OneBeacon Insurance Group, Ltd. (OB) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of OneBeacon Insurance Group, Ltd. (NYSE:OB) from a hold rating to a sell rating in a research note published on Friday morning.
According to Zacks, “OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company. Their underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. OneBeacon’s solutions target group accident; commercial surety; crop; design professionals; entertainment; environmental; excess property; financial services; healthcare; management liability; ocean and inland marine; programs; public entities; technology; and tuition refund. For further information about our products and services visit: www.onebeacon.com and to remain up to date on OneBeacon’s news, follow us on Twitter @OneBeaconIns or visit our online newsroom: www.onebeacon.com/newsroom. “
Separately, BidaskClub upgraded OneBeacon Insurance Group from a sell rating to a hold rating in a report on Friday, August 11th.
Shares of OneBeacon Insurance Group (NYSE OB) opened at 18.21 on Friday. The stock’s 50 day moving average price is $18.23 and its 200 day moving average price is $17.25. OneBeacon Insurance Group has a 12-month low of $13.63 and a 12-month high of $18.48. The company has a market cap of $1.73 billion, a P/E ratio of 25.33 and a beta of 0.57.
OneBeacon Insurance Group (NYSE:OB) last posted its earnings results on Friday, August 4th. The financial services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by $0.24. The company had revenue of $294 million for the quarter, compared to analysts’ expectations of $295.10 million. OneBeacon Insurance Group had a return on equity of 5.17% and a net margin of 5.88%. On average, analysts forecast that OneBeacon Insurance Group will post $0.45 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Friday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date is Thursday, September 7th. OneBeacon Insurance Group’s payout ratio is presently 115.07%.
In other news, insider Paul H. Mcdonough sold 4,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $18.21, for a total transaction of $72,840.00. Following the transaction, the insider now directly owns 53,627 shares of the company’s stock, valued at $976,547.67. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Patrick A. Thiele sold 20,146 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $18.16, for a total value of $365,851.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,146 shares of company stock worth $620,291. Insiders own 76.60% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Oxford Asset Management acquired a new position in shares of OneBeacon Insurance Group during the first quarter worth about $169,000. TFS Capital LLC increased its position in shares of OneBeacon Insurance Group by 7.2% in the first quarter. TFS Capital LLC now owns 15,221 shares of the financial services provider’s stock worth $244,000 after buying an additional 1,018 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of OneBeacon Insurance Group by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 120,467 shares of the financial services provider’s stock worth $1,927,000 after buying an additional 8,546 shares during the last quarter. American International Group Inc. increased its position in shares of OneBeacon Insurance Group by 7.1% in the first quarter. American International Group Inc. now owns 12,288 shares of the financial services provider’s stock worth $197,000 after buying an additional 819 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of OneBeacon Insurance Group by 3.5% in the first quarter. Renaissance Technologies LLC now owns 452,100 shares of the financial services provider’s stock worth $7,234,000 after buying an additional 15,400 shares during the last quarter. 17.26% of the stock is currently owned by institutional investors and hedge funds.
About OneBeacon Insurance Group
OneBeacon Insurance Group, Ltd. (OneBeacon) is a specialty property and casualty insurance writer that offers a range of insurance products in the United States. The Company’s segments include Specialty Products, Specialty Industries, and Investing, Financing and Corporate. As of December 31, 2016, the Specialty Products segment consisted of 10 underwriting operating segments representing an aggregation based on those that offer products, coverages and services to customers across the United States.
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