Bank of America Corp DE Buys 30,154 Shares of Employers Holdings Inc $EIG

Key Points

• Bank of America more than doubled its Employers Holdings stake in the first quarter, adding 30,154 shares to own 57,725 shares valued at approximately $2.38 million. Institutional investors collectively hold 80.49% of the company.
• Employers Holdings reported quarterly EPS of $0.70, exceeding the $0.57 consensus estimate, while revenue of $220.2 million also topped expectations. However, revenue declined 10.6% year over year.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $59; Truist raised its target to $59 and issued a “Buy” rating. The company’s quarterly dividend is $0.34 per share, implying a 2.8% yield.

Bank of America Corp DE increased its stake in Employers Holdings Inc (NYSE:EIG - Free Report) by 109.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 57,725 shares of the financial services provider's stock after purchasing an additional 30,154 shares during the quarter. Bank of America Corp DE owned approximately 0.32% of Employers worth $2,375,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC raised its holdings in Employers by 8.5% in the 1st quarter. Empowered Funds LLC now owns 101,322 shares of the financial services provider's stock worth $4,168,000 after acquiring an additional 7,928 shares during the period. Quantinno Capital Management LP increased its position in Employers by 35.3% during the first quarter. Quantinno Capital Management LP now owns 17,670 shares of the financial services provider's stock worth $727,000 after acquiring an additional 4,607 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Employers by 15.1% in the first quarter. Public Employees Retirement System of Ohio now owns 26,313 shares of the financial services provider's stock valued at $1,083,000 after buying an additional 3,453 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Employers by 27.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 300,567 shares of the financial services provider's stock worth $12,365,000 after buying an additional 65,100 shares in the last quarter. Finally, Sei Investments Co. grew its position in Employers by 53.9% during the first quarter. Sei Investments Co. now owns 16,570 shares of the financial services provider's stock worth $682,000 after buying an additional 5,804 shares in the last quarter. Institutional investors own 80.49% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Truist Financial upped their price target on Employers from $49.00 to $59.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings raised shares of Employers from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Employers from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $59.00.

Employers Trading Up 0.2%

EIG stock opened at $49.21 on Wednesday. The business has a fifty day moving average price of $49.79 and a 200 day moving average price of $45.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.39 and a quick ratio of 0.39. Employers Holdings Inc has a fifty-two week low of $35.73 and a fifty-two week high of $52.59. The stock has a market capitalization of $883.81 million, a price-to-earnings ratio of 71.32 and a beta of 0.47.

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

Employers Dividend Announcement

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

About Employers

Employers Holdings, Inc NYSE: EIG is a publicly traded property and casualty insurance holding company headquartered in Des Moines, Iowa. Through its subsidiaries, Employers Mutual Casualty Company and Employers Preferred Insurance Company, the firm specializes in providing workers' compensation coverage alongside an array of commercial insurance products. Its service offerings include general liability, commercial auto, businessowners policies and umbrella coverages, tailored to meet the risk-management needs of small and mid-sized businesses across multiple industries.

The company markets its insurance solutions primarily through a network of independent agencies and brokers, leveraging local market expertise to underwrite policies that address the unique exposures faced by clients in manufacturing, construction, healthcare, retail and service sectors.

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