Watford (NASDAQ:WTRE) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Watford (NASDAQ:WTRE) from a sell rating to a hold rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “Watford Holdings Ltd. is a property and casualty insurance and reinsurance company. It operates primarily in Bermuda, the United States and Europe. The company combines a diversified, casualty-focused underwriting portfolio, accessed through a renewable strategic underwriting management relationship with Arch Capital Group Ltd. Watford Holdings Ltd. is based in Pembroke, Bermuda. “

Several other analysts have also commented on the company. JMP Securities dropped their target price on Watford from $33.00 to $28.00 and set a market outperform rating on the stock in a report on Thursday, April 16th. BidaskClub downgraded Watford from a buy rating to a hold rating in a research report on Tuesday, June 16th. Morgan Stanley lowered their price target on Watford from $15.00 to $14.00 and set an equal weight rating on the stock in a research report on Monday, May 18th. JPMorgan Chase & Co. lowered their price target on Watford from $22.00 to $18.00 and set a neutral rating on the stock in a research report on Tuesday, May 5th. Finally, ValuEngine upgraded Watford from a buy rating to a strong-buy rating in a research report on Friday, May 1st. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Watford currently has a consensus rating of Buy and a consensus price target of $21.75.

Watford stock opened at $15.83 on Friday. The firm has a market cap of $302.08 million, a price-to-earnings ratio of -1.16 and a beta of 0.59. Watford has a 52 week low of $10.86 and a 52 week high of $28.90. The business’s 50-day moving average price is $15.04 and its 200 day moving average price is $19.11. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.31.

Watford (NASDAQ:WTRE) last posted its earnings results on Monday, May 4th. The company reported ($13.42) EPS for the quarter, topping the consensus estimate of ($13.69) by $0.27. The firm had revenue of ($122.53) million for the quarter. Watford had a negative return on equity of 30.56% and a net margin of 8.38%. Equities analysts expect that Watford will post -11.1 EPS for the current year.

In other news, CFO Robert L. Hawley bought 2,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $23.88 per share, for a total transaction of $47,760.00. Following the completion of the transaction, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $47,760. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert L. Hawley bought 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of $11.50 per share, for a total transaction of $34,500.00. Following the transaction, the chief financial officer now owns 21,078 shares of the company’s stock, valued at $242,397. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 16,146 shares of company stock worth $224,658. Company insiders own 1.61% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WTRE. California Public Employees Retirement System purchased a new position in shares of Watford in the fourth quarter valued at approximately $592,000. Rhumbline Advisers lifted its position in Watford by 2.4% during the fourth quarter. Rhumbline Advisers now owns 27,712 shares of the company’s stock worth $697,000 after buying an additional 651 shares in the last quarter. Swiss National Bank purchased a new position in Watford during the fourth quarter worth approximately $984,000. State Street Corp lifted its position in Watford by 8.2% during the fourth quarter. State Street Corp now owns 363,356 shares of the company’s stock worth $9,142,000 after buying an additional 27,668 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Watford by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 57,787 shares of the company’s stock worth $1,454,000 after buying an additional 1,438 shares in the last quarter. Institutional investors and hedge funds own 31.08% of the company’s stock.

Watford Company Profile

Watford Holdings Ltd., together with its subsidiaries, operates as a property, casualty, and mortgage insurance and reinsurance company worldwide. The company was founded in 2013 and is headquartered in Pembroke, Bermuda.

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