Employers (NYSE:EIG) Price Target Raised to $59.00 at Truist Financial

Employers (NYSE:EIG) had its price objective lifted by Truist Financial from $49.00 to $59.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on the company. Weiss Ratings upgraded Employers from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 26th. Wall Street Zen raised Employers from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Finally, Zacks Research downgraded shares of Employers from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.00.

Employers Stock Down 2.2%

EIG stock opened at $50.47 on Friday. Employers has a twelve month low of $35.73 and a twelve month high of $52.59. The company has a quick ratio of 0.40, a current ratio of 1.44 and a debt-to-equity ratio of 0.15. The company has a market cap of $920.54 million, a PE ratio of 73.14 and a beta of 0.46. The business’s 50-day simple moving average is $48.14 and its 200 day simple moving average is $44.29.

Employers (NYSE:EIG) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.57 by $0.13. Employers had a return on equity of 1.30% and a net margin of 0.91%.The firm had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $203.51 million. During the same quarter in the prior year, the firm posted $0.48 EPS. The company’s revenue for the quarter was down 10.6% on a year-over-year basis. On average, research analysts anticipate that Employers will post 2.15 earnings per share for the current year.

Employers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, August 12th. Employers’s dividend payout ratio is currently 197.10%.

Hedge Funds Weigh In On Employers

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Azarias Capital Management L.P. acquired a new position in Employers during the 4th quarter worth about $2,983,000. Legato Capital Management LLC grew its stake in shares of Employers by 230.7% during the fourth quarter. Legato Capital Management LLC now owns 34,479 shares of the financial services provider’s stock valued at $1,488,000 after purchasing an additional 24,053 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Employers by 719.3% during the fourth quarter. Intech Investment Management LLC now owns 95,115 shares of the financial services provider’s stock valued at $4,106,000 after purchasing an additional 83,506 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Employers by 24.4% in the fourth quarter. Teacher Retirement System of Texas now owns 139,159 shares of the financial services provider’s stock valued at $6,007,000 after purchasing an additional 27,299 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of Employers in the fourth quarter valued at approximately $1,606,000. Institutional investors own 80.49% of the company’s stock.

Employers News Roundup

Here are the key news stories impacting Employers this week:

• Positive Sentiment: Truist raises target and upgrades shares: Truist Financial increased its price target from $49 to $59 and upgraded Employers to “Buy,” implying roughly 17% upside from the referenced price. The action signals improved confidence in the insurer’s earnings outlook. Benzinga analyst action
• Positive Sentiment: Second-quarter earnings exceeded expectations: Employers reported earnings of $0.70 per share, ahead of the $0.57 consensus estimate, while revenue of $220.2 million also surpassed expectations. EPS increased from $0.48 in the prior-year quarter, providing a favorable catalyst despite lower revenue year over year. Q2 earnings results
• Positive Sentiment: Capital returns continue: The company declared a quarterly dividend of $0.34 per share, payable August 26 to shareholders of record August 12. Employers also repurchased approximately 652,000 shares during the quarter and had $113 million remaining under its buyback authorization. Dividend announcement
• Neutral Sentiment: California strategy may support growth: Employers is expanding loss-sensitive insurance offerings as California’s 6.6% advisory rate takes effect September 1. The initiative could improve competitiveness and premium growth, but execution and the ultimate effect on underwriting results remain uncertain. California offerings expansion
• Negative Sentiment: Insurance volume and underwriting metrics weakened: Net premiums earned fell 12% year over year to $174.1 million, gross written premiums declined to $163.4 million from $203.3 million, and policies in force decreased. The combined ratio was 105.8%, indicating underwriting losses and limiting the benefit of the earnings beat.

About Employers

Employers Holdings, Inc (NYSE: EIG) is a publicly traded property and casualty insurance holding company headquartered in Des Moines, Iowa. Through its subsidiaries, Employers Mutual Casualty Company and Employers Preferred Insurance Company, the firm specializes in providing workers’ compensation coverage alongside an array of commercial insurance products. Its service offerings include general liability, commercial auto, businessowners policies and umbrella coverages, tailored to meet the risk-management needs of small and mid-sized businesses across multiple industries.

The company markets its insurance solutions primarily through a network of independent agencies and brokers, leveraging local market expertise to underwrite policies that address the unique exposures faced by clients in manufacturing, construction, healthcare, retail and service sectors.