Employers (NYSE:EIG) Given New $58.00 Price Target at Truist Financial

Employers (NYSE:EIG) had its price target hoisted by Truist Financial from $55.00 to $58.00 in a research note issued to investors on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

Separately, JMP Securities upgraded Employers to a “hold” rating in a research note on Thursday, August 1st.

Employers Stock Down 1.9 %

NYSE:EIG traded down $0.91 during trading hours on Friday, hitting $47.81. 88,127 shares of the company traded hands, compared to its average volume of 129,977. The company has a market cap of $1.19 billion, a PE ratio of 8.96 and a beta of 0.24. The firm’s 50-day simple moving average is $47.95 and its 200-day simple moving average is $45.11. Employers has a one year low of $37.33 and a one year high of $50.00.

Employers (NYSE:EIG) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Employers had a net margin of 15.27% and a return on equity of 9.96%. The business had revenue of $224.00 million during the quarter, compared to the consensus estimate of $225.19 million. As a group, equities research analysts expect that Employers will post 3.63 EPS for the current year.

Employers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.51%. Employers’s payout ratio is presently 22.47%.

Institutional Investors Weigh In On Employers

Large investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its position in Employers by 15.8% during the third quarter. QRG Capital Management Inc. now owns 32,315 shares of the financial services provider’s stock worth $1,550,000 after purchasing an additional 4,415 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Employers by 1.6% in the third quarter. Assenagon Asset Management S.A. now owns 200,660 shares of the financial services provider’s stock worth $9,626,000 after acquiring an additional 3,257 shares during the period. Capital Investment Advisors LLC bought a new stake in shares of Employers during the 3rd quarter valued at $387,000. Ellsworth Advisors LLC boosted its stake in Employers by 6.0% in the 3rd quarter. Ellsworth Advisors LLC now owns 12,312 shares of the financial services provider’s stock worth $591,000 after purchasing an additional 692 shares during the period. Finally, Inspire Investing LLC grew its holdings in Employers by 4.7% during the 3rd quarter. Inspire Investing LLC now owns 8,614 shares of the financial services provider’s stock valued at $413,000 after buying an additional 389 shares in the last quarter. Hedge funds and other institutional investors own 80.49% of the company’s stock.

Employers Company Profile

Employers Holdings, Inc, through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. The company operates in two segments, Employers and Cerity. It offers workers’ compensation insurance to small businesses in low to medium hazard industries under the Employers and Cerity brands.