Published on 26 Apr 2024 on Zacks via Yahoo Finance
AMERISAFE (AMSF) Stock Down 10% Despite Q1 Earnings Beat
AMERISAFE, Inc.’s AMSF shares have declined 10% since it reported first-quarter 2024 results on Apr 24. Despite an earnings beat, investors may have been worried about weakness in underwriting results inducing a deterioration in the net combined ratio. An elevated operating expense level, resulting from an increase in loss and loss adjustment expenses incurred, underwriting and other operating costs and policyholder dividends, also contributed to the downside.
AMSF reported first-quarter adjusted earnings per share (EPS) of 69 cents, which surpassed the Zacks Consensus Estimate by 4.6%. However, the bottom line dropped 16.9% year over year.