Employers (NYSE:EIG) Announces Quarterly Earnings Results

Employers (NYSE:EIG) released its earnings results on Wednesday. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.13, FiscalAI reports. The company had revenue of $220.20 million during the quarter, compared to the consensus estimate of $203.51 million. Employers had a return on equity of 1.10% and a net margin of 0.95%.Employers’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 earnings per share.

Employers Price Performance

NYSE:EIG traded down $0.42 during mid-day trading on Wednesday, hitting $49.55. 226,702 shares of the company’s stock traded hands, compared to its average volume of 260,157. Employers has a 1 year low of $35.73 and a 1 year high of $52.06. The company has a market cap of $903.83 million, a PE ratio of 150.16 and a beta of 0.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.40 and a current ratio of 0.40. The firm’s 50 day simple moving average is $47.85 and its 200 day simple moving average is $44.20.

Hedge Funds Weigh In On Employers

Several hedge funds have recently bought and sold shares of EIG. Royal Bank of Canada lifted its position in shares of Employers by 32.8% in the first quarter. Royal Bank of Canada now owns 6,037 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 1,490 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Employers by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,685 shares of the financial services provider’s stock worth $744,000 after purchasing an additional 644 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Employers by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 67,992 shares of the financial services provider’s stock worth $3,443,000 after purchasing an additional 5,696 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Employers by 738.8% during the first quarter. Jane Street Group LLC now owns 40,448 shares of the financial services provider’s stock worth $2,048,000 after buying an additional 35,626 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Employers by 8.5% during the second quarter. JPMorgan Chase & Co. now owns 81,609 shares of the financial services provider’s stock worth $3,850,000 after buying an additional 6,410 shares in the last quarter. Hedge funds and other institutional investors own 80.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EIG. Zacks Research downgraded shares of Employers from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Weiss Ratings raised shares of Employers from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Employers from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Employers has an average rating of “Hold”.

Employers Company Profile

Employers Holdings, Inc (NYSE: EIG) is a publicly traded property and casualty insurance holding company headquartered in Des Moines, Iowa. Through its subsidiaries, Employers Mutual Casualty Company and Employers Preferred Insurance Company, the firm specializes in providing workers’ compensation coverage alongside an array of commercial insurance products. Its service offerings include general liability, commercial auto, businessowners policies and umbrella coverages, tailored to meet the risk-management needs of small and mid-sized businesses across multiple industries.

The company markets its insurance solutions primarily through a network of independent agencies and brokers, leveraging local market expertise to underwrite policies that address the unique exposures faced by clients in manufacturing, construction, healthcare, retail and service sectors.