Triple-S Management (NYSE:GTS) Shares Down 6% on Analyst Downgrade
Triple-S Management Corp. (NYSE:GTS) shares were down 6% on Friday after Wells Fargo & Co lowered their price target on the stock from $27.00 to $21.00. Wells Fargo & Co currently has a market perform rating on the stock. Triple-S Management traded as low as $16.79 and last traded at $16.97, approximately 784,100 shares traded hands during trading. An increase of 480% from the average daily volume of 135,177 shares. The stock had previously closed at $18.05.
A number of other brokerages have also weighed in on GTS. ValuEngine lowered shares of Triple-S Management from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 4th. Zacks Investment Research lowered shares of Triple-S Management from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, TheStreet lowered shares of Triple-S Management from a “b” rating to a “c+” rating in a report on Monday.
Institutional investors have recently modified their holdings of the company. Bank of Montreal Can grew its position in Triple-S Management by 575.9% during the 2nd quarter. Bank of Montreal Can now owns 2,021 shares of the company’s stock worth $48,000 after purchasing an additional 1,722 shares during the last quarter. Investors Research Corp increased its holdings in Triple-S Management by 31.3% in the 2nd quarter. Investors Research Corp now owns 4,200 shares of the company’s stock worth $100,000 after acquiring an additional 1,000 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in Triple-S Management by 418.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,554 shares of the company’s stock worth $104,000 after acquiring an additional 3,676 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Triple-S Management in the 1st quarter worth $163,000. Finally, Bank of America Corp DE increased its holdings in Triple-S Management by 15.9% in the 4th quarter. Bank of America Corp DE now owns 11,468 shares of the company’s stock worth $199,000 after acquiring an additional 1,574 shares in the last quarter. 81.59% of the stock is currently owned by hedge funds and other institutional investors.
Triple-S Management (NYSE:GTS) last released its earnings results on Thursday, August 8th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.70. Triple-S Management had a net margin of 1.17% and a return on equity of 3.63%. The business had revenue of $878.60 million during the quarter, compared to analyst estimates of $792.75 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Triple-S Management Corp. will post 2.5 EPS for the current fiscal year.
About Triple-S Management (NYSE:GTS)
Triple-S Management Corporation, through its subsidiaries, provides a portfolio of managed care and related products in the commercial, Medicare Advantage, and Medicaid markets. It operates through three segments: Managed Care, Life Insurance, and Property and Casualty Insurance. The company offers various managed care products, including health maintenance organization plans; preferred provider organization plans; BlueCard program; Medicare Supplement products; Medicare Advantage products; Medicaid plans; and claims processing and other administrative services to employers, professional and trade associations, individuals, and government entities.
Further Reading: Initial Coin Offering (ICO)
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