Steinberg Global Asset Management lessened its stake in Markel Co. (NYSE:MKL) by 5.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 7,669 shares of the insurance provider’s stock after selling 432 shares during the period. Markel makes up 1.4% of Steinberg Global Asset Management’s portfolio, making the stock its 16th largest position. Steinberg Global Asset Management’s holdings in Markel were worth $8,975,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of MKL. Heritage Wealth Advisors increased its position in Markel by 27.8% during the 4th quarter. Heritage Wealth Advisors now owns 23,272 shares of the insurance provider’s stock worth $24,157,000 after purchasing an additional 5,058 shares during the period. Csenge Advisory Group acquired a new position in Markel during the 3rd quarter worth approximately $76,000. LPL Financial LLC increased its position in Markel by 6.4% during the 4th quarter. LPL Financial LLC now owns 1,256 shares of the insurance provider’s stock worth $1,304,000 after purchasing an additional 76 shares during the period. Jefferies Group LLC acquired a new position in Markel during the 3rd quarter worth approximately $389,000. Finally, Two Sigma Securities LLC acquired a new position in Markel during the 4th quarter worth approximately $305,000. Hedge funds and other institutional investors own 76.40% of the company’s stock.
MKL has been the topic of several recent analyst reports. Zacks Investment Research cut Markel from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. TheStreet lowered Markel from a “b” rating to a “c” rating in a research note on Wednesday, February 6th. Finally, ValuEngine lowered Markel from a “hold” rating to a “sell” rating in a research note on Friday, April 5th.
Markel (NYSE:MKL) last announced its quarterly earnings results on Tuesday, February 5th. The insurance provider reported $2.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.31 by ($1.04). The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Markel had a positive return on equity of 9.15% and a negative net margin of 2.02%. On average, equities analysts anticipate that Markel Co. will post 39.04 earnings per share for the current year.
In other news, Director K Bruce Connell purchased 200 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were acquired at an average price of $968.78 per share, with a total value of $193,756.00. Following the purchase, the director now directly owns 2,141 shares of the company’s stock, valued at $2,074,157.98. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Steven A. Markel sold 100 shares of the business’s stock in a transaction that occurred on Tuesday, January 22nd. The stock was sold at an average price of $1,062.76, for a total value of $106,276.00. Following the sale, the insider now directly owns 101,925 shares in the company, valued at approximately $108,321,813. The disclosure for this sale can be found here. Insiders have sold a total of 1,450 shares of company stock worth $1,468,181 in the last three months. Corporate insiders own 2.34% of the company’s stock.
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Markel Company Profile
Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, the United Kingdom, Canada, and internationally. It operates through three segments: U.S. Insurance, International Insurance, and Reinsurance. The U.S. Insurance segment offers general and professional liability, property, personal line, program, and workers' compensation insurance products, as well as other insurance product lines, such as ocean marine, surety, CPI, and coverages.
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