In a report released today, Randy Binner from B.Riley FBR reiterated a Hold rating on Maiden Holdings Ltd (MHLD), with a price target of $1. The company’s shares closed on Friday at $0.68, close to its 52-week low of $0.58.
Binner wrote:
“We have updated our pro forma balance sheet and run-off analysis for Maiden (MHLD—Neutral, $1.00 PT) based on the 10-Q filing on May 10, 2019. While there are a number of puts and takes in the reported numbers, we net out with a similar view of the equity having positive value. The operating loss in 1Q19 moved retained earnings -$37M, but the bond portfolio saw a +$65M mark on lower interest rates, favorable FX, and a reclass of bonds from held-to-maturity (HTM) to available for sale (AFS). The operating loss was expected, but also highlights the risk of MHLD remaining in business and potentially eroding the equity base over time.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 13.6% and a 67.2% success rate. Binner covers the Financial sector, focusing on stocks such as Health Insurance Innovations, Victory Capital Holdings Inc, and National General Holdings.
Maiden Holdings Ltd has an analyst consensus of Hold, with a price target consensus of $1.
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The company has a one-year high of $9.10 and a one-year low of $0.58. Currently, Maiden Holdings Ltd has an average volume of 786.8K.
Based on the recent corporate insider activity of 9 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 MHLD in relation to earlier this year.
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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.
