Bank of America Corp DE Buys 554,395 Shares of AMERISAFE, Inc. $AMSF

Key Points

• Bank of America acquired 554,395 AMERISAFE shares worth approximately $18.8 million, giving it a 2.99% stake. Institutional investors collectively own 97.41% of the workers’ compensation insurer.
• AMERISAFE shares opened at $23.83, near their 12-month low of $23.80 and down from the company’s 50- and 200-day moving averages. The company’s latest quarterly EPS of $0.44 missed estimates, although revenue exceeded expectations.
• AMERISAFE declared a quarterly dividend of $0.41 per share, representing a 6.9% annualized yield. Analyst sentiment is mixed, with a consensus “Hold” rating after multiple downgrades and an average price target of $44.

Bank of America Corp DE purchased a new stake in shares of AMERISAFE, Inc. (NASDAQ:AMSF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 554,395 shares of the insurance provider's stock, valued at approximately $18,755,000. Bank of America Corp DE owned about 2.99% of AMERISAFE at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Auto Owners Insurance Co boosted its holdings in AMERISAFE by 3,741.0% in the 4th quarter. Auto Owners Insurance Co now owns 16,397,229 shares of the insurance provider's stock worth $62,982,000 after buying an additional 15,970,329 shares during the period. BlackRock Inc. purchased a new stake in AMERISAFE during the 2nd quarter worth about $122,167,000. Renaissance Technologies LLC lifted its holdings in 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 purchasing an additional 42,375 shares in the last quarter. Sei Investments Co. boosted its stake in AMERISAFE by 125.0% in the 1st 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 period. Finally, Bank of New York Mellon Corp bought a new position in AMERISAFE in the 2nd quarter worth about $3,583,000. Institutional investors own 97.41% of the company's stock.

AMERISAFE Stock Down 2.2%

Shares of AMSF stock opened at $23.83 on Friday. The business has a 50-day moving average price of $27.39 and a two-hundred day moving average price of $30.57. AMERISAFE, Inc. has a 12-month low of $23.80 and a 12-month high of $44.66. The firm has a market cap of $441.81 million, a P/E ratio of 9.61 and a beta of 0.23.

AMERISAFE (NASDAQ:AMSF - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The insurance provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.08). The firm had revenue of $91.97 million for the quarter, compared to the consensus estimate of $85.09 million. AMERISAFE had a net margin of 14.00% and a return on equity of 14.87%. As a group, research analysts expect that AMERISAFE, Inc. will post 1.97 EPS for the current fiscal year.

AMERISAFE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.64 annualized dividend and a dividend yield of 6.9%. AMERISAFE's dividend payout ratio (DPR) is 66.13%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of AMERISAFE from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. Weiss Ratings lowered shares of AMERISAFE from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Finally, Truist Financial lowered their target price on shares of AMERISAFE from $34.00 to $32.00 and set a "hold" rating on the stock in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $44.00.

AMERISAFE Company Profile

AMERISAFE, Inc NASDAQ: AMSF is a specialty workers' compensation insurance company headquartered in DeRidder, Louisiana. Through its insurance subsidiaries, the company provides workers' compensation coverage to small and mid-sized employers whose operations involve relatively high workplace risks.

The company focuses on industries such as construction, trucking, logging, agriculture, manufacturing, oil and gas, and other hazardous occupations. Its services include workers' compensation underwriting, claims administration, workplace safety and loss-control services, and premium auditing.

AMERISAFE primarily serves employers across the southeastern and other selected regions of the United States.

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