ACE Limited Receives Outperform Rating from Zacks (ACE)
ACE Limited (NYSE:ACE)‘s stock had its “outperform” rating reissued by Zacks in a research note issued on Monday. They currently have a $126.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 20.27% from the stock’s previous close.
Zacks’ analyst wrote, “ACE Limited’s second-quarter earnings per share surpassed the Zacks Consensus Estimate as well as year-ago number. Solid underwriting performances coupled with improved investment results aided the outperformance. Premium revenue grew globally. The company continues to benefit from a better commercial P&C pricing environment in the U.S., enjoying another quarter of rate increase. Its inorganic story seems impressive as well with suitable acquisitions in its pipeline. ACE Limited expects the acquisitions to meet or exceed its long-term return on equity goal of 15% within the next few years. Its capital position is also strong and allows it to remain committed to shareholders’ value enhancement with regular dividend hikes and a $2 billion share buyback program. ACE Limited eyes the repurchase of $1.5 billion worth of shares by 2014 end. The company also scores strongly with credit rating agencies. “
Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of ACE Limited in a research note on Thursday, July 24th. They now have a $108.00 price target on the stock, up previously from $100.00. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $112.78.
ACE Limited (NYSE:ACE) traded up 0.40% during mid-day trading on Monday, hitting $105.18. The stock had a trading volume of 305,910 shares. ACE Limited has a one year low of $87.11 and a one year high of $108.62. The stock has a 50-day moving average of $103.0 and a 200-day moving average of $101.1. The company has a market cap of $35.309 billion and a P/E ratio of 10.48.
ACE Limited (NYSE:ACE) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $2.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.23 by $0.19. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.07 billion. During the same quarter in the prior year, the company posted $2.29 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. On average, analysts predict that ACE Limited will post $9.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 21st. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.48%.
ACE Ltd (NYSE:ACE) is a holding company.
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