State National Companies, Inc. (NASDAQ:SNC) Cut to “Market Perform” at JMP Securities

State National Companies, Inc. (NASDAQ:SNC) was downgraded by research analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday, August 1st.

A number of other research analysts also recently weighed in on SNC. Zacks Investment Research raised shares of State National Companies from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Saturday, May 13th. FBR & Co reissued a “buy” rating on shares of State National Companies in a research report on Monday, May 22nd. ValuEngine downgraded shares of State National Companies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 27th. BidaskClub downgraded shares of State National Companies from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, Singular Research downgraded shares of State National Companies from a “buy” rating to a “sell” rating in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $27.60.

Shares of State National Companies (SNC) traded up 0.10% during midday trading on Tuesday, reaching $20.93. 280,846 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $19.71 and a 200 day moving average price of $16.26. State National Companies has a 12 month low of $9.90 and a 12 month high of $21.51. The firm has a market cap of $882.68 million, a PE ratio of 16.35 and a beta of 1.09.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in State National Companies by 2.4% in the second quarter. Vanguard Group Inc. now owns 1,331,080 shares of the insurance provider’s stock valued at $24,465,000 after buying an additional 30,567 shares during the period. Wellington Management Group LLP increased its position in State National Companies by 3.2% in the first quarter. Wellington Management Group LLP now owns 848,621 shares of the insurance provider’s stock valued at $12,220,000 after buying an additional 26,360 shares during the period. State Street Corp increased its position in State National Companies by 6.4% in the second quarter. State Street Corp now owns 547,006 shares of the insurance provider’s stock valued at $10,054,000 after buying an additional 32,969 shares during the period. Dimensional Fund Advisors LP increased its position in State National Companies by 16.1% in the second quarter. Dimensional Fund Advisors LP now owns 525,264 shares of the insurance provider’s stock valued at $9,654,000 after buying an additional 72,810 shares during the period. Finally, Renaissance Technologies LLC increased its position in State National Companies by 2.8% in the first quarter. Renaissance Technologies LLC now owns 491,700 shares of the insurance provider’s stock valued at $7,080,000 after buying an additional 13,300 shares during the period. 58.04% of the stock is owned by institutional investors.

About State National Companies

State National Companies, Inc is a specialty provider of property and casualty insurance. The Company’s segments include Program Services, Lender Services and Corporate. In the Program Services segment, the Company operates an issuing carrier (fronting) business to provide insurance capacity access to the United States property and casualty insurance markets.

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