Alleghany (NYSE:Y) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Sunday. The firm currently has a $683.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.21% from the company’s previous close.

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, the company did not witness any estimate revisions for its 2018 estimate in the last 60 days. Shares of the Alleghany have underperformed the industry in year's time.”

Alleghany (Y) opened at $603.33 on Friday. Alleghany has a one year low of $521.07 and a one year high of $667.19. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $9,290.00, a price-to-earnings ratio of 1,471.54 and a beta of 0.96.

Alleghany (NYSE:Y) last posted its quarterly earnings results on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($28.83) by $6.80. Alleghany had a negative return on equity of 0.14% and a net margin of 0.10%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the business earned $10.09 earnings per share. research analysts expect that Alleghany will post -0.24 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank increased its position in Alleghany by 11.8% during the second 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 last quarter. Zions Bancorporation increased its position in Alleghany by 3,940.0% during the third 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 last quarter. YorkBridge Wealth Partners LLC increased its position in Alleghany by 1.5% during the second 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 last quarter. TLP Group LLC purchased a new stake in Alleghany during the second quarter valued at $238,000. Finally, Numeric Investors LLC purchased a new stake in Alleghany during the second quarter valued at $268,000. Hedge funds and other institutional investors own 82.25% of the company’s stock.

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Alleghany 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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