Insider Selling: Platinum Underwriters Holdings EVP Unloads 11,000 Shares of Stock (PTP)
Platinum Underwriters Holdings (NYSE:PTP) EVP Kenneth Kurtzman sold 11,000 shares of Platinum Underwriters Holdings stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $62.52, for a total transaction of $687,720.00. Following the transaction, the executive vice president now directly owns 30,014 shares in the company, valued at approximately $1,876,475. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Platinum Underwriters Holdings (NYSE:PTP) traded down 0.64% during mid-day trading on Friday, hitting $61.79. The stock had a trading volume of 202,684 shares. Platinum Underwriters Holdings has a 52 week low of $39.55 and a 52 week high of $63.60. The stock has a 50-day moving average of $60.51 and a 200-day moving average of $58.39. The company has a market cap of $1.724 billion and a price-to-earnings ratio of 6.63.
Platinum Underwriters Holdings (NYSE:PTP) last announced its earnings results on Thursday, October 17th. The company reported $1.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.95 by $0.37. The company had revenue of $154.20 million for the quarter, compared to the consensus estimate of $155.33 million. During the same quarter last year, the company posted $2.54 earnings per share. Platinum Underwriters Holdings’s revenue was down 16.2% compared to the same quarter last year. Analysts expect that Platinum Underwriters Holdings will post $6.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Wednesday, November 27th.
A number of analysts have recently weighed in on PTP shares. Analysts at Keefe, Bruyette & Woods initiated coverage on shares of Platinum Underwriters Holdings in a research note to investors on Monday, October 14th. They set an “outperform” rating and a $67.00 price target on the stock. Separately, analysts at Zacks upgraded shares of Platinum Underwriters Holdings from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, October 1st. They now have a $63.30 price target on the stock. Finally, analysts at TheStreet downgraded shares of Platinum Underwriters Holdings from a “buy” rating to a “hold” rating in a research note to investors on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $60.43.
Platinum Underwriters Holdings, Ltd. (NYSE:PTP) is a holding company.
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