Equitable (NYSE:EQH) Shares Gap Up Following Insider Buying Activity

Shares of Equitable Holdings Inc (NYSE:EQH) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $15.51, but opened at $13.42. Equitable shares last traded at $15.48, with a volume of 165,207 shares traded.

Specifically, Director George Stansfield bought 2,500 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was bought at an average cost of $10.41 per share, with a total value of $26,025.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $52,050. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mark Pearson bought 12,635 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was acquired at an average cost of $15.38 per share, with a total value of $194,326.30. Over the last ninety days, insiders acquired 59,475 shares of company stock worth $868,606. Insiders own 0.16% of the company’s stock.

EQH has been the subject of several analyst reports. Royal Bank of Canada lowered shares of Equitable from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $27.00 to $20.00 in a research note on Friday, March 20th. Wells Fargo & Co raised shares of Equitable from an “equal weight” rating to an “overweight” rating and set a $30.00 target price on the stock in a research report on Monday, January 6th. Morgan Stanley cut their target price on Equitable from $29.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. Zacks Investment Research lowered Equitable from a “buy” rating to a “hold” rating in a report on Thursday, March 19th. Finally, ValuEngine cut Equitable from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Equitable currently has a consensus rating of “Hold” and an average target price of $23.88.

The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -4.50, a price-to-earnings-growth ratio of 0.50 and a beta of 1.40. The stock has a fifty day moving average price of $20.48 and a 200 day moving average price of $22.77.

Equitable (NYSE:EQH) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.37 EPS for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.19. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $3.23 billion. On average, analysts forecast that Equitable Holdings Inc will post 4.68 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 9th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date was Friday, March 6th. Equitable’s dividend payout ratio is 12.37%.

Several hedge funds and other institutional investors have recently modified their holdings of EQH. Metropolitan Life Insurance Co NY increased its holdings in shares of Equitable by 18.5% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 5,765 shares of the company’s stock valued at $116,000 after acquiring an additional 898 shares during the last quarter. Voya Investment Management LLC grew its holdings in Equitable by 365.5% in the 3rd quarter. Voya Investment Management LLC now owns 451,551 shares of the company’s stock valued at $10,006,000 after buying an additional 354,545 shares during the last quarter. State Street Corp grew its holdings in Equitable by 6.5% in the 3rd quarter. State Street Corp now owns 8,923,884 shares of the company’s stock valued at $197,753,000 after buying an additional 546,887 shares during the last quarter. Stifel Financial Corp grew its holdings in Equitable by 16.8% in the 3rd quarter. Stifel Financial Corp now owns 22,335 shares of the company’s stock valued at $497,000 after buying an additional 3,210 shares during the last quarter. Finally, Pictet Asset Management Ltd. grew its holdings in Equitable by 11.7% in the 3rd quarter. Pictet Asset Management Ltd. now owns 133,894 shares of the company’s stock valued at $2,967,000 after buying an additional 14,023 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors and hedge funds.

About Equitable (NYSE:EQH)

Equitable Holdings, Inc operates as a diversified financial services company worldwide. It operates through four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Individual Retirement segment offers a suite of variable annuity products primarily to affluent and high net worth individuals.

Read More: Why is a lock-up period needed for an IPO?

Receive News & Ratings for Equitable Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Equitable and related companies with MarketBeat.com's FREE daily email newsletter.