AMERISAFE (NASDAQ:AMSF) Stock Price Target Cut by Citizens Jmp

Key Points

• Citizens JMP cut AMERISAFE’s price target from $40 to $35 while maintaining a “market outperform” rating, implying roughly 53.7% upside from the $22.77 share price.
• Analyst sentiment is mixed: AMERISAFE has an average “Hold” rating and a consensus price target of $34, with two Buy, two Hold, and one Sell rating.
• Shares fell to $22.77 after the company reported quarterly EPS of $0.40, below the $0.48 consensus estimate, while revenue of $76.67 million also missed expectations.

AMERISAFE (NASDAQ:AMSF - Get Free Report) had its target price reduced by analysts at Citizens Jmp from $40.00 to $35.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "market outperform" rating on the insurance provider's stock. Citizens Jmp's price target points to a potential upside of 53.74% from the stock's current price.

AMSF has been the topic of a number of other research reports. Zacks Research upgraded AMERISAFE from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. Citigroup reissued a "market outperform" rating on shares of AMERISAFE in a report on Monday, October 12th. Truist Financial decreased their price target on AMERISAFE from $32.00 to $27.00 and set a "hold" rating on the stock in a research report on Tuesday, October 13th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of AMERISAFE in a research note on Monday. Finally, Morgan Stanley set a $40.00 price objective on shares of AMERISAFE in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, AMERISAFE has an average rating of "Hold" and a consensus price target of $34.00.

AMERISAFE Stock Performance

Shares of AMSF stock traded down $2.54 on Thursday, hitting $22.77. The company's stock had a trading volume of 97,749 shares, compared to its average volume of 290,113. AMERISAFE has a fifty-two week low of $22.73 and a fifty-two week high of $42.10. The company has a market capitalization of $422.06 million, a PE ratio of 9.21 and a beta of 0.24. The stock's 50 day moving average is $25.06 and its 200-day moving average is $31.14.

AMERISAFE (NASDAQ:AMSF - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.08). AMERISAFE had a net margin of 14.00% and a return on equity of 14.87%. The business had revenue of $76.67 million during the quarter, compared to the consensus estimate of $84.72 million. On average, research analysts forecast that AMERISAFE will post 1.95 earnings per share for the current year.

Hedge Funds Weigh In On AMERISAFE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in AMERISAFE in the second quarter valued at approximately $122,167,000. Bank of America Corp DE purchased a new position in shares of AMERISAFE in the 2nd quarter worth approximately $18,755,000. Bank of New York Mellon Corp bought a new stake in shares of AMERISAFE during the 2nd quarter worth $3,583,000. Palisade Capital Management LP purchased a new stake in AMERISAFE during the second quarter worth about $3,145,000. Finally, Sei Investments Co. raised its position in AMERISAFE by 125.0% in the first quarter. Sei Investments Co. now owns 138,584 shares of the insurance provider's stock worth $4,619,000 after acquiring an additional 76,989 shares during the period. 97.41% of the stock is currently owned by institutional investors and hedge funds.

About AMERISAFE

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.

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