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Conifer Holdings, Inc. (CNFR)

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3.0300-0.3700 (-10.88%)
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3.0300 -0.18 (-5.61%)
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Previous Close3.4000
Open3.4000
Bid3.0000 x 1100
Ask3.2200 x 1100
Day's Range2.8100 - 3.4000
52 Week Range2.0000 - 4.6000
Volume19,544
Avg. Volume8,860
Market Cap29.082M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.7960
Earnings DateAug 13, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.25
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  • Benzinga

    Recap: Conifer Holdings Q2 Earnings

    Shares of Conifer Holdings (NASDAQ:CNFR) moved higher by 10.27% in after-market trading after the company reported Q2 results.Quarterly Results Earnings per share rose 94.03% over the past year to ($0.04), which beat the estimate of ($0.06).Revenue of $21,758,000 up by 1.92% year over year, which beat the estimate of $21,520,000.Looking Ahead Conifer Holdings hasn't issued any earnings guidance for the time being.View more earnings on CNFRConifer Holdings hasn't issued any revenue guidance for the time being.Recent Stock Performance Company's 52-week high was at $4.60Company's 52-week low was at $2.00Price action over last quarter: down 15.00%Company Overview Conifer Holdings Inc is an insurance company. The company's operating segment includes Commercial Lines; Personal Lines; Under-writing; Wholesale Agency and Corporate. It generates maximum revenue from the Under-writing segment. Commercial lines segment offers coverage for property, liability, automobile and other miscellaneous coverage primarily to owner-operated small and mid-sized businesses, professional organizations and hospitality businesses such as restaurants, bars, and taverns. The Personal lines segment offers coverage for low-value dwelling and wind-exposed homeowners. Its revenues are derived from premiums earned, investment income, installment fees, policy issuance fees, and commission income.See more from Benzinga * Earnings Scheduled For August 12, 2020 * Earnings Outlook for Conifer Holdings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    Conifer Holdings Reports 2020 Second Quarter Financial Results

