Point72 Asset Management L.P. Reduces Position in Alleghany Co. (NYSE:Y)
Point72 Asset Management L.P. cut its holdings in shares of Alleghany Co. (NYSE:Y) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,862 shares of the insurance provider’s stock after selling 1,500 shares during the period. Point72 Asset Management L.P. owned approximately 0.12% of Alleghany worth $11,485,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in Y. Advisory Services Network LLC boosted its position in Alleghany by 300.0% in the second quarter. Advisory Services Network LLC now owns 44 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 33 shares during the last quarter. SRS Capital Advisors Inc. purchased a new position in Alleghany in the second quarter worth about $39,000. Barrett Asset Management LLC boosted its position in Alleghany by 50.0% in the first quarter. Barrett Asset Management LLC now owns 75 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 25 shares during the last quarter. Ossiam purchased a new position in Alleghany in the second quarter worth about $52,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in Alleghany in the first quarter worth about $59,000. 81.18% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on Y shares. Credit Suisse Group set a $61.00 target price on Alleghany and gave the stock a “hold” rating in a research report on Friday, August 30th. Deutsche Bank raised Alleghany from a “hold” rating to a “buy” rating and raised their target price for the stock from $735.00 to $900.00 in a research report on Wednesday, September 4th. Finally, Zacks Investment Research cut Alleghany from a “buy” rating to a “hold” rating and set a $809.00 target price on the stock. in a research report on Sunday, July 14th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Alleghany currently has an average rating of “Buy” and a consensus price target of $617.50.
Alleghany (NYSE:Y) last posted its quarterly earnings data on Tuesday, August 6th. The insurance provider reported $12.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $9.48 by $2.92. Alleghany had a return on equity of 2.88% and a net margin of 3.86%. The firm had revenue of $2.10 billion for the quarter. During the same period in the previous year, the firm earned $9.78 earnings per share. Sell-side analysts predict that Alleghany Co. will post 42.25 EPS 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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