XL Group Ltd. (NYSE:XL) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of XL Group Ltd. (NYSE:XL) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “XL Group’s second-quarter 2017 earnings outperformed expectations and also improved significantly on a solid performance and lower operating expenses. Shares of XL Group outperformed the industry in the second quarter. XL holds a premier position in global specialty insurance and reinsurance markets owing to the acquisition of Catlin Group in 2015. The buyout helped it to increase alternative capital opportunities and business in the Lloyd's platform. Its inorganic story remains impressive with strategic acquisitions. Also, XL Group announced its intention to re-domesticate to Bermuda as it has considerable operations there. It also remains focused on tapping opportunities in the emerging economies alongside engaging in shareholder-friendly moves. However, negative pricing across business lines as well as increasing expenses remain headwinds for XL Group.”
A number of other analysts also recently issued reports on XL. ValuEngine upgraded shares of XL Group from a hold rating to a buy rating in a report on Tuesday, July 25th. J P Morgan Chase & Co raised shares of XL Group from a neutral rating to an overweight rating and raised their price target for the company from $45.00 to $52.00 in a research report on Friday. Royal Bank Of Canada raised their price target on shares of XL Group from $44.00 to $46.00 and gave the company an outperform rating in a research report on Thursday, April 27th. Citigroup Inc. raised their price target on shares of XL Group from $43.00 to $46.00 and gave the company a neutral rating in a research report on Thursday, July 13th. Finally, Deutsche Bank AG lifted their price objective on shares of XL Group from $38.00 to $39.00 and gave the stock a hold rating in a research report on Friday, April 28th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $44.90.
Shares of XL Group (NYSE XL) opened at 44.40 on Friday. The company has a market capitalization of $11.48 billion, a PE ratio of 14.52 and a beta of 1.02. XL Group has a one year low of $32.81 and a one year high of $47.27. The stock has a 50 day moving average price of $44.47 and a 200 day moving average price of $41.55.
XL Group (NYSE:XL) last released its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $0.96 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.08. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.78 billion. XL Group had a net margin of 7.53% and a return on equity of 4.88%. During the same quarter in the prior year, the firm earned $0.37 EPS. On average, equities research analysts predict that XL Group will post $3.26 earnings per share for the current year.
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In other XL Group news, Director Anne Stevens sold 1,700 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $43.55, for a total transaction of $74,035.00. Following the transaction, the director now directly owns 13,710 shares in the company, valued at approximately $597,070.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider W Myron Hendry sold 85,050 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $42.12, for a total transaction of $3,582,306.00. Following the transaction, the insider now owns 57,525 shares in the company, valued at $2,422,953. The disclosure for this sale can be found here. Insiders sold 180,250 shares of company stock valued at $7,631,446 over the last 90 days. Insiders own 2.59% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc increased its position in XL Group by 19.9% in the second quarter. IFP Advisors Inc now owns 2,317 shares of the insurance provider’s stock worth $101,000 after buying an additional 384 shares during the last quarter. Advisor Partners LLC purchased a new stake in XL Group during the first quarter worth $218,000. Gotham Asset Management LLC purchased a new stake in XL Group during the first quarter worth $228,000. Columbia Partners L L C Investment Management purchased a new stake in XL Group during the first quarter worth $229,000. Finally, Creative Planning boosted its stake in XL Group by 60.7% in the second quarter. Creative Planning now owns 5,295 shares of the insurance provider’s stock worth $232,000 after buying an additional 2,001 shares during the period. Institutional investors own 97.61% of the company’s stock.
About XL Group
XL Group plc is an insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises. The Company operates through two segments: Insurance and Reinsurance. The Company’s Insurance segment is organized into four product divisions: Global Casualty (Casualty); Global Energy Property, & Construction (EPC); Global Professional (Professional), and Global Specialty (Specialty).
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