Employers (NYSE:EIG) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Employers’ shares crossed above their 200-day moving average, reaching $49.78 before closing near $48.90. Analysts maintain a consensus “Hold” rating, although Truist raised its price target to $59 and assigned a “Buy” rating.
• The company reported quarterly EPS of $0.70, beating estimates of $0.57, while revenue of $220.2 million exceeded expectations but declined 10.6% year over year. Employers also declared a quarterly dividend of $0.34 per share, producing a 2.8% annualized yield.
• Institutional investors own approximately 80.5% of Employers’ stock, with several firms substantially increasing their positions in recent quarters.

Shares of Employers Holdings Inc (NYSE:EIG - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $44.83 and traded as high as $49.78. Employers shares last traded at $48.8980, with a volume of 103,710 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on EIG shares. Wall Street Zen raised Employers from a "sell" rating to a "hold" rating in a research note on Saturday, June 13th. Weiss Ratings raised Employers from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 26th. Truist Financial increased their target price on shares of Employers from $49.00 to $59.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Zacks Research downgraded shares of Employers from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Employers presently has a consensus rating of "Hold" and an average price target of $59.00.

Employers Stock Down 0.6%

The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $878.21 million, a P/E ratio of 70.87 and a beta of 0.47. The stock has a 50 day moving average price of $49.57 and a 200 day moving average price of $44.83.

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

Employers Announces Dividend

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

Institutional Investors Weigh In On Employers

A number of institutional investors have recently added to or reduced their stakes in the business. Legato Capital Management LLC increased its stake in shares of Employers by 230.7% in 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 buying an additional 24,053 shares during the period. Intech Investment Management LLC lifted its stake in shares of Employers by 719.3% in the fourth quarter. Intech Investment Management LLC now owns 95,115 shares of the financial services provider's stock worth $4,106,000 after acquiring an additional 83,506 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Employers by 27.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 300,567 shares of the financial services provider's stock worth $12,365,000 after acquiring an additional 65,100 shares during the period. WINTON GROUP Ltd bought a new stake in Employers in the fourth quarter valued at approximately $1,606,000. Finally, Dean Capital Management boosted its holdings in Employers by 292.3% in the fourth quarter. Dean Capital Management now owns 65,339 shares of the financial services provider's stock valued at $2,821,000 after acquiring an additional 48,683 shares during the last quarter. 80.49% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source