SeaBright sinks 16% on downgrade, lower Q2 earnings

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SeaBright Insurance Holdings Inc. (Nasdaq:SEAB) is 16% lower today after Friedman Billings Ramsey downgraded the company to “market perform” from “outperform” ahead of the opening. The research firm cut the price target to $16 from $23. SeaBright reported lower second-quarter earnings after Tuesday’s close. For the quarter ended June 30, net income was $6.4 million, or $0.30 per share, compared with $10.2 million, or $0.49 a share, for the same quarter a year earlier. Revenues were $61.8 million, versus $60.7 million for the period a year earlier.

In today’s trading, shares of the Seattle-based SeaBright are off $2.26 at $12.06. During the past 52 weeks, shares have ranged from $10.64 to $19.98. Today’s trading volume is nearly double the average number of shares.

For detailed price information and recent news stories about SeaBright Insurance Holdings Inc., click SEAB.