Zacks Investment Research cut shares of American Financial Group, Inc. (NYSE:AFG) from a buy rating to a hold rating in a report published on Tuesday morning.

According to Zacks, “Shares of American Financial have outperformed the industry year to date. The company is well poised to benefit from impressive inorganic growth and restructuring initiatives. Better industry fundamentals, with strong pricing and a higher renewal ratio, should drive overall growth. Consistent price increase in property and casualty business, combined ratio that compares favorably with industry average, a strong balance sheet, low leverage cost, and disciplined capital management are positives. Based on strong operational performance, it raised core net operating earnings of $6.40–$6.90 per share in 2017. Estimates for 2017 and 2018 also moved north over the last 60 days.  However, American Financial’s exposure to cat loss is a risk to underwriting results. A still soft interest rate environment is expected to weigh on desired upside in investment results.”

Separately, BidaskClub upgraded American Financial Group from a hold rating to a buy rating in a research note on Friday, July 7th.

American Financial Group (AFG) opened at 101.81 on Tuesday. The company has a market cap of $8.96 billion, a price-to-earnings ratio of 11.47 and a beta of 0.83. The stock’s 50 day moving average is $102.25 and its 200 day moving average is $98.38. American Financial Group has a 52-week low of $73.38 and a 52-week high of $105.58.

American Financial Group (NYSE:AFG) last issued its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $1.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.31. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.12 billion. American Financial Group had a return on equity of 11.66% and a net margin of 11.89%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the business earned $1.28 earnings per share. On average, analysts predict that American Financial Group will post $6.80 earnings per share for the current fiscal year.

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In related news, Director William W. Verity sold 1,773 shares of American Financial Group stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $99.26, for a total value of $175,987.98. Following the completion of the sale, the director now directly owns 5,135 shares in the company, valued at $509,700.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Carl H. Lindner III sold 95,405 shares of American Financial Group stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $98.68, for a total value of $9,414,565.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 291,407 shares of company stock valued at $29,334,069. 14.90% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of American Financial Group by 344.2% in the second quarter. Bank of Montreal Can now owns 108,798 shares of the insurance provider’s stock worth $10,811,000 after buying an additional 84,306 shares during the last quarter. Morgan Stanley raised its position in American Financial Group by 82.9% in the first quarter. Morgan Stanley now owns 227,007 shares of the insurance provider’s stock valued at $21,662,000 after buying an additional 102,874 shares during the last quarter. Mackenzie Financial Corp raised its position in American Financial Group by 0.5% in the first quarter. Mackenzie Financial Corp now owns 6,452 shares of the insurance provider’s stock valued at $616,000 after buying an additional 30 shares during the last quarter. Prudential Financial Inc. raised its position in American Financial Group by 20.5% in the second quarter. Prudential Financial Inc. now owns 950,796 shares of the insurance provider’s stock valued at $94,480,000 after buying an additional 161,661 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in American Financial Group by 83.3% in the second quarter. Teacher Retirement System of Texas now owns 10,039 shares of the insurance provider’s stock valued at $998,000 after buying an additional 4,562 shares during the last quarter. Hedge funds and other institutional investors own 62.66% of the company’s stock.

About American Financial Group

American Financial Group, Inc (AFG) is a holding company engaged primarily in property and casualty insurance businesses. The Company, through Great American Insurance Group, focuses on commercial products for businesses, and is engaged in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets.

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