B.Riley FBR analyst Randy Binner reiterated a Hold rating on Maiden Holdings Ltd (MHLD) today and set a price target of $1. The company’s shares closed on Friday at $0.56, close to its 52-week low of $0.47.
Binner said:
“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 August 9, 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 2Q19 moved retained earnings -$15M due to the $16.7M MRNA sale close charge, but the bond portfolio saw another +$24M mark on lower interest rates. The operating loss again highlights the risk of MHLD remaining in business and potentially eroding the equity base over time. Reserve development in 2Q19 was $26M and was attributed to the 2015-2018 commercial auto accident years.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 12.5% and a 63.6% success rate. Binner covers the Financial sector, focusing on stocks such as Colony Credit Real Estate Inc, Health Insurance Innovations, and Victory Capital Holdings Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Maiden Holdings Ltd with a $1 average price target.
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The company has a one-year high of $4.65 and a one-year low of $0.47. Currently, Maiden Holdings Ltd has an average volume of 543.4K.
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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.
