Conifer (NASDAQ:CNFR) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Conifer (NASDAQ:CNFR) from a strong sell rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Conifer Holdings, Inc. is an insurance holding company. It offers insurance coverage in specialty commercial and specialty personal product lines. Specialty personal product lines offers non-standard homeowners insurance and dwelling fire insurance products to individuals. Specialty commercial lines offer coverage for both commercial property and commercial liability. The company serves restaurants, bars, taverns, bowling centers as well as small grocery and convenience stores; artisan contractors comprising plumbers, painters, carpenters, electricians and other independent contractors, security service providers. Conifer Holdings, Inc. is headquartered in Birmingham, Michigan. “

Separately, Boenning Scattergood reiterated a neutral rating on shares of Conifer in a research note on Thursday, May 16th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $6.50.

Shares of CNFR stock opened at $3.33 on Tuesday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.81. Conifer has a one year low of $3.06 and a one year high of $7.00. The stock’s 50-day moving average is $3.84. The company has a market capitalization of $30.03 million, a PE ratio of -7.57 and a beta of 1.50.

Conifer (NASDAQ:CNFR) last issued its quarterly earnings results on Wednesday, May 8th. The insurance provider reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.47). The company had revenue of $24.30 million for the quarter, compared to the consensus estimate of $24.01 million. Conifer had a negative return on equity of 21.47% and a negative net margin of 10.28%. On average, equities research analysts expect that Conifer will post -0.76 earnings per share for the current fiscal year.

In other news, President Brian J. Roney purchased 10,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $3.39 per share, for a total transaction of $33,900.00. Following the completion of the purchase, the president now owns 331,919 shares of the company’s stock, valued at $1,125,205.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John William Melstrom acquired 25,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $4.25 per share, with a total value of $106,250.00. Following the completion of the acquisition, the director now directly owns 25,000 shares of the company’s stock, valued at $106,250. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 37,000 shares of company stock worth $146,990. 47.50% of the stock is owned by company insiders.

Conifer Company Profile

Conifer Holdings, Inc, an insurance holding company, offers insurance coverage in specialty commercial and personal product lines. The company underwrites various specialty insurance products, including property, general liability, commercial multi-peril, liquor liability, and automobile policies. It serves the commercial insurance needs of owner-operated businesses in the markets, such as hospitality, which includes restaurants, bars, taverns, and bowling centers, as well as small grocery and convenience stores; artisan contractors comprising plumbers, painters, carpenters, electricians, and other independent contractors; and security service providers, such as companies that provide security guard services, security alarm products and services, and private investigative services.

Further Reading: Institutional Investors

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