CNA Financial Corporation (CNA) Rating Increased to Buy at Zacks Investment Research
CNA Financial Corporation (NYSE:CNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $53.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.61% from the stock’s current price.
According to Zacks, “Shares of CNA Financial have outperformed the Zacks categorized Property and Casualty insurance industry quarter to date. Though the company witnessed 2017 estimates moving south over the last 60 days, 2018 estimates increased over the same time frame. CNA Financial 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. 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.”
Separately, Deutsche Bank AG cut shares of CNA Financial Corporation from a “buy” rating to a “hold” rating and lifted their price target for the company from $45.00 to $46.00 in a research report on Tuesday, May 2nd.
CNA Financial Corporation (NYSE CNA) traded down 0.68% during midday trading on Monday, hitting $46.82. 56,088 shares of the stock traded hands. The stock’s 50-day moving average price is $45.40 and its 200-day moving average price is $42.99. CNA Financial Corporation has a 52 week low of $29.38 and a 52 week high of $47.26. The stock has a market capitalization of $12.69 billion, a P/E ratio of 12.04 and a beta of 1.17.
CNA Financial Corporation (NYSE:CNA) last issued its quarterly earnings results on Monday, May 1st. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. CNA Financial Corporation had a net margin of 11.08% and a return on equity of 8.11%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the company posted $0.64 EPS. CNA Financial Corporation’s revenue was down 2.2% on a year-over-year basis. Equities research analysts expect that CNA Financial Corporation will post $3.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 15th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, May 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. CNA Financial Corporation’s dividend payout ratio (DPR) is currently 25.77%.
COPYRIGHT VIOLATION NOTICE: This news story was posted by American Banking News and is owned by of American Banking News. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US & international trademark and copyright law. The legal version of this news story can be accessed at https://www.americanbankingnews.com/2017/06/12/cna-financial-corporation-cna-rating-increased-to-buy-at-zacks-investment-research.html.
In other CNA Financial Corporation news, Director Joseph Rosenberg sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $45.02, for a total transaction of $675,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management raised its stake in CNA Financial Corporation 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 in the last quarter. Norges Bank purchased a new stake in CNA Financial Corporation during the fourth quarter worth $29,667,000. Bank of America Corp DE raised its stake in CNA Financial Corporation by 0.5% in the first quarter. Bank of America Corp DE now owns 693,798 shares of the insurance provider’s stock worth $30,645,000 after buying an additional 3,408 shares in the last quarter. First Trust Advisors LP raised its stake in CNA Financial Corporation 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 in the last quarter. Finally, Vanguard Group Inc. raised its stake in CNA Financial Corporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 550,006 shares of the insurance provider’s stock worth $24,294,000 after buying an additional 20,462 shares in the last quarter. Institutional investors and hedge funds own 99.50% of the company’s stock.
About CNA Financial Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CNA Financial Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNA Financial Corporation and related companies with MarketBeat.com's FREE daily email newsletter.