Employers (NYSE:EIG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday. The brokerage presently has a $51.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.08% from the company’s current price.
According to Zacks, “Employers Holdings, Inc. is a specialty provider of workers compensation insurance focused on select small businesses engaged in low to medium hazard industries. It markets its products through independent local, regional, and national agents and brokers, as well as through its strategic partnerships and alliances and relationships with national, regional, and local trade groups and associations. Employers Holdings, Inc. is headquartered in Reno, Nevada. “
Separately, Boenning Scattergood raised Employers from a “neutral” rating to an “outperform” rating and set a $47.00 price target for the company in a research note on Thursday.
Employers (NYSE:EIG) last announced its quarterly earnings results on Wednesday, October 24th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.41. The company had revenue of $228.90 million during the quarter, compared to analysts’ expectations of $205.48 million. Employers had a return on equity of 13.43% and a net margin of 17.89%. Analysts anticipate that Employers will post 3.04 EPS for the current year.
In related news, EVP Lenard T. Ormsby sold 4,000 shares of the stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $46.62, for a total transaction of $186,480.00. Following the completion of the sale, the executive vice president now directly owns 23,681 shares of the company’s stock, valued at approximately $1,104,008.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lenard T. Ormsby sold 2,904 shares of the stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $43.00, for a total value of $124,872.00. Following the sale, the executive vice president now directly owns 19,777 shares of the company’s stock, valued at $850,411. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,172 shares of company stock valued at $417,948. 3.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EIG. JPMorgan Chase & Co. increased its stake in Employers by 6.8% during the 1st quarter. JPMorgan Chase & Co. now owns 66,386 shares of the financial services provider’s stock worth $2,685,000 after purchasing an additional 4,225 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Employers by 7.3% during the 1st quarter. Russell Investments Group Ltd. now owns 65,109 shares of the financial services provider’s stock worth $2,634,000 after acquiring an additional 4,445 shares during the last quarter. Legal & General Group Plc boosted its position in Employers by 2.9% during the 1st quarter. Legal & General Group Plc now owns 66,781 shares of the financial services provider’s stock worth $2,697,000 after acquiring an additional 1,907 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new position in Employers during the 1st quarter worth approximately $345,000. Finally, WINTON GROUP Ltd acquired a new position in Employers during the 1st quarter worth approximately $624,000. 78.72% of the stock is owned by institutional investors and hedge funds.
Employers Company Profile
Employers Holdings, Inc, through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard industries. The company markets its products through independent local, regional, and national agents and brokers; and alternative distribution channels comprising its partners, as well as through national, regional, and local trade groups and associations.
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