Confluence Investment Management LLC Cuts Stake in Markel Co. (MKL)
Confluence Investment Management LLC decreased its holdings in Markel Co. (NYSE:MKL) by 2.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 70,253 shares of the insurance provider’s stock after selling 1,794 shares during the period. Markel makes up about 1.5% of Confluence Investment Management LLC’s holdings, making the stock its 29th biggest holding. Confluence Investment Management LLC’s holdings in Markel were worth $80,027,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in MKL. Toronto Dominion Bank boosted its stake in shares of Markel by 11.0% in the 2nd quarter. Toronto Dominion Bank now owns 171 shares of the insurance provider’s stock valued at $167,000 after purchasing an additional 17 shares in the last quarter. First Capital Advisors Group LLC. purchased a new stake in shares of Markel in the 3rd quarter valued at $202,000. Quantbot Technologies LP boosted its stake in shares of Markel by 775.0% in the 2nd quarter. Quantbot Technologies LP now owns 210 shares of the insurance provider’s stock valued at $204,000 after purchasing an additional 186 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in shares of Markel by 34,592.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 13,877 shares of the insurance provider’s stock valued at $204,000 after purchasing an additional 13,837 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of Markel in the 2nd quarter valued at $206,000. 76.79% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. Boenning Scattergood reaffirmed a “buy” rating on shares of Markel in a research note on Thursday, October 26th. SunTrust Banks reaffirmed a “hold” rating and issued a $1,100.00 price objective on shares of Markel in a research note on Friday, October 27th. Zacks Investment Research cut shares of Markel from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $1,050.00 price objective on shares of Markel in a research note on Tuesday, October 3rd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Markel presently has a consensus rating of “Buy” and an average price target of $1,113.25.
In other news, Director Lemuel E. Lewis purchased 1,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was acquired at an average price of $1,080.96 per share, with a total value of $1,080,960.00. Following the transaction, the director now directly owns 5,294 shares of the company’s stock, valued at approximately $5,722,602.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan I. Kirshner sold 100 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $1,133.50, for a total transaction of $113,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,507 shares of company stock valued at $2,752,492 in the last three months. 2.53% of the stock is currently owned by corporate insiders.
Markel Corporation is a financial holding company serving a range of markets. The Company’s principal business markets and underwrites specialty insurance products. It monitors and reports its ongoing underwriting operations in three segments: U.S. Insurance, International Insurance and Reinsurance. The Company, through its subsidiary Markel Ventures, Inc (Markel Ventures), owns interests in various industrial and service businesses that operate outside of the specialty insurance marketplace.
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