First Trust Advisors LP increased its holdings in shares of Alleghany Co. (NYSE:Y) by 692.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,431 shares of the insurance provider’s stock after purchasing an additional 20,474 shares during the quarter. First Trust Advisors LP’s holdings in Alleghany were worth $18,692,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Alleghany by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,326,766 shares of the insurance provider’s stock worth $903,674,000 after buying an additional 5,372 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Alleghany by 4.4% in the 2nd quarter. Victory Capital Management Inc. now owns 463,705 shares of the insurance provider’s stock valued at $315,834,000 after buying an additional 19,488 shares during the period. JPMorgan Chase & Co. increased its holdings in Alleghany by 4.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 364,016 shares of the insurance provider’s stock valued at $245,396,000 after buying an additional 15,713 shares during the period. California Public Employees Retirement System increased its holdings in Alleghany by 7.8% in the 3rd quarter. California Public Employees Retirement System now owns 123,689 shares of the insurance provider’s stock valued at $98,674,000 after buying an additional 8,950 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Alleghany by 1.6% in the 2nd quarter. AQR Capital Management LLC now owns 87,013 shares of the insurance provider’s stock valued at $59,265,000 after buying an additional 1,368 shares during the period. Institutional investors and hedge funds own 81.34% of the company’s stock.
Several research firms have commented on Y. Credit Suisse Group set a $61.00 target price on shares of Alleghany and gave the company a “hold” rating in a report on Friday, August 30th. Deutsche Bank raised shares of Alleghany from a “hold” rating to a “buy” rating and raised their target price for the company from $735.00 to $900.00 in a report on Wednesday, September 4th. ValuEngine lowered shares of Alleghany from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, JMP Securities raised their target price on shares of Alleghany from $775.00 to $875.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $661.25.
Alleghany (NYSE:Y) last announced its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $7.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.08 by $1.53. The company had revenue of $1.53 billion for the quarter. Alleghany had a net margin of 1.43% and a return on equity of 4.36%. During the same period last year, the firm posted $7.61 earnings per share. Equities research analysts forecast that Alleghany Co. will post 39.93 earnings per share for the current year.
Alleghany Corporation provides property and casualty reinsurance and insurance products in the United States and internationally. The company operates in three segments: Reinsurance, Insurance, and Alleghany Capital. The Reinsurance segment offers fire, allied lines, auto physical damage, and homeowners multiple peril reinsurance products; and casualty and other reinsurance products, such as medical malpractice, ocean marine and aviation, accident and health, mortgage, surety, and credit reinsurance products, as well as directors' and officers', errors and omissions, general, and auto liability reinsurance.
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