In a report released yesterday, Randy Binner from B.Riley FBR reiterated a Hold rating on Maiden Holdings Ltd (NASDAQ: MHLD), with a price target of $8. The company’s shares opened today at $4.70, close to its 52-week low of $4.15.
Binner noted:
“Maiden Holdings (MHLD-Neutral, $8 PT) reported an operating EPS loss of ($0.14), versus the consensus $0.20 estimate. We do not currently forecast EPS for MHLD. The loss was driven by reported adverse prior-year reserve development of $35.4M. This is consistent with our published view of MHLD’s reserves as deficient. We believe investors should expect additional reserve charges in future periods. The company announced that the 3Q18 dividend would drop from $0.15 to $0.05 per share. The CEO and CFO are both stepping aside, and the company confirmed that it continues to evaluate strategic alternatives. We reiterate our Neutral rating and believe shares will continue to trade close to tangible book value.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 15.7% and a 70.1% success rate. Binner covers the Financial sector, focusing on stocks such as American Equity Investment Life, Health Insurance Innovations, and National General Holdings.
The word on The Street in general, suggests a Hold analyst consensus rating for Maiden Holdings Ltd with a $7.33 average price target, representing a 56.0% upside. In a report released yesterday, KBW also reiterated a Hold rating on the stock with a $6 price target.
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The company has a one-year high of $9.10 and a one-year low of $4.15. Currently, Maiden Holdings Ltd has an average volume of 370.5K.
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Maiden Holdings Ltd. engages in the provision of non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies. It operates through the Diversified Reinsurance and AmTrust Reinsurance segments. The Diversified Reinsurance segment consists of a portfolio of property and casualty reinsurance business.
