Tocqueville Asset Management L.P. Sells 159,388 Shares of Equitable Holdings, Inc. $EQH

Key Points

• Tocqueville Asset Management cut its stake in Equitable by 30%, selling 159,388 shares and retaining 372,748 shares (about 0.13% of the company) valued at roughly $18.93 million after the transaction.
• Equitable announced a $1.00 billion share buyback program (up to 7.7% of outstanding shares) and paid a quarterly dividend of $0.27 (annualized yield ~2.9%).
• Wall Street sentiment is mixed but favorable overall: the stock carries an average rating of "Moderate Buy" with a consensus target of $60.64, versus a recent price near $37.26.

Tocqueville Asset Management L.P. lowered its position in Equitable Holdings, Inc. (NYSE:EQH - Free Report) by 30.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 372,748 shares of the company's stock after selling 159,388 shares during the quarter. Tocqueville Asset Management L.P. owned about 0.13% of Equitable worth $18,928,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EQH. Johnson Financial Group Inc. bought a new position in Equitable during the third quarter worth about $26,000. Kepler Cheuvreux Suisse SA bought a new stake in Equitable during the 3rd quarter valued at $4,140,000. Kendall Capital Management raised its holdings in Equitable by 5.2% during the 3rd quarter. Kendall Capital Management now owns 124,239 shares of the company's stock valued at $6,309,000 after acquiring an additional 6,185 shares during the period. Mackenzie Financial Corp lifted its position in shares of Equitable by 1.9% during the third quarter. Mackenzie Financial Corp now owns 45,514 shares of the company's stock worth $2,311,000 after acquiring an additional 829 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of Equitable in the third quarter worth $1,266,000. 92.70% of the stock is currently owned by institutional investors.

Equitable Price Performance

Shares of EQH stock traded up $0.20 on Friday, reaching $37.26. The company's stock had a trading volume of 345,587 shares, compared to its average volume of 3,166,855. The company has a market capitalization of $10.45 billion, a P/E ratio of -7.73, a PEG ratio of 0.34 and a beta of 1.12. Equitable Holdings, Inc. has a 12-month low of $36.79 and a 12-month high of $56.61. The stock's 50 day simple moving average is $44.36 and its 200-day simple moving average is $47.44. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 16.42.

Equitable Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 11th. Shareholders of record on Wednesday, March 4th were issued a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.08 annualized dividend and a dividend yield of 2.9%. Equitable's dividend payout ratio (DPR) is presently -22.41%.

Equitable declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 11th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EQH. Weiss Ratings cut Equitable from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. Wall Street Zen upgraded Equitable from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Morgan Stanley reduced their target price on Equitable from $59.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 3rd. Zacks Research cut Equitable from a "hold" rating to a "strong sell" rating in a research report on Thursday, January 22nd. Finally, UBS Group lowered their price target on shares of Equitable from $67.00 to $66.00 and set a "buy" rating on the stock in a report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, Equitable has an average rating of "Moderate Buy" and a consensus target price of $60.64.

Insider Activity

In related news, insider Nick Lane sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $47.65, for a total value of $1,429,500.00. Following the sale, the insider directly owned 99,958 shares of the company's stock, valued at $4,762,998.70. This trade represents a 23.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeffrey J. Hurd sold 6,790 shares of Equitable stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $47.65, for a total transaction of $323,543.50. Following the sale, the chief operating officer owned 55,023 shares of the company's stock, valued at approximately $2,621,845.95. The trade was a 10.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 152,980 shares of company stock worth $7,252,416. 1.10% of the stock is currently owned by insiders.

About Equitable

Equitable Holdings, Inc NYSE: EQH is a leading provider of life insurance, annuities and retirement plan services in the United States. Through its insurance subsidiary, AXA Equitable Life Insurance Company, the firm offers a broad range of permanent and term life insurance products designed to help individuals and families manage risk and build wealth. In addition, Equitable provides fixed, variable and indexed annuity solutions to support income planning in retirement, as well as a suite of group retirement and pension plan services for employers and plan sponsors.

The company also maintains an asset management arm that delivers investment strategies across equities, fixed income and alternative asset classes for both retail and institutional clients.

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