XL Group Ltd. (NYSE:XL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Shares of XL Group outperformed the industry in the year to date. 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.”
Other research analysts also recently issued research reports about the stock. Morgan Stanley reiterated an “overweight” rating and set a $50.00 target price (up previously from $46.00) on shares of XL Group in a research report on Friday, July 7th. Barclays PLC reiterated an “overweight” rating and set a $51.00 target price (up previously from $46.00) on shares of XL Group in a research report on Monday, July 3rd. UBS AG dropped their target price on shares of XL Group from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday, September 19th. Buckingham Research started coverage on shares of XL Group in a research report on Monday, September 11th. They set a “neutral” rating and a $42.00 target price on the stock. Finally, Citigroup Inc. boosted their target price 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. XL Group presently has an average rating of “Hold” and a consensus price target of $46.36.
Shares of XL Group (NYSE:XL) opened at 37.99 on Tuesday. The firm has a 50-day moving average of $42.15 and a 200 day moving average of $42.28. XL Group has a 12-month low of $32.81 and a 12-month high of $47.27. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of 12.42 and a beta of 1.01.
XL Group (NYSE:XL) last posted 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. XL Group had a net margin of 7.53% and a return on equity of 4.88%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period in the prior year, the firm posted $0.37 EPS. On average, equities research analysts expect that XL Group will post $3.28 earnings per share for the current year.
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In other XL Group news, Director Joseph Mauriello sold 3,043 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $44.55, for a total transaction of $135,565.65. Following the transaction, the director now owns 55,008 shares in the company, valued at $2,450,606.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.02% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in XL. BlackRock Inc. raised its holdings in XL Group by 3,113.6% during the first quarter. BlackRock Inc. now owns 18,899,779 shares of the insurance provider’s stock worth $753,345,000 after buying an additional 18,311,662 shares during the last quarter. Janus Henderson Group PLC raised its holdings in XL Group by 9,672.6% during the second quarter. Janus Henderson Group PLC now owns 3,493,722 shares of the insurance provider’s stock worth $153,025,000 after buying an additional 3,457,972 shares during the last quarter. FIL Ltd raised its holdings in XL Group by 89.9% during the first quarter. FIL Ltd now owns 6,788,978 shares of the insurance provider’s stock worth $270,609,000 after buying an additional 3,214,457 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in XL Group by 100.7% during the first quarter. OppenheimerFunds Inc. now owns 1,795,831 shares of the insurance provider’s stock worth $71,582,000 after buying an additional 901,177 shares during the last quarter. Finally, Numeric Investors LLC raised its holdings in XL Group by 108.0% during the second quarter. Numeric Investors LLC now owns 1,448,295 shares of the insurance provider’s stock worth $63,435,000 after buying an additional 752,100 shares during the last quarter. Hedge funds and other institutional investors own 95.26% of the company’s stock.
XL Group Company Profile
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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