    Company to Host Conference Call at 8:30 AM ET on Thursday, August 13, 2020BIRMINGHAM, Mich., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the second quarter ended June 30, 2020. Second Quarter 2020 Financial Highlights (compared to the prior year period) * Gross written premium increased 9.4% to $27.5 million * The Company’s overall combined ratio was 100.5% (accident year combined ratio was 86.6%) * Commercial lines represented approximately 93% of gross written premium * Commercial Lines combined ratio improved 6 percentage points to 101.7% (accident year combined ratio was 86.5%) * Personal Lines combined ratio was 85.7% (accident year combined ratio was 86.9%) * Net income of $1.5 million, or $0.16 per share, based on 9.6 million average shares outstanding * Book value per share of $4.51 as of June 30, 2020, an improvement of 18.4% sequentially from $3.81 at March 31, 2020Management Comments James Petcoff, Chairman and CEO, commented, “We are pleased to report solid financial results for the period, and a return to profitability, led by growth in our core lines of business. We are continuing to take a conservative approach during an uncertain period due to the global pandemic, but we believe that our continued focus on our core specialty lines has produced anticipated positive results. We remain focused on improving our overall expense structure, and growing steadily in the lines of business where Conifer can be a profitable market leader. “2020 Second Quarter Financial Results Overview At and for the Three Months Ended June 30, At and for the Six Months Ended June 30,                    2020  2019  % Change  2020  2019  % Change                                    (dollars in thousands, except share and per share amounts)              Gross written premiums$27,545  $25,169  9.4% $52,629  $49,385  6.6% Net written premiums 23,065   21,434  7.6%  44,116   41,756  5.7% Net earned premiums 21,758   21,349  1.9%  43,775   43,036  1.7%              Net investment income 863   1,051  -17.9%  1,817   1,961  -7.3% Net realized investment gains 245   715  **  1,173   734  ** Change in fair value of equity investments 1,576   (915) **  (1,510)  350    Other gains 145   -  **  260   -  **              Net income (loss) 1,505   (2,884) **  (3,220)  (3,564) ** Net income (loss) per share, diluted$0.16  $(0.34)   $(0.34) $(0.42)                Adjusted operating income (loss)* (461)  (5,597) **  (3,143)  (9,844) ** Adjusted operating income (loss) per share, diluted*$(0.04) $(0.67) ** $(0.33) $(1.17) **              Book value per common share outstanding$4.51  $4.89    $4.51  $4.89                 Weighted average shares outstanding, basic and diluted 9,595,668   8,370,782     9,594,221   8,411,835                 Underwriting ratios:            Loss ratio (1) 54.6%  67.1%    59.6%  66.8%   Expense ratio (2) 45.9%  45.9%    46.5%  43.7%   Combined ratio (3) 100.5%  113.0%    106.1%  110.5%                * The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles. ** Percentage is not meaningful            (1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and income from underwriting operations. (2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations. (3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.              2020 Second Quarter Premiums Gross Written Premiums Gross written premiums increased 9.4% in the second quarter of 2020 to $27.5 million, compared to $25.2 million in the prior year period. The increase was largely due to growth in commercial specialty lines, as retention levels remain higher than historical averages in addition to improved rate activity. The overall premium increase was supplemented by continued growth in the Company’s personal lines, driven by its low-value dwelling line of business.Net Earned Premiums Net earned premiums increased 1.9% to $21.8 million for the second quarter of 2020, compared to $21.3 million for the prior year period.Commercial Lines Financial and Operational Review  Commercial Lines Financial Review                          Three Months Ended June 30, Six Months Ended June 30,  2020 2019 % Change  2020 2019 % Change                                                                   (dollars in thousands)                 Gross written premiums$25,600  $23,459  9.1% $49,044  $46,043  6.5% Net written premiums 21,377   20,178  5.9%  41,064   39,484  4.0% Net earned premiums 20,105   20,154  -0.2%  40,536   40,852  -0.8%              Underwriting ratios:            Loss ratio 55.9%  62.1%    60.8%  61.3%   Expense ratio 45.8%  45.6%    46.5%  43.0%   Combined ratio 101.7%  107.7%    107.3%  104.3%                Contribution to combined ratio from net            (favorable) adverse prior year development 15.2%  7.2%    16.6%  5.8%                Accident year combined ratio (1) 86.5%  100.5%    90.7%  98.5%                (1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.              The Company’s commercial lines of business, representing 93% of total gross written premium in the second quarter of 2020, primarily consists of property and liability coverage offered to owner-operated small- to mid-sized businesses. Commercial lines gross written premium increased 9.1% in the second quarter of 2020, as the Company continues to shift its mix towards more profitable specialty lines.Commercial lines combined ratio was 101.7% for the three months ended June 30, 2020, compared to 107.7% in the prior year period, largely due to a 6.2 percentage point improvement in the loss ratio.  Commercial lines accident year combined ratio was 86.5% for the quarter.Personal Lines Financial and Operational Review              Personal Lines Financial Review                          Three Months Ended June 30,  Six Months Ended June 30,  2020  2019  % Change  2020  2019  % Change               (dollars in thousands)              Gross written premiums$1,945  $1,710  13.7% $3,585  $3,342  7.3% Net written premiums 1,688   1,256  34.4%  3,052   2,272  34.3% Net earned premiums 1,653   1,195  38.3%  3,239   2,184  48.3%              Underwriting ratios:            Loss ratio 39.6%  147.8%    44.6%  165.7%   Expense ratio 46.1%  50.1%    46.6%  57.4%   Combined ratio 85.7%  197.9%    91.2%  223.1%                Contribution to combined ratio from net            (favorable) adverse prior year development (1.2)%  74.8%    1.4%  88.5%                Accident year combined ratio 86.9%  123.1%    89.8%  134.6%                Personal lines, representing 7% of total gross written premium for the second quarter of 2020, consists largely of low-value dwelling homeowner’s insurance. Personal lines gross written premium increased 13.7% to $2.0 million in the second quarter of 2020 compared to the prior year period, largely due to renewed growth in the Company’s low-value dwelling line of business.Personal lines combined ratio was 85.7% for the three months ended June 30, 2020, compared to 197.9% in the prior year period. Personal lines loss ratio for the three months ended June 30, 2020 improved considerably to 39.6%, compared to 147.8% in the prior year period, largely driven by significantly lower losses from wind-exposed homeowner’s lines (specifically Florida homeowners).The personal lines accident year combined ratio was 86.9% for the quarter.Combined Ratio Analysis  Three Months Ended June 30, Six Months Ended June 30,  2020  2019  2020  2019            (dollars in thousands)          Underwriting ratios:        Loss ratio54.6% 67.1% 59.6% 66.8% Expense ratio45.9% 45.9% 46.5% 43.7% Combined ratio100.5% 113.0% 106.1% 110.5%          Contribution to combined ratio from net (favorable)        adverse prior year development13.9% 11.2% 15.4% 10.1%          Accident year combined ratio86.6% 101.8% 90.7% 100.4%          Combined Ratio The Company's combined ratio was 100.5% for the quarter ended June 30, 2020, compared to 113.0% for the