Alleghany Corp. (Y) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Alleghany Corp. (NYSE:Y) from a hold rating to a buy rating in a report issued on Wednesday morning. The firm currently has $581.00 target price on the stock.
According to Zacks, “ALLEGHANY CORP. is engaged, through its subsidiaries Chicago Title and Trust Company (CT&T), Chicago Title Insurance Company (CTI), Security Union Title Insurance Company (Security Union) and Ticor Title Insurance Company (Ticor Title) and their subsidiaries, in the sale and underwriting of title insurance and in other real estate-related services businesses, and through CT&T’s subsidiary, Alleghany Asset Management, Inc. (Alleghany Asset Management) and its subsidiaries, in certain other financial services businesses. “
Separately, Citigroup Inc. upgraded shares of Alleghany Corp. from a neutral rating to a buy rating and set a $43.00 target price for the company in a research note on Thursday, June 16th.
Alleghany Corp. (NYSE:Y) opened at 522.88 on Wednesday. The firm has a market capitalization of $8.07 billion, a PE ratio of 16.93 and a beta of 0.84. Alleghany Corp. has a 12 month low of $446.50 and a 12 month high of $553.48. The firm has a 50-day moving average of $531.16 and a 200 day moving average of $522.76.
Alleghany Corp. (NYSE:Y) last posted its earnings results on Tuesday, August 2nd. The company reported $2.96 earnings per share for the quarter, missing the consensus estimate of $6.21 by $3.25. The business earned $1.58 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Alleghany Corp. had a return on equity of 6.07% and a net margin of 8.64%. Alleghany Corp.’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $11.40 EPS. Equities research analysts forecast that Alleghany Corp. will post $1.38 earnings per share for the current year.
A number of large investors have recently made changes to their positions in Y. BlackRock Fund Advisors raised its stake in shares of Alleghany Corp. by 3.8% in the first quarter. BlackRock Fund Advisors now owns 617,378 shares of the company’s stock valued at $306,343,000 after buying an additional 22,362 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Alleghany Corp. by 3.1% in the first quarter. BlackRock Group LTD now owns 123,355 shares of the company’s stock valued at $61,210,000 after buying an additional 3,730 shares during the last quarter. BlackRock Inc. raised its stake in shares of Alleghany Corp. by 6.2% in the first quarter. BlackRock Inc. now owns 20,401 shares of the company’s stock valued at $10,123,000 after buying an additional 1,189 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Alleghany Corp. by 10.8% in the first quarter. Teachers Advisors Inc. now owns 15,005 shares of the company’s stock valued at $7,445,000 after buying an additional 1,466 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Alleghany Corp. by 11.0% in the first quarter. TIAA CREF Investment Management LLC now owns 31,056 shares of the company’s stock valued at $15,410,000 after buying an additional 3,079 shares during the last quarter. Institutional investors and hedge funds own 82.04% of the company’s stock.
Alleghany Corp. Company Profile
Alleghany Corporation is an insurance holding company. The Company owns and manages operating subsidiaries and investments, which are involved in the property and casualty reinsurance and insurance. The Company operates through two segments: reinsurance and insurance. The Company’s reinsurance segment consists of property and casualty reinsurance operations conducted by the Company’s subsidiary, Transatlantic Holdings, Inc (TransRe), and its reinsurance operating subsidiaries.
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