Assured Guaranty (AGO) Board Approves Share Buyback Plan
Assured Guaranty (NYSE:AGO) declared that its Board of Directors has initiated a stock repurchase plan, which permits the company to buyback $300.00 million in outstanding shares on Thursday, November 2nd, EventVestor reports. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Assured Guaranty (AGO) traded up $0.09 during midday trading on Friday, reaching $37.29. The company had a trading volume of 2,127,294 shares, compared to its average volume of 1,150,000. The company has a market capitalization of $4.38 billion, a P/E ratio of 4.50 and a beta of 1.66. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.19. Assured Guaranty has a fifty-two week low of $30.38 and a fifty-two week high of $45.73.
Assured Guaranty (NYSE:AGO) last released its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.51. The business had revenue of $623.00 million during the quarter, compared to the consensus estimate of $262.09 million. Assured Guaranty had a return on equity of 16.00% and a net margin of 61.25%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.74 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Wednesday, November 15th will be issued a $0.142 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.57 dividend on an annualized basis and a yield of 1.52%. Assured Guaranty’s dividend payout ratio is presently 8.19%.
Several equities analysts have recently issued reports on AGO shares. BTIG Research reaffirmed a “buy” rating and set a $49.00 price target on shares of Assured Guaranty in a research note on Friday, July 14th. BidaskClub raised Assured Guaranty from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. UBS Group AG (USA) reiterated a “buy” rating and issued a $47.00 price objective (down previously from $49.00) on shares of Assured Guaranty in a report on Wednesday, October 4th. Finally, MKM Partners reiterated a “buy” rating on shares of Assured Guaranty in a report on Thursday, October 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $47.00.
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Assured Guaranty Company Profile
Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.
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