Employers (NYSE:EIG) Sets New 1-Year High – Here’s What Happened

Employers Holdings, Inc. (NYSE:EIG)’s share price 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 changing hands. The stock had previously closed at $49.02.

Analysts Set New Price Targets

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

Employers Trading Up 9.3 %

The stock has a market cap of $1.33 billion, a P/E ratio of 9.18 and a beta of 0.24. The firm has a 50-day simple moving average of $48.00 and a two-hundred day simple moving average of $45.22.

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

Employers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.24%. The ex-dividend date is Wednesday, November 13th. Employers’s payout ratio is 22.47%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. LSV Asset Management increased its position in shares of Employers by 58.9% in the first quarter. LSV Asset Management now owns 798,826 shares of the financial services provider’s stock worth $36,259,000 after purchasing an additional 295,983 shares during the period. SG Americas Securities LLC bought a new position in shares of Employers in the third quarter worth $436,000. Price T Rowe Associates Inc. MD increased its position in shares of Employers by 12.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,334 shares of the financial services provider’s stock worth $333,000 after purchasing an additional 834 shares during the period. Texas Permanent School Fund Corp increased its position in shares of Employers by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 22,511 shares of the financial services provider’s stock worth $1,022,000 after purchasing an additional 292 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of Employers in the second quarter worth $1,522,000. Institutional investors own 80.49% of the company’s stock.

About Employers

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.