same period in 2019. The Company’s accident year combined ratio for the quarter ended June 30, 2020 was 86.6%, compared to 101.8% in the prior year period.Loss Ratio: The Company’s losses and loss adjustment expenses were $11.9 million for the three months ended June 30, 2020, compared to $14.4 million in the prior year period. This resulted in a lower loss ratio of 54.6%, compared to 67.1% in the prior year period.Expense Ratio: The expense ratio was 45.9% for the second quarter of 2020, remaining flat compared to the prior year period.Net Investment Income Net investment income was $863,000 during the quarter ended June 30, 2020, compared to $1.1 million in the prior year period. Net realized gains during the second quarter were $245,000, compared to net realized gain of $715,000 in the prior year period.Change in Fair Value of Equity Securities During the quarter, the Company reported a gain from change in fair value of equity investments of $1.6 million, compared to a loss of $0.9 million in the prior year period, and a loss of $3.1 million in the first quarter of 2020. This increase was largely related to a recovery in the equity markets following a decline in the first quarter related to the COVID-19 pandemic.Net Income (Loss) In the second quarter of 2020, the Company reported net income of $1.5 million, or $0.16 per share, compared to a net loss of $2.9 million, or $0.34 per share, in the prior year period.Adjusted Operating Income (Loss) In the second quarter of 2020, the Company reported adjusted operating loss of $0.5 million, or $0.04 per share, compared to adjusted operating loss of $5.6 million, or $0.67 per share, for the same period in 2019. See Definitions of Non-GAAP Measures.Earnings Conference Call with Accompanying Slide Presentation The Company will hold a conference call/webcast on Thursday, August 13, 2020 at 8:30 a.m. ET to discuss results for the second quarter ended June 30, 2020.Investors, analysts, employees and the general public are invited to listen to the conference call via:Webcast:                     On the Event Calendar at IR.CNFRH.com Conference Call:         844-868-8843 (domestic) or 412-317-6589 (international)The webcast will be archived on the Conifer Holdings website and available for replay for at least one year.About the Company Conifer Holdings, Inc. is a Michigan-based insurance holding company. Through its operating subsidiaries, Conifer offers customized coverage solutions tailored to the needs of our specialty niche insureds.  Across all 50 states, we utilize a multi-channel distribution approach, but largely market through independent agents. Conifer is traded on the Nasdaq Global Market (Nasdaq: CNFR), and additional information is available on the Company’s website at www.CNFRH.com.Definitions of Non-GAAP Measures Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding net realized investment gains and losses, after-tax, excluding the tax impact of changes in unrealized gains and losses, and including the net change in deferred gain on losses ceded to the Adverse Development Cover (ADC). We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.Reconciliations of adjusted operating income and adjusted operating income per share: Three Months Ended June 30, Six Months Ended June 30,   2020   2019   2020   2019            (dollar in thousands, except share and per share amounts)          Net income (loss)$1,505  $(2,884) $(3,220) $(3,564) Less:        Net realized gains and other gains, net of tax 390   715   1,433   734  Change in fair value of equity securities, net of tax 1,576   (915)  (1,510)  350  Net decrease (Increase) in deferred gain on losses        ceded to ADC, net of tax -   2,913   -   5,196  Adjusted operating income (loss)$(461) $(5,597) $(3,143) $(9,844)          Weighted average common shares, diluted 9,595,668   8,370,782   9,594,221   8,411,835           Diluted income (loss) per common share:        Net income (loss)$0.16  $(0.34) $(0.34) $(0.42) Less:        Net realized gains and other gains, net of tax 0.04   0.09   0.15   0.09  Change in fair value of equity securities, net of tax 0.16   (0.11)  (0.16)  0.04   Net decrease (increase) in deferred gain on losses          ceded to ADC, net of tax -   0.35   -   0.62  Adjusted operating income (loss), per share$(0.04) $(0.67) $(0.33) $(1.17)          Forward-Looking Statement This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding premiums, earnings, its capital position, expansion, and growth strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our form 10-K (“Item 1A Risk Factors”) filed with the SEC on March 12, 2020 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.Conifer Holdings, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share data)             June 30, December 31,     2020 2019 Assets (Unaudited)   Investment securities:     Debt securities, at fair value (amortized cost of $141,951 and$146,888  $131,000    $129,313, respectively)     Equity securities, at fair value (cost of $13,617 and $6,554, respectively) 12,859   7,306   Short-term investments, at fair value 10,869   31,426    Total investments 170,616   169,732          Cash and cash equivalents 4,812   7,464  Premiums and agents' balances receivable, net 22,275   20,168  Receivable from Affiliate 281   313  Reinsurance recoverables on unpaid losses 20,892   22,579  Reinsurance recoverables on paid losses 5,463   5,155  Prepaid reinsurance premiums 4,194   1,250  Deferred policy acquisition costs 11,693   11,906  Other assets 9,787   8,698     Total assets$250,013  $247,265          Liabilities and Shareholders' Equity    Liabilities:     Unpaid losses and loss adjustment expenses$106,734  $107,246   Unearned premiums 52,120   51,503   Debt  38,842   35,824   Accounts payable and accrued expenses 9,037   9,967     Total liabilities 206,733   204,540          Commitments and contingencies -   -          Shareholders' equity:     Common stock, no par value (100,000,000 shares authorized;      9,598,155 and 9,592,861 issued and outstanding, respectively) 92,275   91,816   Accumulated deficit (52,800)  (49,580)  Accumulated other comprehensive income (loss) 3,805   489    Total shareholders' equity  43,280   42,725     Total liabilities and shareholders' equity$250,013  $247,265          Conifer Holdings, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data)                 Three Months Ended Six Months Ended     June 30, June 30,     2020 2019 2020 2019             Revenue         Premiums          Gross earned premiums$25,959  $25,082  $52,012  $50,632    Ceded earned premiums (4,201)  (3,733)  (8,237)  (7,596)    Net earned premiums 21,758   21,349   43,775   43,036   Net investment income 863   1,051   1,817   1,961   Net realized investment gains 245   715   1,173   734   Change in fair value of equity securities 1,576   (915)  (1,510)  350   Other gains 145   -   260   -   Other income 713   581   1,371   1,003     Total revenue 25,300   22,781   46,886   47,084              Expenses         Losses and loss adjustment expenses, net 11,945   14,382   26,214   28,838   Policy acquisition costs 6,395   6,210   12,698   11,799   Operating expenses 4,859   4,340   9,904   8,663   Interest expense 731   725   1,462   1,435     Total expenses 23,930   25,657   50,278   50,735              Income (loss) before equity earnings in Affiliate and income taxes 1,370   (2,876)  (3,392)  (3,651)  Equity earnings (losses) of Affiliate, net of tax 179   (8)  229   98   Income tax (benefit) expense 44   -   57   11  Net income (loss) 1,505   (2,884)  (3,220)  (3,564)             Earnings (loss) per common share,          basic and diluted$0.16  $(0.34) $(0.34) $(0.42)             Weighted average common shares outstanding,          basic and diluted 9,595,668   8,370,782   9,594,221   8,411,835              For Further Information: Jessica Gulis, 248.559.0840 ir@cnfrh.com

