New York State Common Retirement Fund Sells 1 Shares of EMC Insurance Group Inc. (EMCI)
New York State Common Retirement Fund reduced its position in EMC Insurance Group Inc. (NASDAQ:EMCI) by 0.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,750 shares of the insurance provider’s stock after selling 1 shares during the period. New York State Common Retirement Fund owned approximately 0.05% of EMC Insurance Group worth $299,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its holdings in shares of EMC Insurance Group by 2.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 177,709 shares of the insurance provider’s stock worth $4,937,000 after purchasing an additional 4,300 shares in the last quarter. Teachers Advisors LLC lifted its stake in EMC Insurance Group by 4.2% during the 2nd quarter. Teachers Advisors LLC now owns 15,281 shares of the insurance provider’s stock valued at $425,000 after acquiring an additional 614 shares in the last quarter. Martingale Asset Management L P lifted its stake in EMC Insurance Group by 3.0% during the 2nd quarter. Martingale Asset Management L P now owns 37,554 shares of the insurance provider’s stock valued at $1,044,000 after acquiring an additional 1,100 shares in the last quarter. Alliancebernstein L.P. lifted its stake in EMC Insurance Group by 24.7% during the 2nd quarter. Alliancebernstein L.P. now owns 9,100 shares of the insurance provider’s stock valued at $253,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in EMC Insurance Group by 3.4% during the 2nd quarter. Wells Fargo & Company MN now owns 186,732 shares of the insurance provider’s stock valued at $5,187,000 after acquiring an additional 6,161 shares in the last quarter. Institutional investors own 28.03% of the company’s stock.
Several brokerages have weighed in on EMCI. BidaskClub upgraded EMC Insurance Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine cut EMC Insurance Group from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $32.00 price objective on shares of EMC Insurance Group in a research note on Friday, November 10th.
EMC Insurance Group Inc. (EMCI) opened at $29.70 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.08 and a current ratio of 0.08. EMC Insurance Group Inc. has a 52 week low of $25.97 and a 52 week high of $31.47. The firm has a market capitalization of $635.57, a price-to-earnings ratio of 21.06 and a beta of 0.98.
EMC Insurance Group (NASDAQ:EMCI) last issued its quarterly earnings data on Wednesday, November 8th. The insurance provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.16). EMC Insurance Group had a net margin of 5.32% and a return on equity of 4.99%. The company had revenue of $166.51 million for the quarter. equities research analysts anticipate that EMC Insurance Group Inc. will post 1.25 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 27th. Shareholders of record on Monday, November 20th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 17th. This is a boost from EMC Insurance Group’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.96%. EMC Insurance Group’s dividend payout ratio (DPR) is 51.85%.
In other EMC Insurance Group news, VP Robert Lynn Link sold 3,938 shares of the firm’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $29.29, for a total transaction of $115,344.02. Following the transaction, the vice president now directly owns 9,612 shares in the company, valued at approximately $281,535.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 4,958 shares of company stock worth $143,258. Company insiders own 4.46% of the company’s stock.
EMC Insurance Group Profile
EMC Insurance Group Inc is an insurance holding company. The Company operates through two segments: Property and Casualty Insurance and Reinsurance segment. It conducts its property and casualty insurance operations through its subsidiaries, including EMCASCO Insurance Company, Illinois EMCASCO Insurance Company and Dakota Fire Insurance Company, and its reinsurance operations through its subsidiary, EMC Reinsurance Company.
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