Zacks Investment Research upgraded shares of Alleghany Corporation (NYSE:Y) from a sell rating to a hold rating in a research note released on Monday morning.
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 research analysts have also recently issued reports on the stock. JMP Securities raised shares of Alleghany Corporation from a market perform rating to an outperform rating and set a $625.00 price target for the company in a report on Monday, September 11th. BidaskClub cut shares of Alleghany Corporation from a sell rating to a strong sell rating in a report on Thursday, August 10th.
Alleghany Corporation (NYSE:Y) last posted its quarterly earnings results on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($28.83) by $6.80. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Alleghany Corporation had a net margin of 0.10% and a negative return on equity of 0.14%. During the same quarter last year, the company posted $10.09 earnings per share. equities analysts anticipate that Alleghany Corporation will post -0.24 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in Y. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Alleghany Corporation by 14.9% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 4,750 shares of the insurance provider’s stock valued at $2,825,000 after purchasing an additional 616 shares during the period. JPMorgan Chase & Co. grew its position in shares of Alleghany Corporation by 1.6% in the second quarter. JPMorgan Chase & Co. now owns 345,474 shares of the insurance provider’s stock valued at $205,487,000 after purchasing an additional 5,434 shares during the period. Commonwealth Bank of Australia boosted its position in Alleghany Corporation by 1,470.6% during the second quarter. Commonwealth Bank of Australia now owns 1,602 shares of the insurance provider’s stock worth $952,000 after acquiring an additional 1,500 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Alleghany Corporation by 28.6% during the second quarter. Canada Pension Plan Investment Board now owns 900 shares of the insurance provider’s stock worth $535,000 after acquiring an additional 200 shares during the last quarter. Finally, Findlay Park Partners LLP boosted its position in Alleghany Corporation by 24.1% during the second quarter. Findlay Park Partners LLP now owns 202,142 shares of the insurance provider’s stock worth $120,234,000 after acquiring an additional 39,234 shares during the last quarter. 81.02% of the stock is owned by institutional investors.
About Alleghany Corporation
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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