Zacks Investment Research Upgrades Alleghany Corporation (Y) to “Hold”
Alleghany Corporation (NYSE:Y) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Alleghany’s strong performance across insurance and reinsurance operations will continue to fuel premium revenues. It strives to grow via acquisitions and organic initiatives as these not only diversify and strengthen its portfolio but also expand its international footprint. A solid balance sheet with healthy capital position supports shareholder-friendly moves and growth initiatives. However, exposure to cat loss induces volatility to underwriting results and thus drags the bottom-line performance. Escalating expenses weighing on margin expansion remain concern. Investment results too remain depressed owing to the still low interest rate. Also, shares of the Alleghany have underperformed the industry year to date.”
A number of other equities analysts also recently commented on Y. BidaskClub downgraded shares of Alleghany Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. JMP Securities raised shares of Alleghany Corporation from a “market perform” rating to an “outperform” rating and set a $625.00 price objective for the company in a research note on Monday, September 11th.
Shares of Alleghany Corporation (Y) opened at $577.03 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.27 and a current ratio of 0.27. Alleghany Corporation has a twelve month low of $521.07 and a twelve month high of $667.19.
Alleghany Corporation (NYSE:Y) last announced its quarterly earnings results on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($28.83) by $6.80. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.36 billion. Alleghany Corporation had a negative return on equity of 0.14% and a net margin of 0.10%. During the same quarter in the previous year, the business earned $10.09 earnings per share. equities research analysts predict that Alleghany Corporation will post -0.24 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of Y. Financial Architects Inc increased its position in shares of Alleghany Corporation by 2.9% in the 2nd quarter. Financial Architects Inc now owns 175 shares of the insurance provider’s stock valued at $104,000 after acquiring an additional 5 shares during the period. Toronto Dominion Bank increased its position in shares of Alleghany Corporation by 11.8% in the 2nd quarter. Toronto Dominion Bank now owns 189 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 20 shares during the period. Zions Bancorporation increased its position in shares of Alleghany Corporation by 3,940.0% in the 3rd quarter. Zions Bancorporation now owns 202 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 197 shares during the period. YorkBridge Wealth Partners LLC increased its position in shares of Alleghany Corporation by 1.5% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 206 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 3 shares during the period. Finally, Fiduciary Trust Co. acquired a new position in shares of Alleghany Corporation in the 2nd quarter valued at $164,000. 81.02% of the stock is currently owned by institutional investors and hedge funds.
Alleghany Corporation Company Profile
Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are conducted by its subsidiaries RSUI Group, Inc (RSUI), CapSpecialty, Inc (CapSpecialty) and Pacific Compensation Corporation (PacificComp).
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