Employers (NYSE:EIG) Hits New 52-Week High – Here’s Why

Shares of Employers Holdings Inc (NYSE:EIG) reached a new 52-week high during trading on Monday. The company traded as high as $52.60 and last traded at $51.30, with a volume of 7,737 shares. The stock had previously closed at $51.21.

Analysts Set New Price Targets

EIG has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Employers in a research note on Tuesday, September 22nd. Truist Financial increased their price objective on shares of Employers from $49.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $59.00.

Employers Trading Down 0.1%

The stock has a market cap of $918.47 million, a price-to-earnings ratio of 74.11 and a beta of 0.46. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $49.00 and its two-hundred day moving average is $46.97.

Employers (NYSE:EIG) last issued its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.13. The firm 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 1.30% and a net margin of 0.91%. The firm’s revenue was down 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 EPS. Equities analysts anticipate that Employers Holdings Inc will post 2.23 EPS for the current year.

Employers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, August 12th. This represents a $1.36 annualized dividend and a dividend yield of 2.7%. Employers’s dividend payout ratio is currently 197.10%.

Institutional Trading of Employers

Several hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC acquired a new position in Employers during the 3rd quarter valued at about $78,000. GAMMA Investing LLC boosted its position in shares of Employers by 8.8% during the third quarter. GAMMA Investing LLC now owns 5,035 shares of the financial services provider’s stock worth $240,000 after buying an additional 407 shares during the period. Farther Finance Advisors LLC grew its holdings in Employers by 22.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,672 shares of the financial services provider’s stock worth $80,000 after buying an additional 311 shares in the last quarter. Tidal Investments LLC bought a new position in Employers in the 2nd quarter worth approximately $714,000. Finally, WINTON GROUP Ltd bought a new position in Employers in the 2nd quarter worth approximately $2,365,000. 80.49% of the stock is currently owned by institutional investors.

About Employers

Employers Holdings, Inc (NYSE:EIG) is an insurance holding company that specializes in workers’ compensation coverage for small and midsize businesses. Through its insurance subsidiaries, the company provides policies that help employers cover medical expenses, wage replacement, and other costs associated with workplace injuries.

The company focuses primarily on small businesses in lower- to moderate-hazard industries, including retail, professional services, hospitality, construction, and other commercial sectors.