Alleghany (NYSE:Y) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Sunday, Zacks.com reports. They currently have a $809.00 price target on the insurance provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.38% from the stock’s current price.
According to Zacks, “Shares of Alleghany have outperformed the industry in a year’s time. The company's strong performance across insurance and reinsurance operations will continue to boost its premium revenues. Alleghany strives to grow via both acquisitions and organic means as these not only diversify and strengthen its portfolio but also expand its global footprint. A solid balance sheet with increase in liquidity and decrease in debt and modest leverage supports the company’s shareholder-friendly moves and its growth initiatives. Continued strong underwriting performances by TransRe and RSUI, CapSpecialty and PacificComp should drive the results in the near term. However, exposure to catastrophe losses induces volatility in underwriting results. Also, escalating expenses weighing on margin expansion also remain a concern for the company.”
A number of other equities research analysts have also issued reports on Y. ValuEngine raised Alleghany from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Royal Bank of Canada increased their price target on Victory Capital to $19.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. Deutsche Bank started coverage on Markel in a research report on Thursday, May 23rd. They issued a “hold” rating and a $1,000.00 price target on the stock. Finally, JMP Securities increased their price target on Pegasystems from $72.00 to $81.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Alleghany currently has an average rating of “Buy” and a consensus target price of $736.33.
Alleghany (NYSE:Y) last released its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $9.66 earnings per share for the quarter, topping analysts’ consensus estimates of $9.51 by $0.15. The business had revenue of $2.32 billion during the quarter. Alleghany had a return on equity of 2.53% and a net margin of 4.04%. The business’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $11.24 earnings per share. On average, equities analysts expect that Alleghany will post 37.33 EPS for the current year.
In related news, Director Phillip M. Martineau sold 559 shares of Alleghany stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $684.53, for a total value of $382,652.27. Following the sale, the director now directly owns 3,214 shares in the company, valued at $2,200,079.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William K. Lavin sold 286 shares of Alleghany stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $665.24, for a total value of $190,258.64. Following the completion of the sale, the director now owns 2,295 shares in the company, valued at $1,526,725.80. The disclosure for this sale can be found here. 3.44% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of Y. Barrett Asset Management LLC increased its stake in Alleghany by 50.0% in the first quarter. Barrett Asset Management LLC now owns 75 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 25 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Alleghany in the first quarter valued at $59,000. Marshall Wace North America L.P. acquired a new position in Alleghany in the first quarter valued at $61,000. Quadrant Capital Group LLC increased its stake in Alleghany by 730.8% in the first quarter. Quadrant Capital Group LLC now owns 108 shares of the insurance provider’s stock valued at $64,000 after purchasing an additional 95 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Alleghany in the first quarter valued at $102,000. Institutional investors own 81.94% of the company’s stock.
Alleghany Corporation provides property and casualty reinsurance and insurance products in the United States and internationally. The company operates in three segments: Reinsurance, Insurance, and Alleghany Capital. The Reinsurance segment offers fire, allied lines, auto physical damage, and homeowners multiple peril reinsurance products; and casualty and other reinsurance products, such as medical malpractice, ocean marine and aviation, accident and health, mortgage, surety, and credit reinsurance products, as well as directors' and officers', errors and omissions, general, and auto liability reinsurance.
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