  • Benzinga

    Earnings Outlook for Conifer Holdings

    On Wednesday, August 12, Conifer Holdings (NASDAQ: CNFR) will release its latest earnings report. Benzinga's outlook for Conifer Holdings is included in the following report.Earnings and Revenue Wall Street analysts see Conifer Holdings reporting EPS of $-0.06 per share on revenue of $21.52 million. In the same quarter last year, Conifer Holdings posted EPS at $-0.67 per share on sales of $21.35 million. The Wall Street consensus estimate for earnings would represent a 91.04% increase for the company. Conifer Holdings's reported EPS has stacked up against analyst estimates in the past like this:Quarter Q1 2020 Q4 2020 Q3 2019 Q2 2019 EPS Estimate -0.10 -0.17 -0.11 -0.11 EPS Actual -0.28 -0.35 -0.18 -0.67 Revenue Estimate 21.55 M 24.94 M 23.69 M 23.63 M Revenue Actual 22.02 M 23.28 M 22.77 M 21.35 M Stock Performance Over the last 52-week period, shares are down 36.46%. Given that these returns are generally negative, long-term shareholders are probably a little upset going into this earnings release.View more earnings on CNFRDon't be surprised to see the stock move on comments made during its conference call. Conifer Holdings is scheduled to hold the call at 08:30:00 ET and can be accessed here: https://78449.choruscall.com/dataconf/productusers/cnfr/mediaframe/40212/indexr.htmlSee more from Benzinga * Aspen Technology Earnings Preview * Preview: Blue Bird's Earnings * Earnings Outlook for EnerSys(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.