Insurance is not the business you want to be in after Isaac decided to remind Louisiana residents that hurricane Katrina was not a once in a lifetime event. However, one insurance focused company that you want to add to the list of penny stocks to watch is Jacobs Financial Group Inc. (JFGI), even to buy. Since they began trading in the beginning of the month, JFGI stock has risen like the New Orleans flood waters, over 2,000%, on speculation that you could be receiving some hard mailers in the coming days.
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JFGI Stock Chart
Close: 0.0448, down -0.0072 (-13.85%)
Volume: 252,183
Dollar Volume: $11,839
High: 0.0542
Trades: 34
Average Trade Size: 7,417
Authorized: 490,000,000
Issued and Outstanding: 269,955,331
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There isn’t really too much to get excited about with JFGI other than the PPS increase it has displayed in the last two weeks. Visit their website, and you’ll think you landed on a 2nd grade HTML homework project. Further investigating into their $8,256,038 in investments and cash as of February 29th, and you find that $8,254,975 is restricted. So where’s the juice?
Think Forum National Investments (FMNL) but on a smaller PPS scale.
Rather than life insurance, Jacob’s Financial operates through their four wholly owned subsidiaries, FS Investments, Inc., Jacobs & Company, First Surety Corporation and Crystal Mountain Water, Inc. The bulk of the business passes through First Surety.
As of the close of 2005, Jacob’s Financial acquired the former West Virginia Fire and Casualty Company, subsequently renamed First Surety Corporation, from The Celina Mutual Insurance Company. The acquisition consisted of the purchase of marketable investments and insurance licenses and did not include any existing policies or customer base as the insurance lines that were being offered were not the same types of insurance that new ownership intended to pursue.
First Surety, based in West Virginia, is a property and casualty company with licenses in West Virginia, Indiana and Ohio, targeting primarily coal and oil & gas industry surety markets in the Eastern United States. As of February 29, 2012, the Company has incurred an event of default with respect to quarterly interest and principal payments under its bridge-financing arrangement and needs $3,208,700 to cure the default.
That is where the juice has to flow from on this rumored hard mailer promotion that is about to commence.
About JFGI Stock
Jacobs Financial Group, Inc., through its subsidiaries, engages in placing surety bonds in the United States. It places surety bonds with insurance companies for clients engaged in various industries, such as the extraction of coal, oil, and gas. The company also provides investment advisory services to institutions, companies, and individuals.
In addition, it holds an undeveloped leasehold interest in a mineral water spring located near Hot Springs, Arkansas.
Click here to view the SEC filings for JFGI. Have fun tryng to read them since they are all in txt format and will bore you death.
Note: JFGI filed an NT 10-K yesterday, Notification of inability to timely file Form 10-K
Bottom Line: JFGI is on the list of pr-promotion penny stocks to watch with hard mailers having been rumored to have already been sent out. Just by looking at the recent trading activity of JFGI stock, you don’t need to be an insurance underwriter to notice that the risk is increasing every tenth of a cent that PPS increases.
Update: A copy cat of Awesome Penny Stocks is spamming out on JFGI.
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