Cna Financial Corp (CNA) Cut to Hold at Zacks Investment Research
Cna Financial Corp (NYSE:CNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Shares of CNA Financial have outperformed the Zacks categorized Property and Casualty insurance industry year to date. CNA Financial’s is one of the versatile property and casualty (P&C) insurers displaying continued improvement in the combined ratio of its P&C business, leading to underwriting profitability. Moreover, the company remains committed in enhancing shareholders value via effective capital deployment. This in turn, makes the stock an attractive pick for yield-seeking investors. However, the insurer has been suffering significant catastrophe losses, which pose an inherent risk to the P&C business, inducing volatility in underwriting results. Also, declining investment income and weak operating income remain concerns. The company also witnessed 2017 estimates moving south over the last 30days, the 2018 estimates increased over the same time frame.”
Separately, Deutsche Bank AG lowered Cna Financial Corp from a “buy” rating to a “hold” rating and boosted their target price for the company from $45.00 to $46.00 in a research note on Tuesday, May 2nd.
Cna Financial Corp (NYSE:CNA) traded down 0.61% during midday trading on Friday, reaching $44.09. The company had a trading volume of 203,977 shares. The company has a 50-day moving average price of $44.54 and a 200-day moving average price of $42.10. The stock has a market capitalization of $11.95 billion, a price-to-earnings ratio of 11.34 and a beta of 1.12. Cna Financial Corp has a one year low of $29.38 and a one year high of $46.44.
Cna Financial Corp (NYSE:CNA) last released its earnings results on Monday, May 1st. The insurance provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. Cna Financial Corp had a return on equity of 7.43% and a net margin of 9.17%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the company posted $0.64 EPS. Cna Financial Corp’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities analysts expect that Cna Financial Corp will post $3.39 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 15th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, May 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. Cna Financial Corp’s dividend payout ratio is presently 31.65%.
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In other Cna Financial Corp news, CEO Dino Robusto purchased 12,000 shares of Cna Financial Corp stock in a transaction that occurred on Tuesday, February 21st. The shares were bought at an average price of $41.84 per share, for a total transaction of $502,080.00. Following the acquisition, the chief executive officer now directly owns 12,000 shares in the company, valued at $502,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Rosenberg sold 15,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $45.02, for a total value of $675,300.00. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Cna Financial Corp during the fourth quarter worth $29,667,000. CORDA Investment Management LLC. purchased a new position in Cna Financial Corp during the third quarter worth $8,838,000. Acadian Asset Management LLC increased its position in Cna Financial Corp by 603.5% in the first quarter. Acadian Asset Management LLC now owns 245,583 shares of the insurance provider’s stock worth $10,848,000 after buying an additional 210,674 shares during the period. LSV Asset Management increased its position in Cna Financial Corp by 17.3% in the first quarter. LSV Asset Management now owns 1,352,502 shares of the insurance provider’s stock worth $59,740,000 after buying an additional 199,443 shares during the period. Finally, First Trust Advisors LP increased its position in Cna Financial Corp by 41.6% in the first quarter. First Trust Advisors LP now owns 581,424 shares of the insurance provider’s stock worth $25,681,000 after buying an additional 170,926 shares during the period. Institutional investors own 99.12% of the company’s stock.
About Cna Financial Corp
CNA Financial Corporation is an insurance holding company. The Company’s segments include Specialty, Commercial, International, Life & Group Non-Core, and Corporate & Other Non-Core. Its Specialty segment provides a range of professional, financial, and specialty property, and casualty products and services.
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