Zacks Investment Research upgraded shares of Alleghany Corporation (NYSE:Y) from a sell rating to a hold rating in a research report released on Monday.
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.”
Several other research analysts have also weighed in on the stock. BidaskClub raised shares of Alleghany Corporation from a sell rating to a hold rating in a research note on Tuesday, July 25th. JMP Securities raised shares of Alleghany Corporation from a market perform rating to an outperform rating and set a $625.00 price target on the stock in a research note on Monday, September 11th.
Shares of Alleghany Corporation (Y) traded up $4.25 during trading on Monday, hitting $581.28. 64,900 shares of the company were exchanged, compared to its average volume of 50,096. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.18. Alleghany Corporation has a 1-year low of $521.07 and a 1-year high of $667.19.
Alleghany Corporation (NYSE:Y) last posted its quarterly earnings data on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share for the quarter, beating the consensus estimate of ($28.83) by $6.80. The firm 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 EPS. equities research analysts forecast that Alleghany Corporation will post -0.24 EPS for the current fiscal year.
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Several large investors have recently added to or reduced their stakes in the business. Financial Architects Inc lifted its holdings in shares of Alleghany Corporation by 2.9% in the second quarter. Financial Architects Inc now owns 175 shares of the insurance provider’s stock worth $104,000 after acquiring an additional 5 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Alleghany Corporation by 11.8% in the second quarter. Toronto Dominion Bank now owns 189 shares of the insurance provider’s stock worth $112,000 after acquiring an additional 20 shares during the last quarter. Zions Bancorporation lifted its holdings in shares of Alleghany Corporation by 3,940.0% in the third quarter. Zions Bancorporation now owns 202 shares of the insurance provider’s stock worth $112,000 after acquiring an additional 197 shares during the last quarter. YorkBridge Wealth Partners LLC lifted its holdings in shares of Alleghany Corporation by 1.5% in the second quarter. YorkBridge Wealth Partners LLC now owns 206 shares of the insurance provider’s stock worth $124,000 after acquiring an additional 3 shares during the last quarter. Finally, Fiduciary Trust Co. bought a new position in shares of Alleghany Corporation in the second quarter worth about $164,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.
Alleghany Corporation Company Profile
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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