AMERISAFE (NASDAQ:AMSF) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of AMERISAFE (NASDAQ:AMSF) from a hold rating to a strong sell rating in a report published on Wednesday morning,Zacks reports.

A number of other research firms have also weighed in on AMSF. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of AMERISAFE in a research report on Monday, October 26th. Morgan Stanley set a $40.00 target price on AMERISAFE in a report on Monday, October 12th. Wall Street Zen raised AMERISAFE from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Truist Financial lowered their target price on AMERISAFE from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, October 30th. Finally, Citizens Jmp cut their price target on AMERISAFE from $40.00 to $35.00 and set a “market outperform” rating on the stock in a report on Thursday, October 29th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $33.33.

AMERISAFE Stock Performance

NASDAQ AMSF opened at $20.33 on Wednesday. The firm has a market cap of $376.71 million, a price-to-earnings ratio of 9.46 and a beta of 0.23. The firm has a 50 day simple moving average of $24.44 and a 200-day simple moving average of $30.63. AMERISAFE has a one year low of $19.99 and a one year high of $42.10.

AMERISAFE (NASDAQ:AMSF) last announced its earnings results on Wednesday, October 28th. The insurance provider reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.08). The business had revenue of $79.81 million for the quarter, compared to analysts’ expectations of $84.72 million. AMERISAFE had a return on equity of 14.15% and a net margin of 12.10%. Equities analysts predict that AMERISAFE will post 1.88 EPS for the current fiscal year.

AMERISAFE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, December 4th will be paid a $0.41 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.64 dividend on an annualized basis and a yield of 8.1%. AMERISAFE’s payout ratio is currently 76.28%.

Institutional Investors Weigh In On AMERISAFE

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of AMERISAFE in the 2nd quarter valued at about $122,167,000. Bank of America Corp DE raised its position in shares of AMERISAFE by 6.7% during the 1st quarter. Bank of America Corp DE now owns 623,697 shares of the insurance provider’s stock worth $20,788,000 after acquiring an additional 39,168 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of AMERISAFE by 19.3% during the 1st quarter. Renaissance Technologies LLC now owns 261,375 shares of the insurance provider’s stock worth $8,712,000 after acquiring an additional 42,375 shares in the last quarter. Sei Investments Co. lifted its stake in AMERISAFE by 125.0% during the first quarter. Sei Investments Co. now owns 138,584 shares of the insurance provider’s stock worth $4,619,000 after purchasing an additional 76,989 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in AMERISAFE during the second quarter worth approximately $3,583,000. 97.41% of the stock is owned by hedge funds and other institutional investors.

AMERISAFE Company Profile

AMERISAFE, Inc is a specialty workers’ compensation insurance company serving small and midsized businesses. The company focuses on employers in industries with elevated workplace risks, including construction, trucking, logging, agriculture, manufacturing, and maritime operations.

Through its insurance subsidiaries, AMERISAFE provides workers’ compensation coverage designed to protect businesses from costs associated with workplace injuries and occupational illnesses. Its services also include workplace safety and loss-control support, claims management, medical cost containment, and premium audit services.

Headquartered in DeRidder, Louisiana, AMERISAFE primarily serves employers in the southeastern and south-central United States.