Why Carl Icahn’s Icahn Carl C Reported Amtrust Financial Services, Inc Position?

May 17, 2018 - By Hannah Black

AmTrust Financial Services, Inc. (NASDAQ:AFSI) LogoInvestors sentiment increased to 0.92 in Q4 2017. Its up 0.24, from 0.68 in 2017Q3. It improved, as 32 investors sold AmTrust Financial Services, Inc. shares while 42 reduced holdings. 28 funds opened positions while 40 raised stakes. 55.92 million shares or 14.50% less from 65.41 million shares in 2017Q3 were reported.

State Street has invested 0% in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Alphamark Llc has 304 shares for 0% of their portfolio. Citigroup Incorporated reported 0% stake. Boston Partners owns 1.24M shares. Clearbridge Investments Ltd Company has invested 0% of its portfolio in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Alpha Cubed Investments Ltd Co holds 0.02% of its portfolio in AmTrust Financial Services, Inc. (NASDAQ:AFSI) for 13,200 shares. Walleye Trading Limited Company holds 0% or 3,165 shares. Victory Capital holds 0% or 24,851 shares in its portfolio. Koch Industries reported 29,200 shares. State Board Of Administration Of Florida Retirement holds 0% or 55,037 shares. S&T Bancorp Pa has invested 0.59% in AmTrust Financial Services, Inc. (NASDAQ:AFSI). 14,052 were reported by Pinnacle. Aperio Gru Ltd reported 17,286 shares. Wolverine Asset Ltd Com has invested 0% of its portfolio in AmTrust Financial Services, Inc. (NASDAQ:AFSI). Lsv Asset Mngmt has 0% invested in AmTrust Financial Services, Inc. (NASDAQ:AFSI).

Since April 19, 2018, it had 1 buy, and 0 insider sales for $37.15 million activity.

The New Carl Icahn’s Icahn Carl C Holding in Amtrust Financial Services, Inc

Icahn Carl C reported SC 13D form with the SEC for Amtrust Financial Services, Inc. Access it here: 000092846418000057. As reported by Carl Icahn’s Icahn Carl C, the filler owns 9.38% or 18,418,732 shares of the Finance–company.

Amtrust Financial Services, Inc stake is new for [reportingPerson]. Date of activity: May 7, 2018. This shows Carl Icahn’s Icahn Carl C’s positive view for Amtrust Financial Services, Inc.

The hedge fund is investor in the Finance sector. In the manager’s last 13-F, we saw 25% of Carl Icahn’s Icahn Carl C’s portfolio is in the sector.

Reasons Why Carl Icahn’s Icahn Carl C Bought – Amtrust Financial Services, Inc Stock

Item 4. Purpose of Transaction

The Reporting Persons acquired their positions in the Shares in the belief that the Shares were undervalued.

The Reporting Persons strongly oppose the proposed going-private transaction (the “Proposed Transaction”) pursuant to which the Zyskind/Karfunkel families would acquire the publicly held shares of the Issuer for $13.50 per share. On May 17, 2018, the Reporting Persons delivered an open letter to the Board of Directors of the Issuer (the “May 17 Letter”). A copy of the May 17 Letter is attached hereto as Exhibit 2 and is incorporated by reference herein.

On May 17, 2018, the Reporting Persons intend to file a preliminary proxy statement in connection with the Issuer’s Special Meeting of Stockholders scheduled to be held on June 4, 2018. The Reporting Persons intend to solicit proxies against the Proposed Transaction.

On May 17, 2018, representatives of the Reporting Persons contacted representatives of the Issuer to discuss their concerns relating to the Proposed Transaction, including the Issuer’s failure to disclose the record date in a timely manner. Representatives of the Reporting Persons have requested that the Board of Directors of the Issuer reschedule the record date and special meeting date to avoid disadvantaging shareholders who acquired their shares after April 5, 2018 and before the public announcement of the record and meeting dates.

The Reporting Persons intend to continue to have discussions with the Issuer’s management, board of directors, other shareholders of the Issuer, and other relevant parties as they continue to evaluate the situation.

The Reporting Persons are considering all their options and, while they have no present plan to do so, they reserve the right and are considering whether to propose other transactions which relate to or would result in one or more of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.

The Reporting Persons may, from time to time and at any time: (i) acquire additional Shares and/or other equity, debt, notes, instruments or other securities of the Issuer and/or its affiliates (collectively, “Securities”) in the open market or otherwise; (ii) dispose of any or all of their Securities in the open market or otherwise; or (iii) engage in any hedging or similar transactions with respect to the Securities.

Amtrust Financial Services, Inc Institutional Sentiment

Filings show 128 investors own Amtrust Financial Services, Inc. The ownership in Q3 2017 is high, at Infinity of the outstanding shares. This is increased by 4208831. 65408927 were owned by these investors. 27 funds opened new Amtrust Financial Services, Inc stakes, 32 increased positions. There were 31 that closed positions and 56 reduced them.

Fny Managed Accounts Llc is an investor bullish on Amtrust Financial Services, Inc, owning 22192 shares as of Q3 2017 for 0.39% of its portfolio. S&T Bank owns 419308 shares or 1.01% of its portfolio. NY Corsair Capital Management Lp have 1.11% of its portfolio for 100055 shares. Further, Stanley Capital Management Llc reported stake worth 1.40% of its portfolio. The CO Denver Investment Advisors Llc owns 1870875 shares. Amtrust Financial Services, Inc is 1.23% of its portfolio.

SEC Form 13D.

The stock increased 0.60% or $0.08 during the last trading session, reaching $13.43. About 2.48 million shares traded or 48.81% up from the average. AmTrust Financial Services, Inc. (NASDAQ:AFSI) has declined 32.15% since May 17, 2017 and is downtrending. It has underperformed by 43.70% the S&P500.

AmTrust Financial Services, Inc., through its subsidiaries, underwrites and provides property and casualty insurance in the United States and internationally. The company has market cap of $2.64 billion. It operates in three divisions: Small Commercial Business; Specialty Risk and Extended Warranty; and Specialty Program. It currently has negative earnings. The Small Commercial Business segment offers workers?? compensation insurance products; and commercial package insurance products, such as commercial property, general liability, inland marine, automobile, and umbrella coverage, as well as other property and casualty insurance products to small businesses.

AmTrust Financial Services, Inc. (NASDAQ:AFSI) Ratings Coverage

Among 3 analysts covering AmTrust (NASDAQ:AFSI), 0 have Buy rating, 0 Sell and 3 Hold. Therefore 0 are positive. AmTrust has $13.5 highest and $10.0 lowest target. $13.50’s average target is 0.52% above currents $13.43 stock price. AmTrust had 4 analyst reports since December 4, 2017 according to SRatingsIntel. Compass Point downgraded the shares of AFSI in report on Monday, February 26 to “Hold” rating. The rating was maintained by Keefe Bruyette & Woods on Monday, December 4 with “Hold”. Keefe Bruyette & Woods maintained it with “Hold” rating and $13.5 target in Sunday, January 21 report. As per Thursday, March 1, the company rating was downgraded by SunTrust.

More news for AmTrust Financial Services, Inc. (NASDAQ:AFSI) were recently published by: Nasdaq.com, which released: “AmTrust Financial Services, Inc. Announces Quarterly Cash Dividends on Preferred Stock” on May 09, 2018. Nasdaq.com‘s article titled: “Detailed Research: Economic Perspectives on Medtronic, NVIDIA, NutriSystem, AmTrust Financial Services, Kratos …” and published on May 16, 2018 is yet another important article.

AmTrust Financial Services, Inc. (NASDAQ:AFSI) Institutional Positions Chart

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