EMC Insurance Group Trading 6.8% Higher Following Earnings Beat (EMCI)
Shares of EMC Insurance Group (NASDAQ:EMCI) traded up 6.8% during trading on Friday following a stronger than expected earnings report, AR Network reports. The stock traded as high as $31.43 and last traded at $30.27, with a volume of 69,378 shares changing hands. The stock had previously closed at $28.33.
The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.02.
EMCI has been the subject of a number of recent research reports. Analysts at Sandler O’Neill upgraded shares of EMC Insurance Group from a “hold” rating to a “buy” rating in a research note on Friday. They now have a $32.00 price target on the stock, up previously from $30.00. Separately, analysts at Keefe, Bruyette & Woods upgraded shares of EMC Insurance Group from a “market perform” rating to an “outperform” rating in a research note on Friday. They now have a $35.00 price target on the stock, up previously from $30.00. Finally, analysts at Monness Crespi & Hardt downgraded shares of EMC Insurance Group to a “neutral” rating in a research note on Thursday, January 16th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $30.42.
The stock’s 50-day moving average is $28.59 and its 200-day moving average is $29.96. The company has a market cap of $401.4 million and a P/E ratio of 9.06.
EMC Insurance Group Inc is an insurance holding company. The Company conducts operations in property and casualty insurance, and reinsurance through its subsidiaries.
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