Alleghany Corp. (Y) Downgraded by Zacks Investment Research
Alleghany Corp. (NYSE:Y) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “ALLEGHANY CORP. is engaged, through its subsidiaries Chicago Title and Trust Company (CT&T), Chicago Title Insurance Company (CTI), Security Union Title Insurance Company (Security Union) and Ticor Title Insurance Company (Ticor Title) and their subsidiaries, in the sale and underwriting of title insurance and in other real estate-related services businesses, and through CT&T’s subsidiary, Alleghany Asset Management, Inc. (Alleghany Asset Management) and its subsidiaries, in certain other financial services businesses. “
Separately, Citigroup Inc. raised Alleghany Corp. from a “neutral” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Thursday, June 16th.
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Shares of Alleghany Corp. (NYSE:Y) traded up 0.93% during trading on Wednesday, reaching $526.85. The company’s stock had a trading volume of 1,817 shares. The stock has a market capitalization of $8.13 billion, a PE ratio of 17.06 and a beta of 0.84. The firm’s 50-day moving average is $530.54 and its 200-day moving average is $523.03. Alleghany Corp. has a 12-month low of $446.50 and a 12-month high of $553.48.
Alleghany Corp. (NYSE:Y) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.21 by $3.25. Alleghany Corp. had a return on equity of 6.07% and a net margin of 8.64%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $11.40 EPS. Alleghany Corp.’s quarterly revenue was up 21.7% compared to the same quarter last year. Equities analysts expect that Alleghany Corp. will post $1.38 earnings per share for the current year.
A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Alleghany Corp. during the fourth quarter worth $65,091,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Alleghany Corp. by 7.0% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 4,785 shares of the company’s stock worth $2,374,000 after buying an additional 313 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Alleghany Corp. by 200.1% in the first quarter. Acadian Asset Management LLC now owns 16,649 shares of the company’s stock worth $8,261,000 after buying an additional 11,102 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of Alleghany Corp. by 4.3% in the first quarter. Glenmede Trust Co. NA now owns 3,699 shares of the company’s stock worth $1,834,000 after buying an additional 153 shares during the last quarter. Finally, Aperio Group LLC increased its stake in shares of Alleghany Corp. by 3.2% in the first quarter. Aperio Group LLC now owns 4,694 shares of the company’s stock worth $2,329,000 after buying an additional 145 shares during the last quarter. 81.96% of the stock is currently owned by institutional investors.
About Alleghany Corp.
Alleghany Corporation is an insurance holding company. The Company owns and manages operating subsidiaries and investments, which are involved in the property and casualty reinsurance and insurance. The Company operates through two segments: reinsurance and insurance. The Company’s reinsurance segment consists of property and casualty reinsurance operations conducted by the Company’s subsidiary, Transatlantic Holdings, Inc (TransRe), and its reinsurance operating subsidiaries.
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