ASI Stock Prices target Buy Rating by BGB Securities, asi insurance shares prices : BGB Securities reiterated their buy rating on shares of American Safety Insurance Holdings (NYSE: ASI) in a research note issued to investors on Friday. The firm currently has a $27.00 target price on the stock.
“ASI announced its expected exposure to 4Q12 CAT losses of between $6M and $7M after tax. The losses relate to Hurricane Sandy and due to the size and nature of the storm are impacting all three segments; E&S, ART, and Assumed Reinsurance. The top end of the CAT range equates to a loss of approximately $0.76 per share pre-tax and $0.68 after-tax.
“ASI announced its expected exposure to 4Q12 CAT losses of between $6M and $7M after tax. The losses relate to Hurricane Sandy and due to the size and nature of the storm are impacting all three segments; E&S, ART, and Assumed Reinsurance. The top end of the CAT range equates to a loss of approximately $0.76 per share pre-tax and $0.68 after-tax.
This equates to approximately 13.3% of additional loss ratio points. We now estimate the 4Q12 loss ratio to be 78.2% for the quarter. We maintain our BUY rating and our price target of $27. Our price target is approximately 0.75x our 2013E diluted BVPS of $36.24 with a 2013E ROAE of 6.3%. We believe the future P/B multiple for ASI will rise given the market’s anticipation of price strengthening and improving expense ratios.,” BGB Securities’ analyst wrote.
Shares of American Safety Insurance Holdings opened at 18.92 on Friday. American Safety Insurance Holdings has a one year low of $15.75 and a one year high of $22.32. The stock’s 50-day moving average is currently $17.32. The company has a market cap of $186.9 million and a P/E ratio of 36.08.
Separately, analysts at FBR Capital initiated coverage on shares of American Safety Insurance Holdings in a research note to investors on Thursday, December 20th. They set an outperform rating and a $24.00 price target on the stock.
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