Employers (NYSE:EIG) Hits New 52-Week High – Time to Buy?

Shares of Employers Holdings, Inc. (NYSE:EIG) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $51.69 and last traded at $51.69, with a volume of 8913 shares traded. The stock had previously closed at $49.02.

Analyst Ratings Changes

Several brokerages have commented on EIG. StockNews.com upgraded shares of Employers from a “hold” rating to a “buy” rating in a research note on Monday. Truist Financial upped their price target on shares of Employers from $55.00 to $58.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, JMP Securities upgraded shares of Employers to a “hold” rating in a research note on Thursday, August 1st.

Employers Price Performance

The company’s 50 day moving average price is $48.32 and its two-hundred day moving average price is $45.39. The stock has a market capitalization of $1.32 billion, a PE ratio of 9.99 and a beta of 0.24.

Employers (NYSE:EIG) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Employers had a net margin of 15.27% and a return on equity of 9.78%. The firm had revenue of $224.00 million during the quarter, compared to analysts’ expectations of $225.19 million. Analysts forecast that Employers Holdings, Inc. will post 3.63 earnings per share for the current year.

Employers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.25%. The ex-dividend date is Wednesday, November 13th. Employers’s dividend payout ratio is presently 22.47%.

Institutional Investors Weigh In On Employers

A number of institutional investors and hedge funds have recently modified their holdings of EIG. Thrivent Financial for Lutherans raised its position in shares of Employers by 9.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 31,412 shares of the financial services provider’s stock worth $1,507,000 after buying an additional 2,838 shares during the period. Royce & Associates LP grew its stake in Employers by 24.7% in the third quarter. Royce & Associates LP now owns 34,393 shares of the financial services provider’s stock worth $1,650,000 after purchasing an additional 6,806 shares in the last quarter. Meritage Portfolio Management raised its holdings in shares of Employers by 9.3% during the third quarter. Meritage Portfolio Management now owns 8,297 shares of the financial services provider’s stock valued at $398,000 after buying an additional 704 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Employers by 15.8% during the third quarter. QRG Capital Management Inc. now owns 32,315 shares of the financial services provider’s stock valued at $1,550,000 after buying an additional 4,415 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Employers by 1.6% during 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 purchasing an additional 3,257 shares in the last quarter. Institutional investors and hedge funds 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.