahn cites that the non-controlling shareholders were not treated fairly and that the deal does not reflect the proper value of the company. He also notes that the board should change the previously set record date of April 5th and hold a new special shareholder meeting to decide the fate of the deal. The AFSI private deal as it currently stands is a $13.50/sh bid from a fund managed by Stone Point Capital LLC together with the Karfunkel-Zyskind family. This deal will acquire the outstanding shares of AFSI common stock that the controlling group does not own or control for $13.50/sh in cash.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 13.2% and a 65.8% success rate. Binner covers the Financial sector, focusing on stocks such as American International Group, Health Insurance Innovations, and National General Holdings.
AmTrust has an analyst consensus of Hold, with a price target consensus of $13.50.
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The company has a one-year high of $16.37 and a one-year low of $8.80. Currently, AmTrust has an average volume of 1.68M.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is neutral on the stock. Earlier this month, Stephen Ungar, the SVP, GC & Sec of AFSI bought 291 shares for a total of $1,679.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
AmTrust Financial Services, Inc. provides insurance services. It operates through the following segments: Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program Business.
