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

Watford (NASDAQ:WTRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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. “

Separately, Morgan Stanley began coverage on shares of Watford in a research report on Wednesday. They issued an “equal weight” rating and a $28.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.67.

Shares of WTRE stock traded down $0.18 during mid-day trading on Friday, hitting $25.20. The stock had a trading volume of 316,300 shares, compared to its average volume of 147,483. The company’s 50-day simple moving average is $27.05 and its 200-day simple moving average is $25.67. Watford has a fifty-two week low of $18.75 and a fifty-two week high of $28.99.

Watford (NASDAQ:WTRE) last released its earnings results on Tuesday, October 29th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.39). The company had revenue of $140.45 million for the quarter. Equities analysts forecast that Watford will post 3.54 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA acquired a new position in Watford during the second quarter valued at approximately $27,000. Bank of Montreal Can acquired a new position in shares of Watford during the second quarter worth $46,000. Rhumbline Advisers lifted its position in shares of Watford by 10.8% during the third quarter. Rhumbline Advisers now owns 27,061 shares of the company’s stock worth $729,000 after purchasing an additional 2,632 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Watford during the third quarter worth $104,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Watford by 837.8% during the third quarter. Tower Research Capital LLC TRC now owns 4,539 shares of the company’s stock worth $122,000 after purchasing an additional 4,055 shares in the last quarter. 12.42% of the stock is currently owned by institutional investors and hedge funds.

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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