Bank of America Corp DE Acquires New Shares in Employers Holdings Inc $EIG

Key Points

• Bank of America acquired 78,564 shares of Employers Holdings in the second quarter, valued at about $3.97 million, giving it a 0.44% stake. Institutional investors and hedge funds collectively own 80.49% of the company.
• Analyst sentiment remains cautious, with one Buy and two Hold ratings; Truist raised its price target to $59, compared with Employers’ recent share price of $47.82.
• Employers exceeded quarterly earnings expectations, reporting EPS of $0.70 versus $0.57 forecast and revenue of $220.2 million. The company also paid a quarterly dividend of $0.34, equivalent to a 2.8% annual yield.

Bank of America Corp DE acquired a new stake in Employers Holdings Inc (NYSE:EIG - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 78,564 shares of the financial services provider's stock, valued at approximately $3,966,000. Bank of America Corp DE owned about 0.44% of Employers at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its stake in shares of Employers by 145.5% in the 4th quarter. Clearstead Advisors LLC now owns 621 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 368 shares during the last quarter. Bessemer Group Inc. raised its stake in Employers by 227.1% during the 1st quarter. Bessemer Group Inc. now owns 651 shares of the financial services provider's stock worth $27,000 after buying an additional 452 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Employers during the 2nd quarter worth approximately $35,000. Global Retirement Partners LLC bought a new position in Employers in the second quarter worth approximately $41,000. Finally, GAMMA Investing LLC boosted its holdings in Employers by 73.1% in the second quarter. GAMMA Investing LLC now owns 4,628 shares of the financial services provider's stock worth $234,000 after acquiring an additional 1,955 shares in the last quarter. 80.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EIG has been the subject of several recent research reports. Wall Street Zen raised shares of Employers from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Employers in a research report on Tuesday, September 22nd. Finally, Truist Financial lifted their price target on shares of Employers from $49.00 to $59.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Employers presently has an average rating of "Hold" and an average target price of $59.00.

Employers Price Performance

Shares of NYSE:EIG opened at $47.82 on Tuesday. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $858.87 million, a PE ratio of 69.31 and a beta of 0.47. Employers Holdings Inc has a twelve month low of $35.73 and a twelve month high of $52.59. The company has a 50-day moving average price of $49.22 and a two-hundred day moving average price of $46.03.

Employers (NYSE:EIG - Get Free Report) last posted its earnings results on Wednesday, July 29th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.13. Employers had a return on equity of 1.30% and a net margin of 0.91%.The firm had revenue of $220.20 million for the quarter, compared to the consensus estimate of $203.51 million. During the same quarter in the prior year, the business posted $0.48 earnings per share. The business's quarterly revenue was down 10.6% on a year-over-year basis. Equities analysts forecast that Employers Holdings Inc will post 2.23 EPS for the current year.

Employers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, August 12th. Employers's dividend payout ratio (DPR) is currently 197.10%.

About Employers

Employers Holdings, Inc NYSE: EIG is an insurance holding company that specializes in workers' compensation coverage for small and midsize businesses. Through its operating subsidiaries, the company provides insurance designed to help employers meet workplace injury obligations while supporting employees who are injured or become ill on the job.

The company's offerings generally include workers' compensation policies, claims administration, risk-management services, loss-control assistance and return-to-work support.

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