Algebris UK Ltd Trims Stake in Equitable Holdings, Inc. (NYSE:EQH)

Key Points

• Algebris UK Ltd reduced its stake in Equitable Holdings, Inc. by 39.6% in the first quarter, now holding approximately 402,273 shares, making it the firm's 13th biggest holding.
• Wellington Management Group LLP significantly increased its stake in Equitable by 59.9%, acquiring 3,303,449 additional shares, bringing their total ownership to about $415.9 million.
• Equitable recently declared a quarterly dividend of $0.27, representing a 2.07% yield with a payout ratio of 29.35%.

Algebris UK Ltd trimmed its holdings in Equitable Holdings, Inc. (NYSE:EQH - Free Report) by 39.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 402,273 shares of the company's stock after selling 263,766 shares during the period. Equitable comprises about 3.5% of Algebris UK Ltd's holdings, making the stock its 13th largest position. Algebris UK Ltd owned approximately 0.13% of Equitable worth $19,399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC raised its holdings in Equitable by 10.3% during the 4th quarter. LPL Financial LLC now owns 61,325 shares of the company's stock valued at $2,893,000 after acquiring an additional 5,724 shares during the period. Korea Investment CORP increased its holdings in shares of Equitable by 82.9% in the fourth quarter. Korea Investment CORP now owns 277,291 shares of the company's stock worth $13,080,000 after purchasing an additional 125,700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Equitable by 13.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245,320 shares of the company's stock worth $11,910,000 after purchasing an additional 29,359 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Equitable in the fourth quarter worth $1,807,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Equitable by 24.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 175,305 shares of the company's stock worth $8,269,000 after purchasing an additional 33,957 shares during the period. 92.70% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Nick Lane sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $52.91, for a total value of $264,550.00. Following the transaction, the insider owned 139,073 shares in the company, valued at approximately $7,358,352.43. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mark Pearson sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $1,566,600.00. Following the completion of the transaction, the chief executive officer owned 714,367 shares in the company, valued at approximately $37,304,244.74. This represents a 4.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,666 shares of company stock worth $7,145,208. Corporate insiders own 1.10% of the company's stock.

Equitable Stock Down 2.8%

Shares of EQH stock traded down $1.45 during midday trading on Friday, reaching $49.90. 1,556,257 shares of the stock were exchanged, compared to its average volume of 2,744,333. Equitable Holdings, Inc. has a 1 year low of $36.46 and a 1 year high of $56.61. The company's 50 day moving average is $53.39 and its two-hundred day moving average is $52.16. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 2.39. The firm has a market cap of $15.05 billion, a PE ratio of 13.59 and a beta of 1.15.

Equitable (NYSE:EQH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.35 earnings per share for the quarter, missing analysts' consensus estimates of $1.49 by ($0.14). The business had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.05 billion. Equitable had a net margin of 8.50% and a return on equity of 79.05%. Equitable's revenue for the quarter was up 105.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 EPS. On average, equities research analysts predict that Equitable Holdings, Inc. will post 7.33 EPS for the current year.

Equitable Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 5th. Equitable's dividend payout ratio is currently 29.35%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Equitable from $55.00 to $65.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $66.00 price target (up previously from $61.00) on shares of Equitable in a report on Thursday, July 10th. Keefe, Bruyette & Woods upped their target price on shares of Equitable from $63.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. UBS Group reduced their target price on Equitable from $77.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, May 27th. Finally, Evercore ISI dropped their target price on Equitable from $69.00 to $64.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $65.30.

About Equitable

Equitable Holdings, Inc, together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Investment Management and Research, Protection Solutions, Wealth Management, and Legacy.