Bank of America Corp DE Acquires Shares of 118,590 Markel Group Inc. $MKL

Key Points

• Bank of America acquired 118,590 Markel Group shares during the second quarter, valued at approximately $231.6 million and representing 0.96% of the company.
• Other institutional investors also initiated positions, while institutional ownership reached 77.12% of Markel’s outstanding stock.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $2,025 price target. Markel shares opened at $1,788.24, near the lower end of their 52-week range.

Bank of America Corp DE bought a new position in shares of Markel Group Inc. (NYSE:MKL - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 118,590 shares of the insurance provider's stock, valued at approximately $231,608,000. Bank of America Corp DE owned 0.96% of Markel Group as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MKL. Caisse de depot et placement du Quebec bought a new stake in Markel Group during the 2nd quarter worth approximately $8,814,000. Man Group plc purchased a new stake in shares of Markel Group in the second quarter valued at about $3,312,000. Western Wealth Management LLC bought a new position in shares of Markel Group during the second quarter valued at about $373,000. Roberts Glore & Co. Inc. IL bought a new position in shares of Markel Group during the second quarter valued at about $268,000. Finally, Jupiter Topco LLC purchased a new position in Markel Group during the second quarter worth about $36,444,000. 77.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MKL has been the subject of several analyst reports. Wolfe Research initiated coverage on shares of Markel Group in a research note on Wednesday, July 1st. They issued an "underperform" rating for the company. Wall Street Zen upgraded Markel Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings raised Markel Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 17th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $2,025.00.

Markel Group Stock Down 0.2%

Markel Group stock opened at $1,788.24 on Thursday. The firm has a 50 day moving average price of $1,869.01 and a 200-day moving average price of $1,886.89. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.23. Markel Group Inc. has a twelve month low of $1,719.41 and a twelve month high of $2,207.59. The company has a market capitalization of $22.16 billion, a P/E ratio of 9.83 and a beta of 0.65.

Markel Group Company Profile

Markel Group Inc is a diversified financial holding company headquartered in Glen Allen, Virginia. Its principal business is specialty insurance, including commercial and personal lines, excess and surplus lines, professional liability, marine, workers' compensation, and other niche coverage. The company also provides reinsurance and insurance-related services through subsidiaries and underwriting platforms.

Markel serves customers and business partners in the United States and international markets, including the United Kingdom, Europe, Canada, Asia-Pacific and other regions.

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