Zacks Investment Research upgraded shares of Cna Financial Corp (NYSE:CNA) from a hold rating to a buy rating in a research note published on Tuesday, April 18th. They currently have $49.00 target price on the insurance provider’s stock.
According to Zacks, “Shares of CNA Financial outperformed the Zacks categorized Property and Casualty insurance industry, in the last one year. CNA Financial’s 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. This in turn, makes the stock an attractive pick for yield-seeking investors. However, the insurer 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. The company is expected to release its first quarter results on May 1. A Zacks Rank #2 increases the predictive power of a beat, but combined with Earnings ESP of 0.00% makes prediction difficult.”
Cna Financial Corp (NYSE:CNA) traded down 0.70% during midday trading on Tuesday, hitting $44.05. The stock had a trading volume of 125,394 shares. Cna Financial Corp has a 12 month low of $29.38 and a 12 month high of $46.44. The firm’s 50-day moving average price is $44.55 and its 200 day moving average price is $42.05. The company has a market cap of $11.94 billion, a P/E ratio of 11.33 and a beta of 1.12.
Cna Financial Corp (NYSE:CNA) last posted its earnings results on Monday, May 1st. The insurance provider reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.08. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $2.02 billion. Cna Financial Corp had a return on equity of 7.43% and a net margin of 9.17%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 EPS. On average, analysts expect that Cna Financial Corp will post $3.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Monday, May 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Thursday, May 11th. Cna Financial Corp’s payout ratio is 31.65%.
In related news, Director Joseph Rosenberg sold 15,000 shares of Cna Financial Corp stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $45.02, for a total value of $675,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dino Robusto acquired 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The stock was purchased at an average cost of $41.84 per share, with a total value of $502,080.00. Following the acquisition, the chief executive officer now directly owns 12,000 shares of the company’s stock, valued at $502,080. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. KCG Holdings Inc. raised its stake in shares of Cna Financial Corp by 26.9% in the third quarter. KCG Holdings Inc. now owns 21,703 shares of the insurance provider’s stock valued at $747,000 after buying an additional 4,603 shares during the last quarter. Guggenheim Capital LLC increased its position in Cna Financial Corp by 20.4% in the fourth quarter. Guggenheim Capital LLC now owns 100,391 shares of the insurance provider’s stock valued at $4,166,000 after buying an additional 16,979 shares during the period. Cigna Investments Inc. New bought a new position in Cna Financial Corp during the fourth quarter valued at $878,000. NWQ Investment Management Company LLC increased its position in Cna Financial Corp by 3.2% in the fourth quarter. NWQ Investment Management Company LLC now owns 385,200 shares of the insurance provider’s stock valued at $15,986,000 after buying an additional 11,812 shares during the period. Finally, Asset Management One Co. Ltd. acquired a new position in shares of Cna Financial Corp during the fourth quarter valued at approximately $204,000. 99.12% of the stock is owned by institutional investors.
About Cna Financial Corp
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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