Alleghany (Y) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Alleghany (NYSE:Y) from a strong-buy rating to a hold rating in a research note released on Saturday, January 6th.

According to Zacks, “Shares of the Alleghany have outperformed the industry in the last three months. Alleghany’s strong performance across insurance and reinsurance operations will continue to fuel premium revenues. It strives to grow via acquisitions and organic initiatives as these not only diversify and strengthen its portfolio but also expand its international footprint. A solid balance sheet with healthy capital position supports shareholder-friendly moves and growth initiatives. However, exposure to cat loss induces volatility to underwriting results and thus drags the bottom-line performance. Escalating expenses weighing on margin expansion remain concern. Investment results too remain depressed owing to the still low interest rate. Also, the company did not witness any estimate revisions in the last 60 days.”

Separately, JMP Securities raised Alleghany from a market perform rating to an outperform rating and set a $625.00 price target on the stock in a research report on Monday, September 11th.

Shares of Alleghany (Y) traded down $0.93 during trading on Friday, hitting $584.92. The stock had a trading volume of 89,328 shares, compared to its average volume of 66,954. The company has a market capitalization of $9,016.21, a price-to-earnings ratio of -4,499.38 and a beta of 0.96. Alleghany has a 12 month low of $521.07 and a 12 month high of $667.19. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.18.

Alleghany (NYSE:Y) last released its earnings results on Thursday, November 2nd. The insurance provider reported ($22.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($28.83) by $6.80. Alleghany had a negative return on equity of 0.14% and a net margin of 0.10%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the company posted $10.09 earnings per share. analysts expect that Alleghany will post -0.24 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Alleghany by 2.6% in the second quarter. Vanguard Group Inc. now owns 1,265,276 shares of the insurance provider’s stock valued at $752,586,000 after purchasing an additional 32,388 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Alleghany by 1.8% in the third quarter. First Eagle Investment Management LLC now owns 666,629 shares of the insurance provider’s stock valued at $369,319,000 after purchasing an additional 11,688 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Alleghany by 16.9% in the third quarter. Victory Capital Management Inc. now owns 428,041 shares of the insurance provider’s stock valued at $237,139,000 after purchasing an additional 61,867 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Alleghany by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 353,987 shares of the insurance provider’s stock valued at $194,434,000 after purchasing an additional 8,513 shares during the last quarter. Finally, Findlay Park Partners LLP grew its position in shares of Alleghany by 10.5% in the third quarter. Findlay Park Partners LLP now owns 223,371 shares of the insurance provider’s stock valued at $123,750,000 after purchasing an additional 21,229 shares during the last quarter. 82.22% of the stock is currently owned by hedge funds and other institutional investors.

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About Alleghany

Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are conducted by its subsidiaries RSUI Group, Inc (RSUI), CapSpecialty, Inc (CapSpecialty) and Pacific Compensation Corporation (PacificComp).

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