Zacks Investment Research Upgrades Athene Holding Ltd. (ATH) to “Buy”
Athene Holding Ltd. (NYSE:ATH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $56.00 target price on the insurance provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.24% from the stock’s current price.
According to Zacks, “Athene Holding Ltd. is a retirement services company. Its products and services include Fixed and fixed indexed annuity products, Reinsurance services offered to third-party annuity providers and Institutional products, such as funding agreements. Athene Holding Ltd. is based in Pembroke, Bermuda. “
Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods upgraded Athene Holding from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $56.00 to $58.00 in a report on Monday, April 3rd. BMO Capital Markets reaffirmed a “neutral” rating and set a $54.00 price target on shares of Athene Holding in a research report on Friday, May 12th. Bank of America Corporation reaffirmed a “buy” rating and set a $63.00 price target (up from $61.00) on shares of Athene Holding in a research report on Monday, May 15th. Morgan Stanley raised Athene Holding from an “equal weight” rating to an “overweight” rating and set a $58.00 price target on the stock in a research report on Monday, April 3rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $59.00 price target (up from $58.00) on shares of Athene Holding in a research report on Monday, May 15th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Athene Holding currently has a consensus rating of “Buy” and a consensus target price of $56.54.
Athene Holding (NYSE:ATH) traded down 1.25% on Tuesday, reaching $49.02. The company had a trading volume of 1,398,899 shares. The stock’s 50-day moving average is $50.12 and its 200-day moving average is $50.06. The company has a market capitalization of $9.83 billion and a P/E ratio of 9.01. Athene Holding has a 52 week low of $43.25 and a 52 week high of $55.10.
Athene Holding (NYSE:ATH) last posted its earnings results on Wednesday, May 10th. The insurance provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.34. The company had revenue of $786 million for the quarter, compared to analysts’ expectations of $785.94 million. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. Equities research analysts forecast that Athene Holding will post $4.64 EPS for the current fiscal year.
In related news, major shareholder Apollo Management Holdings Gp, sold 7,602,830 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $49.00, for a total value of $372,538,670.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 10.60% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. purchased a new position in Athene Holding during the first quarter valued at about $117,000. Quantbot Technologies LP purchased a new position in Athene Holding during the first quarter valued at about $126,000. Loews Corp purchased a new position in Athene Holding during the first quarter valued at about $225,000. Pitcairn Co. purchased a new position in Athene Holding during the first quarter valued at about $233,000. Finally, Tyrus Capital S.A.M. purchased a new position in Athene Holding during the first quarter valued at about $250,000. 38.85% of the stock is currently owned by hedge funds and other institutional investors.
Athene Holding Company Profile
Athene Holding Ltd. is an insurance holding company. The Company’s segments include Retirement Services, Corporate and Other. Retirement Services segment consists of the United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to its policyholders.
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