Equitable (NYSE:EQH) to Repurchase $1.00 billion in Shares

Equitable (NYSE:EQH) declared that its Board of Directors has authorized a stock repurchase program on Wednesday, February 11th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Equitable Stock Performance

Shares of NYSE:EQH opened at $43.55 on Friday. The firm has a fifty day simple moving average of $47.03 and a two-hundred day simple moving average of $48.96. Equitable has a 52 week low of $41.39 and a 52 week high of $56.61. The company has a quick ratio of 0.13, a current ratio of 0.10 and a debt-to-equity ratio of 16.42. The stock has a market capitalization of $12.48 billion, a P/E ratio of -9.04, a PEG ratio of 0.35 and a beta of 1.12.

Equitable Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, March 4th. Equitable’s payout ratio is presently -22.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wall Street Zen cut Equitable from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Mizuho set a $65.00 target price on Equitable in a research note on Wednesday, January 14th. Barclays dropped their price target on Equitable from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. UBS Group reduced their price objective on shares of Equitable from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Finally, Wells Fargo & Company lowered their target price on shares of Equitable from $62.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.42.

Insider Buying and Selling

In related news, COO Jeffrey J. Hurd sold 6,790 shares of the stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $47.65, for a total transaction of $323,543.50. Following the sale, the chief operating officer owned 55,023 shares in the company, valued at approximately $2,621,845.95. This represents a 10.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Pearson sold 39,700 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $46.20, for a total value of $1,834,140.00. Following the completion of the sale, the chief executive officer owned 652,945 shares of the company’s stock, valued at approximately $30,166,059. This represents a 5.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 203,770 shares of company stock valued at $9,462,206. 1.10% of the stock is currently owned by company insiders.

Equitable Company Profile

Equitable Holdings, Inc (NYSE: EQH) is a leading provider of life insurance, annuities and retirement plan services in the United States. Through its insurance subsidiary, AXA Equitable Life Insurance Company, the firm offers a broad range of permanent and term life insurance products designed to help individuals and families manage risk and build wealth. In addition, Equitable provides fixed, variable and indexed annuity solutions to support income planning in retirement, as well as a suite of group retirement and pension plan services for employers and plan sponsors.

The company also maintains an asset management arm that delivers investment strategies across equities, fixed income and alternative asset classes for both retail and institutional clients.