Cornerstone Capital Management Holdings LLC. Sells 6,942 Shares of Assured Guaranty Ltd. (AGO)
Cornerstone Capital Management Holdings LLC. trimmed its holdings in Assured Guaranty Ltd. (NYSE:AGO) by 3.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,209 shares of the financial services provider’s stock after selling 6,942 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.19% of Assured Guaranty worth $8,538,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC increased its holdings in shares of Assured Guaranty by 962.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,250 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 3,850 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Assured Guaranty by 11.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,150 shares of the financial services provider’s stock valued at $215,000 after acquiring an additional 539 shares during the period. Quantum Capital Management acquired a new position in shares of Assured Guaranty in the 2nd quarter valued at $218,000. FineMark National Bank & Trust acquired a new position in shares of Assured Guaranty in the 3rd quarter valued at $259,000. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Assured Guaranty in the 2nd quarter valued at $288,000. 95.87% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have issued reports on AGO shares. MKM Partners reissued a “buy” rating on shares of Assured Guaranty in a research note on Thursday, October 5th. UBS reissued a “buy” rating and issued a $47.00 price objective (down from $49.00) on shares of Assured Guaranty in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $47.00.
Assured Guaranty (NYSE:AGO) last announced its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.51. The company had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $262.09 million. Assured Guaranty had a net margin of 45.38% and a return on equity of 10.59%. Assured Guaranty’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.74 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 29th. Shareholders of record on Wednesday, November 15th were paid a $0.142 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $0.57 annualized dividend and a yield of 1.60%. Assured Guaranty’s dividend payout ratio is currently 8.21%.
Assured Guaranty announced that its Board of Directors has approved a stock repurchase program on Thursday, November 2nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Assured Guaranty Profile
Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.
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