Employers (NYSE:EIG) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Employers (NYSE:EIG) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $47.00 price objective on the financial services provider’s stock.

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 reaffirmed a buy rating and set a $50.00 target price on shares of Employers in a research note on Thursday, July 25th.

EIG stock traded down $0.31 during trading on Monday, reaching $42.80. 137 shares of the stock were exchanged, compared to its average volume of 121,075. The business has a 50 day moving average price of $43.18 and a 200-day moving average price of $42.67. Employers has a 1 year low of $39.31 and a 1 year high of $47.97. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 10.39 and a beta of 0.72.

Employers (NYSE:EIG) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.49 by $0.41. The company had revenue of $204.30 million during the quarter, compared to analysts’ expectations of $206.19 million. Employers had a net margin of 19.82% and a return on equity of 12.98%. During the same quarter in the previous year, the business posted $0.94 EPS. Sell-side analysts expect that Employers will post 2.73 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of EIG. Nuveen Asset Management LLC purchased a new stake in shares of Employers during the second quarter valued at approximately $18,414,000. Morgan Stanley lifted its holdings in shares of Employers by 337.7% during the second quarter. Morgan Stanley now owns 216,721 shares of the financial services provider’s stock worth $9,160,000 after buying an additional 167,211 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Employers during the second quarter worth approximately $29,327,000. Renaissance Technologies LLC lifted its holdings in shares of Employers by 24.3% during the second quarter. Renaissance Technologies LLC now owns 416,300 shares of the financial services provider’s stock worth $17,597,000 after buying an additional 81,400 shares during the last quarter. Finally, APG Asset Management N.V. lifted its holdings in shares of Employers by 280.0% during the second quarter. APG Asset Management N.V. now owns 100,318 shares of the financial services provider’s stock worth $3,724,000 after buying an additional 73,918 shares during the last quarter. Institutional investors own 80.47% of the company’s stock.

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; alternative distribution channels comprising its partners; and through national, regional, and local trade groups and associations, as well as directly to customers.

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