Atlas Financial Gets a Hold Rating from Boenning & Scattergood

Boenning & Scattergood analyst Robert Farnam maintained a Hold rating on Atlas Financial (NASDAQ: AFH) today. The company’s shares closed yesterday at $10.85, close to its 52-week low of $9.90.

Farnam commented:

“We expected 0.5 points of adverse development, or $0.02 per share after tax. Management noted most of the adverse development was related to assigned risk pool business rather than from Atlas’ own book of business. Excluding the difference in reserve development, Atlas’ 1Q18 results actually beat our operating EPS estimate by $0.02.”

According to TipRanks.com, Farnam is a 1-star analyst with an average return of -1.5% and a 50.0% success rate. Farnam covers the Financial sector, focusing on stocks such as Hallmark Financial Services, Selective Insurance Group, and Kingstone Companies Inc.

Atlas Financial has an analyst consensus of Hold, with a price target consensus of $11.

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Based on Atlas Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $54.3 million. In comparison, last year the company had a net profit of $4.85 million.

Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AFH in relation to earlier this year. Most recently, in March 2018, Jordan Kupinsky, a Director at AFH bought 7,408 shares for a total of $130,010.

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.

Atlas Financial Holdings, Inc. engages in underwriting commercial automobile insurance policies through its subsidiaries. It focuses on the light commercial automobile sector, which includes taxi cabs, nonemergency para-transit, limousine, livery, and business auto. The company was founded on December 31, 2010 and is headquartered in Schaumburg, IL.