AMERISAFE (NASDAQ:AMSF) Reaches New 1-Year High Following Earnings Beat

Shares of AMERISAFE, Inc. (NASDAQ:AMSF) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $55.00 and last traded at $53.56, with a volume of 20555 shares changing hands. The stock had previously closed at $50.79.

The insurance provider reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $78.70 million for the quarter, compared to analysts’ expectations of $75.38 million. AMERISAFE had a return on equity of 16.38% and a net margin of 18.46%. During the same period last year, the firm earned $0.61 earnings per share.

AMERISAFE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 6th will be issued a dividend of $3.37 per share. This represents a $13.48 dividend on an annualized basis and a dividend yield of 24.52%. The ex-dividend date of this dividend is Friday, December 6th. This is an increase from AMERISAFE’s previous quarterly dividend of $0.37. AMERISAFE’s dividend payout ratio is currently 46.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Truist Financial boosted their price objective on shares of AMERISAFE from $48.00 to $54.00 and gave the company a “hold” rating in a research report on Friday. JMP Securities reissued a “market outperform” rating and issued a $65.00 price target on shares of AMERISAFE in a research note on Tuesday, October 15th. Finally, StockNews.com raised AMERISAFE from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th.

Hedge Funds Weigh In On AMERISAFE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of AMERISAFE by 8.5% in the 1st quarter. Vanguard Group Inc. now owns 1,472,739 shares of the insurance provider’s stock worth $73,887,000 after acquiring an additional 115,676 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of AMERISAFE by 12.8% during the first quarter. Champlain Investment Partners LLC now owns 855,916 shares of the insurance provider’s stock valued at $42,941,000 after purchasing an additional 97,280 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in shares of AMERISAFE by 13.5% in the 2nd quarter. Westwood Holdings Group Inc. now owns 701,806 shares of the insurance provider’s stock worth $30,802,000 after purchasing an additional 83,438 shares in the last quarter. M&G Plc purchased a new stake in shares of AMERISAFE in the 1st quarter worth approximately $23,251,000. Finally, Public Employees Retirement Association of Colorado increased its position in AMERISAFE by 5.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 315,409 shares of the insurance provider’s stock valued at $13,843,000 after buying an additional 15,196 shares in the last quarter. Hedge funds and other institutional investors own 97.41% of the company’s stock.

AMERISAFE Price Performance

The firm has a market cap of $1.05 billion, a PE ratio of 17.13 and a beta of 0.34. The stock has a 50 day simple moving average of $49.33 and a 200-day simple moving average of $47.10.

AMERISAFE Company Profile

AMERISAFE, Inc, an insurance holding company, underwrites workers’ compensation insurance in the United States. The company provides benefits to injured employees for temporary or permanent disability, death, and medical and hospital expenses. It sells its products through retail and wholesale brokers and agents; and small and mid-sized employers engaged in hazardous industries, including construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime.