Athene Holding Ltd. (NYSE:ATH) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $47.39, but opened at $49.36. Athene Holding shares last traded at $51.73, with a volume of 2,391,972 shares trading hands.
The insurance provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.37. The firm had revenue of $821 million during the quarter, compared to analysts’ expectations of $810.07 million.
ATH has been the subject of a number of recent research reports. Deutsche Bank AG decreased their price target on shares of Athene Holding from $59.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, April 19th. Bank of America Corporation reiterated a “buy” rating and issued a $63.00 price target (up previously from $61.00) on shares of Athene Holding in a research note on Monday, May 15th. Credit Suisse Group upgraded shares of Athene Holding from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Monday, June 19th. Zacks Investment Research upgraded shares of Athene Holding from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Tuesday, July 11th. Finally, BMO Capital Markets reiterated a “neutral” rating and issued a $54.00 price target on shares of Athene Holding in a research note on Friday, May 12th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $56.21.
In other Athene Holding news, major shareholder Apollo Management Holdings Gp, sold 7,602,830 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $49.00, for a total transaction of $372,538,670.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. CI Global Investments Inc. boosted its position in shares of Athene Holding by 40.3% in the first quarter. CI Global Investments Inc. now owns 6,325,373 shares of the insurance provider’s stock worth $316,205,000 after buying an additional 1,816,836 shares during the last quarter. Three Peaks Capital Management LLC acquired a new position in shares of Athene Holding during the first quarter worth approximately $9,516,000. FSI Group LLC boosted its position in shares of Athene Holding by 76.9% in the first quarter. FSI Group LLC now owns 138,000 shares of the insurance provider’s stock worth $6,899,000 after buying an additional 60,000 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Athene Holding by 69.9% in the first quarter. Bank of New York Mellon Corp now owns 1,949,674 shares of the insurance provider’s stock worth $97,464,000 after buying an additional 802,093 shares during the last quarter. Finally, Henderson Group PLC acquired a new position in shares of Athene Holding during the first quarter worth approximately $12,498,000. 37.91% of the stock is currently owned by institutional investors.
The company’s 50-day moving average price is $49.94 and its 200 day moving average price is $50.72. The firm has a market cap of $10.37 billion and a price-to-earnings ratio of 9.50.
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Athene Holding Company Profile
Athene Holding Ltd. is an insurance holding company. The Company’s segments include Retirement Services, Corporate and Other. Retirement Services segment consists of the United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to its policyholders.
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