Atlantic American stock in on the move; what does this indicate for the investors.
The Atlanta-based insurance holding firm has made a bold move after the recent trading session on Monday. The Atlantic American Corp. (AAME) stock has soared over 11% as we write this on Jan. 5. Moreover, the volume has also increased in the past trading and continues to accelerate in today’s session as well.
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The rising trading volume is a positive technical sign as the stock goes up from a sell rating to a buy rating. What’s pushing the stock to go bullish?
What’s happening around?
There has been no update from Atlantic American Corp. over a long period now, except for the quarterly earnings report. Still, the company has performed quite well in the past quarter, and that too with the pandemic.
In the recent filing, it was revealed that Biglari, Sardar (Current Portfolio), an investment company, bought Atlantic American during the 3-month end period in 2020. According to the report, Biglari, Sardar added to a holding in AAME by 120.87%. The purchase price was between $1.59 and $2.3 per share, at an average price of $1.91 per share. As of Sep. 30, 2020, the Biglari, Sardar was holding 82,989 shares of AAME.
The insurance company has subsidiaries that are leading within the specialty markets health, life, and casualty and property insurance industries.
In the third quarter, Atlantic American Corp. reported a net income of $1.9 million, which jumped from the net loss of $1.4 million in 2019. The increase in net income was driven by the decrease in insurance benefits and losses incurred.
The company has just passed 65 years in business for its Bankers Fidelity Life Insurance subsidiary. At the same time, they obtained almost $200 million in annualized gross premium.
The CEO of Atlantic American, Hilton H. Howell said that the rate adequacy in their Medicare supplement block is continuously improving. Also, they expanded their ancillary product lines, which helped in the diversification of premium revenue. The property and casualty operations are also doing well. The company anticipates things to get better this year.
During the third quarter, Atlantic American Corp. (AAME) reported notable outcomes. Moreover, the share of AAME stock in the new portfolio shows that investors are bullish on the stock, at least Biglari, Sardar is.
Most of the short-term signals reflect a good healthy trend in the upcoming weeks. What do you think, will the company announce something that will keep investors enthused in the long-term?