CNA Financial Corporation (NYSE:CNA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Shares of CNA Financial have underperformed the Zacks categorized Property and Casualty insurance industry quarter to date. CNA Financial has been suffering significant catastrophe losses, which pose an inherent risk to the P&C business, inducing volatility in underwriting results. Also, declining investment income and weak operating income remain concerns. Nonetheless, the company is one of the versatile property and casualty (P&C) insurers displaying continued improvement in the combined ratio of its P&C business, leading to underwriting profitability. Moreover, the company remains committed in enhancing shareholders value via effective capital deployment.”
Separately, Deutsche Bank AG downgraded shares of CNA Financial Corporation from a “buy” rating to a “hold” rating and increased their price objective for the stock from $45.00 to $46.00 in a research note on Tuesday, May 2nd.
CNA Financial Corporation (NYSE CNA) traded up 0.12% during trading on Wednesday, hitting $48.87. 50,494 shares of the stock were exchanged. The firm has a 50-day moving average of $46.51 and a 200-day moving average of $43.86. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of 12.57 and a beta of 1.22. CNA Financial Corporation has a 52 week low of $30.94 and a 52 week high of $49.95.
CNA Financial Corporation (NYSE:CNA) last announced its quarterly earnings data on Monday, May 1st. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $2.02 billion. CNA Financial Corporation had a net margin of 11.08% and a return on equity of 8.11%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. Equities research analysts anticipate that CNA Financial Corporation will post $3.26 earnings per share for the current fiscal year.
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In other news, Director Joseph Rosenberg sold 15,000 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $45.02, for a total value of $675,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. NN Investment Partners Holdings N.V. bought a new position in CNA Financial Corporation during the second quarter worth approximately $717,000. Capital One National Association boosted its position in CNA Financial Corporation by 46.4% in the second quarter. Capital One National Association now owns 163,354 shares of the insurance provider’s stock worth $7,964,000 after buying an additional 51,783 shares during the period. KAMES CAPITAL plc boosted its position in CNA Financial Corporation by 749.7% in the second quarter. KAMES CAPITAL plc now owns 124,998 shares of the insurance provider’s stock worth $6,090,000 after buying an additional 110,288 shares during the period. Goldman Sachs Group Inc. boosted its position in CNA Financial Corporation by 122.1% in the first quarter. Goldman Sachs Group Inc. now owns 254,611 shares of the insurance provider’s stock worth $11,246,000 after buying an additional 139,997 shares during the period. Finally, Janus Capital Management LLC bought a new position in CNA Financial Corporation during the first quarter worth approximately $976,000. 99.50% of the stock is owned by hedge funds and other institutional investors.
CNA Financial Corporation Company Profile
CNA Financial Corporation is an insurance holding company. The Company’s segments include Specialty, Commercial, International, Life & Group Non-Core, and Corporate & Other Non-Core. Its Specialty segment provides a range of professional, financial, and specialty property, and casualty products and services.
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