Russell Investments Group Ltd. Raises Holdings in American Equity Investment Life Holding (NYSE:AEL)

Russell Investments Group Ltd. grew its position in shares of American Equity Investment Life Holding (NYSE:AEL) by 3.0% in the third quarter, HoldingsChannel reports. The firm owned 273,358 shares of the financial services provider’s stock after buying an additional 7,842 shares during the quarter. Russell Investments Group Ltd.’s holdings in American Equity Investment Life were worth $8,080,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of AEL. Blueshift Asset Management LLC bought a new stake in shares of American Equity Investment Life during the second quarter valued at approximately $650,000. Morgan Stanley grew its holdings in American Equity Investment Life by 19.6% in the second quarter. Morgan Stanley now owns 394,595 shares of the financial services provider’s stock worth $12,754,000 after purchasing an additional 64,764 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in American Equity Investment Life in the second quarter worth $273,000. Bank of Montreal Can grew its holdings in shares of American Equity Investment Life by 18.1% during the second quarter. Bank of Montreal Can now owns 29,884 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 4,572 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in shares of American Equity Investment Life during the second quarter valued at $114,000. Hedge funds and other institutional investors own 93.37% of the company’s stock.

AEL has been the subject of a number of research reports. Truist boosted their target price on shares of American Equity Investment Life from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 11th. JPMorgan Chase & Co. upped their price objective on shares of American Equity Investment Life from $37.00 to $41.00 in a research report on Tuesday, January 4th. Raymond James upped their price target on shares of American Equity Investment Life from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Monday, January 10th. Royal Bank of Canada upped their price target on shares of American Equity Investment Life from $41.00 to $47.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Truist Securities upped their price target on shares of American Equity Investment Life from $39.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, November 11th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $41.75.

In related news, CEO Anant Bhalla sold 10,214 shares of the company’s stock in a transaction on Tuesday, November 30th. The shares were sold at an average price of $29.64, for a total value of $302,742.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey D. Lorenzen sold 20,000 shares of the company’s stock in a transaction on Friday, January 7th. The shares were sold at an average price of $41.10, for a total transaction of $822,000.00. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

American Equity Investment Life stock opened at $43.72 on Friday. American Equity Investment Life Holding has a 1 year low of $26.21 and a 1 year high of $43.80. The firm has a 50 day moving average price of $37.60 and a 200 day moving average price of $33.68. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 12.18 and a beta of 1.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.34 and a current ratio of 0.34.

American Equity Investment Life (NYSE:AEL) last released its quarterly earnings data on Monday, November 8th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.70. American Equity Investment Life had a net margin of 10.79% and a return on equity of 5.87%. The company had revenue of $542.56 million during the quarter, compared to the consensus estimate of $578.71 million. During the same period in the previous year, the firm earned $0.99 earnings per share. American Equity Investment Life’s revenue for the quarter was down 32.1% on a year-over-year basis. Sell-side analysts predict that American Equity Investment Life Holding will post 3.92 EPS for the current year.

The company also recently announced an annual dividend, which was paid on Monday, December 13th. Stockholders of record on Monday, November 29th were paid a $0.34 dividend. The ex-dividend date of this dividend was Friday, November 26th. This is an increase from American Equity Investment Life’s previous annual dividend of $0.18. This represents a dividend yield of 0.97%. American Equity Investment Life’s dividend payout ratio is 9.47%.

About American Equity Investment Life

American Equity Investment Life Holding Co engages in the development and sale of fixed index and fixed rate annuity products. It focuses on the following portfolios: commercial mortgage loans, agricultural mortgage loans, and residential mortgage loans. The company was founded by David J. Noble on December 15, 1995 and is headquartered in West Des Moines, IA.

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Institutional Ownership by Quarter for American Equity Investment Life (NYSE:AEL)

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