Piper Sandler Analysts Cut Earnings Estimates for Athene Holding Ltd (NYSE:ATH)
Athene Holding Ltd (NYSE:ATH) – Investment analysts at Piper Sandler decreased their Q2 2020 earnings estimates for Athene in a research note issued to investors on Wednesday, July 8th. Piper Sandler analyst J. Barnidge now expects that the insurance provider will post earnings per share of $2.05 for the quarter, down from their prior estimate of $3.06. Piper Sandler has a “Overweight” rating and a $38.00 price target on the stock. Piper Sandler also issued estimates for Athene’s FY2020 earnings at $4.99 EPS and Q2 2021 earnings at $1.86 EPS.
Several other research firms also recently issued reports on ATH. BMO Capital Markets lifted their price target on Athene from $60.00 to $66.00 in a research note on Monday, June 22nd. Morgan Stanley lifted their price target on Athene from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Royal Bank of Canada reissued a “hold” rating on shares of Athene in a research note on Sunday, May 10th. Credit Suisse Group cut their target price on shares of Athene from $59.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Finally, SunTrust Banks cut their target price on shares of Athene from $61.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Athene presently has an average rating of “Buy” and a consensus target price of $43.18.
Athene (NYSE:ATH) last released its quarterly earnings results on Friday, May 8th. The insurance provider reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.64). The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $875.86 million. Athene had a return on equity of 7.50% and a net margin of 13.50%.
In other Athene news, insider Grant Kvalheim purchased 40,000 shares of the stock in a transaction on Thursday, June 11th. The stock was bought at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the acquisition, the insider now directly owns 40,000 shares of the company’s stock, valued at $1,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 7.60% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of ATH. Apollo Management Holdings L.P. purchased a new stake in Athene in the 1st quarter valued at about $1,355,395,000. Samlyn Capital LLC grew its holdings in Athene by 46.7% in the 1st quarter. Samlyn Capital LLC now owns 5,318,942 shares of the insurance provider’s stock valued at $132,016,000 after buying an additional 1,694,105 shares during the period. Norges Bank purchased a new stake in shares of Athene during the 4th quarter worth about $74,638,000. State of Michigan Retirement System grew its holdings in shares of Athene by 66.0% during the 1st quarter. State of Michigan Retirement System now owns 3,900,000 shares of the insurance provider’s stock worth $96,798,000 after purchasing an additional 1,550,000 shares during the period. Finally, AJO LP grew its holdings in shares of Athene by 362.6% during the 1st quarter. AJO LP now owns 1,400,778 shares of the insurance provider’s stock worth $34,766,000 after purchasing an additional 1,097,998 shares during the period. Institutional investors own 89.84% of the company’s stock.
Athene Holding Ltd., a retirement services company, issues, reinsures, and acquires retirement savings products in the United States and Bermuda. It offers fixed deferred, immediate, and payout annuities; and funding agreements and pension risk transfer products to institutional investors. The company's products are designed for individuals and institutions seeking to fund retirement needs.
Further Reading: Profit margin is different from the revenue
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