Meridian Investment Counsel Inc. Maintains Stake in XL Group Ltd. (XL)
Meridian Investment Counsel Inc. held its position in shares of XL Group Ltd. (NYSE:XL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,500 shares of the insurance provider’s stock at the close of the second quarter. Meridian Investment Counsel Inc.’s holdings in XL Group were worth $372,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of XL Group by 1.1% during the second quarter. Vanguard Group Inc. now owns 25,841,471 shares of the insurance provider’s stock worth $1,131,856,000 after acquiring an additional 288,860 shares in the last quarter. BlackRock Inc. raised its stake in shares of XL Group by 3,113.6% during the first quarter. BlackRock Inc. now owns 18,899,779 shares of the insurance provider’s stock worth $753,345,000 after acquiring an additional 18,311,662 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of XL Group by 2.8% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,030,277 shares of the insurance provider’s stock worth $559,246,000 after acquiring an additional 384,760 shares in the last quarter. Pzena Investment Management LLC raised its stake in shares of XL Group by 1.7% during the second quarter. Pzena Investment Management LLC now owns 5,197,849 shares of the insurance provider’s stock worth $227,666,000 after acquiring an additional 85,913 shares in the last quarter. Finally, Boston Partners raised its stake in shares of XL Group by 2.0% during the second quarter. Boston Partners now owns 4,449,459 shares of the insurance provider’s stock worth $194,887,000 after acquiring an additional 85,422 shares in the last quarter. 95.26% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Joseph Mauriello sold 3,043 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $44.55, for a total transaction of $135,565.65. Following the sale, the director now owns 55,008 shares in the company, valued at approximately $2,450,606.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.02% of the company’s stock.
XL Group Ltd. (NYSE:XL) traded up 0.87% during mid-day trading on Friday, reaching $39.45. 3,302,956 shares of the company traded hands. XL Group Ltd. has a 12-month low of $32.81 and a 12-month high of $47.27. The company’s 50 day moving average price is $42.15 and its 200 day moving average price is $42.28. The firm has a market capitalization of $10.18 billion, a P/E ratio of 12.90 and a beta of 1.01.
XL Group (NYSE:XL) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.08. XL Group had a return on equity of 4.88% and a net margin of 7.53%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the prior year, the firm posted $0.37 EPS. Equities research analysts predict that XL Group Ltd. will post $3.28 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.88 annualized dividend and a yield of 2.23%. XL Group’s payout ratio is presently 28.57%.
XL has been the topic of several research reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $50.00 price target on shares of XL Group in a research note on Thursday, September 21st. BidaskClub downgraded shares of XL Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Buckingham Research started coverage on shares of XL Group in a research note on Monday, September 11th. They set a “neutral” rating and a $42.00 price target on the stock. Barclays PLC reaffirmed an “overweight” rating and issued a $51.00 target price (up from $46.00) on shares of XL Group in a research note on Monday, July 3rd. Finally, UBS AG decreased their target price on shares of XL Group from $48.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. XL Group currently has an average rating of “Hold” and an average price target of $46.36.
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XL Group Profile
XL Group plc is an insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises. The Company operates through two segments: Insurance and Reinsurance. The Company’s Insurance segment is organized into four product divisions: Global Casualty (Casualty); Global Energy Property, & Construction (EPC); Global Professional (Professional), and Global Specialty (Specialty).
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