Alleghany Corp. (Y) Lowered to Sell at Zacks Investment Research
Alleghany Corp. (NYSE:Y) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report 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 target price on the stock in a report on Thursday, June 16th.
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Alleghany Corp. (NYSE:Y) traded up 0.93% on Wednesday, reaching $526.85. The company’s stock had a trading volume of 1,825 shares. The firm has a 50-day moving average of $530.54 and a 200-day moving average of $523.03. Alleghany Corp. has a one year low of $446.50 and a one year high of $553.48. The company has a market capitalization of $8.13 billion, a PE ratio of 17.06 and a beta of 0.84.
Alleghany Corp. (NYSE:Y) last issued its earnings results on Tuesday, August 2nd. The company reported $2.96 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 earned $1.58 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $11.40 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Analysts predict that Alleghany Corp. will post $1.38 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Findlay Park Partners LLP raised its position in shares of Alleghany Corp. by 2.7% in the first quarter. Findlay Park Partners LLP now owns 249,737 shares of the company’s stock valued at $123,919,000 after buying an additional 6,632 shares during the period. BlackRock Japan Co. Ltd raised its position in shares of Alleghany Corp. by 3.9% in the first quarter. BlackRock Japan Co. Ltd now owns 19,566 shares of the company’s stock valued at $9,709,000 after buying an additional 730 shares during the period. BlackRock Fund Advisors raised its position in shares of Alleghany Corp. by 3.8% in the first quarter. BlackRock Fund Advisors now owns 617,378 shares of the company’s stock valued at $306,343,000 after buying an additional 22,362 shares during the period. BlackRock Group LTD raised its position in shares of Alleghany Corp. by 3.1% in the first quarter. BlackRock Group LTD now owns 123,355 shares of the company’s stock valued at $61,210,000 after buying an additional 3,730 shares during the period. Finally, BlackRock Inc. raised its position in shares of Alleghany Corp. by 6.2% in the first quarter. BlackRock Inc. now owns 20,401 shares of the company’s stock valued at $10,123,000 after buying an additional 1,189 shares during the period. Institutional investors own 81.96% of the company’s stock.
Alleghany Corp. Company Profile
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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