Will the Steadfast Group Ltd share price fall lower?

Share prices in general insurance broker network Steadfast Group Ltd (ASX: SDF) have enjoyed a good two years of share price rises reaching an all-time high of $3.01 in December 2017, but prices have hit a downward slope in the last month. 

Steadfast Group has 361 network brokers, with 1,300 offices across Australia, New Zealand, UK and Singapore, with equity interests in underwriting agencies also. 

Steadfast Group opened at $2.60 on February 13, with the share price dropping below the 50 day moving average for the first time in more than a year this month, signalling the end of a positive upwards trend for the stock. 

Steadfast Group recently acquired insurance broker and underwriter firm Whitbread Group for $95 million after a capital raising effort of $107 million that fell short of expectations of $125 million due to a lukewarm response to its share purchase plan. 

Steadfast Group will report its first half earnings on February 21. 

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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