Bank of America Corp DE increased its stake in XL Group Ltd. (NYSE:XL) by 14.7% during the first quarter, Holdings Channel reports. The institutional investor owned 2,309,496 shares of the insurance provider’s stock after buying an additional 295,295 shares during the period. Bank of America Corp DE’s holdings in XL Group were worth $92,057,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of XL Group by 2.1% in the first quarter. Vanguard Group Inc. now owns 25,552,611 shares of the insurance provider’s stock worth $1,018,526,000 after buying an additional 519,170 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of XL Group by 1.1% in the first quarter. Wellington Management Group LLP now owns 19,803,140 shares of the insurance provider’s stock worth $789,353,000 after buying an additional 218,230 shares during the last quarter. BlackRock Inc. increased its stake in shares of XL Group by 3,113.6% in the first quarter. BlackRock Inc. now owns 18,899,779 shares of the insurance provider’s stock worth $753,345,000 after buying an additional 18,311,662 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of XL Group by 2.8% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,030,277 shares of the insurance provider’s stock worth $559,246,000 after buying an additional 384,760 shares during the last quarter. Finally, FIL Ltd increased its stake in shares of XL Group by 89.9% in the first quarter. FIL Ltd now owns 6,788,978 shares of the insurance provider’s stock worth $270,609,000 after buying an additional 3,214,457 shares during the last quarter. 97.71% of the stock is owned by institutional investors and hedge funds.
XL Group Ltd. (NYSE XL) traded up 1.29% during trading on Friday, reaching $44.04. The company’s stock had a trading volume of 2,526,015 shares. XL Group Ltd. has a one year low of $30.33 and a one year high of $44.05. The firm has a market cap of $11.51 billion, a PE ratio of 21.17 and a beta of 1.01. The company has a 50-day moving average of $42.46 and a 200 day moving average of $39.78.
XL Group (NYSE:XL) last released its quarterly earnings results on Wednesday, April 26th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.04. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. XL Group had a net margin of 5.25% and a return on equity of 3.71%. XL Group’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. Analysts expect that XL Group Ltd. will post $3.23 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Tuesday, June 13th. XL Group’s dividend payout ratio (DPR) is presently 42.11%.
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A number of analysts have weighed in on the company. Citigroup Inc. increased their price target on XL Group from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday, April 7th. Credit Suisse Group set a $40.00 price target on XL Group and gave the stock a “hold” rating in a report on Saturday, March 25th. Deutsche Bank AG increased their price target on XL Group from $38.00 to $39.00 and gave the stock a “hold” rating in a report on Friday, April 28th. Morgan Stanley increased their price target on XL Group from $43.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, April 28th. Finally, Royal Bank of Canada increased their price target on XL Group from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $42.40.
In other XL Group news, Director Anne Stevens sold 1,700 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $43.55, for a total value of $74,035.00. Following the sale, the director now owns 13,710 shares in the company, valued at $597,070.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider W Myron Hendry sold 85,050 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $42.12, for a total transaction of $3,582,306.00. Following the completion of the sale, the insider now owns 57,525 shares in the company, valued at approximately $2,422,953. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,250 shares of company stock worth $7,631,446. Corporate insiders own 2.59% of the company’s stock.
About XL Group
XL Group plc is an insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises. The Company operates through two segments: Insurance and Reinsurance. The Company’s Insurance segment is organized into four product divisions: Global Casualty (Casualty); Global Energy Property, & Construction (EPC); Global Professional (Professional), and Global Specialty (Specialty).
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