CNA Financial Corporation (CNA) Upgraded to Hold at Zacks Investment Research
CNA Financial Corporation (NYSE:CNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “CNA Financial’s third-quarter 2017 earnings outperformed the Zacks Consensus Estimate but deteriorated year over year on significantly higher catastrophe losses. Being one of the versatile property and casualty (P&C) insurers, CNA Financial has been maintaining a good track record of combined ratio over the past few years, thereby leading to underwriting profitability. Moreover, with the rising interest rate environment, the company has been displaying improving investment results over a considerable period of time. The company also remains committed in enhancing shareholders value via effective capital deployment. Its long-term care business continues to perform strongly. However, exposure to catastrophe losses poses an inherent risk to the P&C business, thus rendering volatility to the company’s earnings. Also, shares of CNA Financial have underperformed the industry during the third quarter.”
CNA has been the subject of a number of other reports. BidaskClub upgraded CNA Financial Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. ValuEngine downgraded CNA Financial Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $50.00 price target on shares of CNA Financial Corporation in a research note on Thursday, September 21st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $46.67.
Shares of CNA Financial Corporation (NYSE:CNA) opened at 54.13 on Wednesday. CNA Financial Corporation has a 12 month low of $34.51 and a 12 month high of $54.74. The company has a market cap of $14.67 billion, a PE ratio of 13.17 and a beta of 1.25. The firm’s 50-day moving average price is $50.20 and its 200-day moving average price is $48.60.
CNA Financial Corporation (NYSE:CNA) last posted its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by ($0.27). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.37 billion. CNA Financial Corporation had a net margin of 9.67% and a return on equity of 7.18%. During the same quarter in the prior year, the business earned $1.15 earnings per share. Equities analysts predict that CNA Financial Corporation will post $2.96 EPS for the current fiscal year.
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In other news, CFO D Craig Mense sold 23,450 shares of CNA Financial Corporation stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $52.66, for a total transaction of $1,234,877.00. Following the completion of the transaction, the chief financial officer now directly owns 130,548 shares in the company, valued at approximately $6,874,657.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. boosted its stake in shares of CNA Financial Corporation by 77.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 264,193 shares of the insurance provider’s stock worth $11,670,000 after acquiring an additional 115,550 shares during the period. Victory Capital Management Inc. boosted its stake in shares of CNA Financial Corporation by 15.4% during the 2nd quarter. Victory Capital Management Inc. now owns 172,232 shares of the insurance provider’s stock worth $8,396,000 after acquiring an additional 23,040 shares during the period. Arrow Investment Advisors LLC bought a new position in shares of CNA Financial Corporation during the 2nd quarter worth approximately $722,000. LSV Asset Management boosted its stake in shares of CNA Financial Corporation by 5.3% during the 2nd quarter. LSV Asset Management now owns 1,424,022 shares of the insurance provider’s stock worth $69,421,000 after acquiring an additional 71,520 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of CNA Financial Corporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 550,006 shares of the insurance provider’s stock worth $24,294,000 after acquiring an additional 20,462 shares during the period. Institutional investors own 99.89% of the company’s stock.
About CNA Financial Corporation
CNA Financial Corporation is an insurance holding company. The Company’s segments include Specialty, Commercial, International, Life & Group Non-Core, and Corporate & Other Non-Core. Its Specialty segment provides a range of professional, financial, and specialty property, and casualty products and services.
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