Bank of New York Mellon Corp Takes Position in Employers Holdings Inc $EIG

Key Points

• Bank of New York Mellon acquired 121,532 shares of Employers Holdings, valued at approximately $6.1 million, giving it a 0.68% stake. Hedge funds and institutional investors collectively own 80.49% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $59 price target; Truist Financial upgraded the stock to “Buy” and raised its target from $49 to $59.
• Employers exceeded quarterly earnings expectations, reporting $0.70 in EPS versus the $0.57 estimate and $220.2 million in revenue. The company also paid a quarterly dividend of $0.34 per share, representing a 2.7% yield.

Bank of New York Mellon Corp bought a new position in Employers Holdings Inc (NYSE:EIG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 121,532 shares of the financial services provider's stock, valued at approximately $6,135,000. Bank of New York Mellon Corp owned about 0.68% of Employers at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Legato Capital Management LLC raised its stake in Employers by 230.7% during the fourth quarter. Legato Capital Management LLC now owns 34,479 shares of the financial services provider's stock valued at $1,488,000 after purchasing an additional 24,053 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Employers by 719.3% in the 4th quarter. Intech Investment Management LLC now owns 95,115 shares of the financial services provider's stock worth $4,106,000 after buying an additional 83,506 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Employers by 27.6% in the 1st 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 during the last quarter. Bank of America Corp DE increased its holdings in shares of Employers by 109.4% in the 1st quarter. Bank of America Corp DE now owns 57,725 shares of the financial services provider's stock worth $2,375,000 after buying an additional 30,154 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of Employers during the 4th quarter valued at about $1,606,000. 80.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EIG has been the subject of several analyst reports. Weiss Ratings raised Employers from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 26th. Wall Street Zen raised shares of Employers from a "sell" rating to a "hold" rating in a research report on Saturday, June 13th. Finally, Truist Financial lifted their price objective on Employers from $49.00 to $59.00 and gave the company a "buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Employers has a consensus rating of "Hold" and a consensus target price of $59.00.

Employers Trading Down 0.6%

Shares of EIG stock opened at $49.58 on Friday. Employers Holdings Inc has a 1-year low of $35.73 and a 1-year high of $52.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.39 and a quick ratio of 0.39. The stock has a 50 day simple moving average of $49.82 and a 200-day simple moving average of $45.12. The company has a market cap of $890.46 million, a price-to-earnings ratio of 71.86 and a beta of 0.47.

Employers (NYSE:EIG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.70 earnings per share for the quarter, beating 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 period last year, the company posted $0.48 EPS. Employers's quarterly revenue was down 10.6% compared to the same quarter last year. On average, equities research analysts expect that Employers Holdings Inc will post 2.23 EPS for the current fiscal year.

Employers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, August 12th. Employers's payout ratio is currently 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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