Zacks Investment Research Lowers Athene (NYSE:ATH) to Sell

Zacks Investment Research cut shares of Athene (NYSE:ATH) from a hold rating to a sell rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Athene Holding Ltd. is a retirement services company. Its products and services include Fixed and fixed indexed annuity products, Reinsurance services offered to third-party annuity providers and Institutional products, such as funding agreements. Athene Holding Ltd. is based in Pembroke, Bermuda. “

Several other research firms have also weighed in on ATH. Credit Suisse Group dropped their price objective on shares of Athene from $67.00 to $57.00 and set an outperform rating on the stock in a research note on Tuesday, May 21st. Wells Fargo & Co cut shares of Mylan from an outperform rating to a market perform rating and decreased their target price for the stock from $33.00 to $22.00 in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $55.80.

ATH opened at $42.78 on Tuesday. Athene has a 52 week low of $37.20 and a 52 week high of $53.92. The stock’s fifty day moving average price is $42.86. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 7.35, a P/E/G ratio of 0.38 and a beta of 0.98. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.11 and a current ratio of 0.11.

Athene (NYSE:ATH) last issued its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $1.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.70 by ($0.20). The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.25 billion. Athene had a net margin of 14.36% and a return on equity of 13.32%. The company’s revenue was up 24.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. Research analysts expect that Athene will post 7.09 earnings per share for the current year.

In other news, CEO James Richard Belardi acquired 80,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $2,000,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Lauren Gillis sold 19,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $42.64, for a total transaction of $831,480.00. Following the transaction, the insider now owns 177,817 shares of the company’s stock, valued at approximately $7,582,116.88. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 130,000 shares of company stock valued at $3,250,000. Corporate insiders own 8.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrant Capital Group LLC acquired a new stake in shares of Athene during the 1st quarter worth approximately $27,000. Truvestments Capital LLC purchased a new stake in shares of Athene during the first quarter valued at $51,000. Bremer Bank National Association purchased a new stake in shares of Athene during the first quarter valued at $64,000. Advisors Asset Management Inc. boosted its position in shares of Athene by 70.9% during the first quarter. Advisors Asset Management Inc. now owns 2,362 shares of the insurance provider’s stock valued at $96,000 after buying an additional 980 shares during the last quarter. Finally, NumerixS Investment Technologies Inc boosted its position in shares of Athene by 14.3% during the first quarter. NumerixS Investment Technologies Inc now owns 2,400 shares of the insurance provider’s stock valued at $98,000 after buying an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 71.88% of the company’s stock.

Athene Company Profile

Athene Holding Ltd., a retirement services company, issues, reinsures, and acquires retirement savings products in the United States and Bermuda. It offers fixed deferred, immediate, and payout annuities; and funding agreements and pension risk transfer products to institutional investors. The company's products are designed for individuals and institutions seeking to fund retirement needs.

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