Alleghany (NYSE:Y) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Alleghany (NYSE:Y) from a strong-buy rating to a hold rating in a research report released on Saturday, January 6th.

According to Zacks, “Shares of the Alleghany have outperformed the industry in the last three months. Alleghany’s strong performance across insurance and reinsurance operations will continue to fuel premium revenues. It strives to grow via acquisitions and organic initiatives as these not only diversify and strengthen its portfolio but also expand its international footprint. A solid balance sheet with healthy capital position supports shareholder-friendly moves and growth initiatives. However, exposure to cat loss induces volatility to underwriting results and thus drags the bottom-line performance. Escalating expenses weighing on margin expansion remain concern. Investment results too remain depressed owing to the still low interest rate. Also, the company did not witness any estimate revisions in the last 60 days.”

Separately, JMP Securities upgraded Alleghany from a market perform rating to an outperform rating and set a $625.00 price target for the company in a report on Monday, September 11th.

Alleghany (Y) opened at $584.92 on Friday. The stock has a market capitalization of $9,000.00, a PE ratio of 1,426.63 and a beta of 0.96. Alleghany has a fifty-two week low of $521.07 and a fifty-two week high of $667.19. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.18.

Alleghany (NYSE:Y) last issued its quarterly earnings results on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($28.83) by $6.80. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Alleghany had a negative return on equity of 0.14% and a net margin of 0.10%. During the same quarter last year, the business posted $10.09 EPS. analysts anticipate that Alleghany will post -0.24 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its position in Alleghany by 11.8% in the second quarter. Toronto Dominion Bank now owns 189 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 20 shares during the period. Zions Bancorporation grew its position in Alleghany by 3,940.0% in the third quarter. Zions Bancorporation now owns 202 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 197 shares during the period. YorkBridge Wealth Partners LLC grew its position in Alleghany by 1.5% in the second quarter. YorkBridge Wealth Partners LLC now owns 206 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 3 shares during the period. Fiduciary Trust Co. bought a new stake in Alleghany in the second quarter valued at $164,000. Finally, Pacer Advisors Inc. grew its position in Alleghany by 9.7% in the second quarter. Pacer Advisors Inc. now owns 327 shares of the insurance provider’s stock valued at $194,000 after acquiring an additional 29 shares during the period. Institutional investors and hedge funds own 82.22% of the company’s stock.

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Alleghany Company Profile

Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are conducted by its subsidiaries RSUI Group, Inc (RSUI), CapSpecialty, Inc (CapSpecialty) and Pacific Compensation Corporation (PacificComp).

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