Zacks Investment Research Downgrades Employers (EIG) to Hold
Employers (NYSE:EIG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Employers Holdings, Inc. is a specialty provider of workers compensation insurance focused on select small businesses engaged in low to medium hazard industries. It markets its products through independent local, regional, and national agents and brokers, as well as through its strategic partnerships and alliances and relationships with national, regional, and local trade groups and associations. Employers Holdings, Inc. is headquartered in Reno, Nevada. “
Separately, Boenning Scattergood upgraded Employers from a “neutral” rating to an “outperform” rating and set a $47.00 target price for the company in a report on Thursday, October 25th.
Employers (NYSE:EIG) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.41. The business had revenue of $228.90 million during the quarter, compared to the consensus estimate of $205.48 million. Employers had a return on equity of 13.43% and a net margin of 17.89%. On average, research analysts predict that Employers will post 3.49 EPS for the current year.
In other news, EVP Lenard T. Ormsby sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $42.29, for a total transaction of $126,870.00. Following the completion of the sale, the executive vice president now owns 22,681 shares in the company, valued at $959,179.49. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Lawrence S. Rogers sold 1,100 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $45.40, for a total value of $49,940.00. Following the sale, the senior vice president now owns 7,040 shares of the company’s stock, valued at approximately $319,616. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in shares of Employers during the third quarter valued at approximately $136,000. First Citizens Bank & Trust Co. purchased a new position in shares of Employers during the third quarter valued at approximately $209,000. Amalgamated Bank purchased a new position in shares of Employers during the third quarter valued at approximately $212,000. Crossmark Global Holdings Inc. purchased a new position in shares of Employers during the third quarter valued at approximately $225,000. Finally, Verition Fund Management LLC purchased a new position in shares of Employers during the third quarter valued at approximately $287,000. Hedge funds and other institutional investors own 79.83% of the company’s stock.
Employers Company Profile
Employers Holdings, Inc, through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard industries. The company markets its products through independent local, regional, and national agents and brokers; and alternative distribution channels comprising its partners, as well as through national, regional, and local trade groups and associations.
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