Wedge Capital Management L L P NC Has $1,290,000 Stake in XL Group Ltd. (XL)

Wedge Capital Management L L P NC continued to hold its position in shares of XL Group Ltd. (NYSE:XL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,457 shares of the insurance provider’s stock at the end of the second quarter. Wedge Capital Management L L P NC’s holdings in XL Group were worth $1,290,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in shares of XL Group during the first quarter valued at about $1,435,000. Tudor Investment Corp ET AL bought a new position in shares of XL Group during the first quarter valued at about $1,193,000. Knights of Columbus Asset Advisors LLC bought a new position in shares of XL Group during the first quarter valued at about $1,728,000. Rafferty Asset Management LLC raised its position in shares of XL Group by 260.5% in the first quarter. Rafferty Asset Management LLC now owns 47,723 shares of the insurance provider’s stock valued at $1,902,000 after buying an additional 34,485 shares in the last quarter. Finally, KCG Holdings Inc. raised its position in shares of XL Group by 28.7% in the first quarter. KCG Holdings Inc. now owns 27,451 shares of the insurance provider’s stock valued at $1,094,000 after buying an additional 6,124 shares in the last quarter. 98.88% of the stock is currently owned by institutional investors and hedge funds.

Shares of XL Group Ltd. (NYSE:XL) opened at 44.62 on Thursday. The stock has a market cap of $11.51 billion, a P/E ratio of 14.59 and a beta of 1.02. The stock has a 50 day moving average of $44.83 and a 200 day moving average of $42.09. XL Group Ltd. has a one year low of $32.81 and a one year high of $47.27.

XL Group (NYSE:XL) last announced its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.08. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.78 billion. XL Group had a net margin of 7.53% and a return on equity of 4.88%. During the same quarter in the previous year, the business posted $0.37 EPS. On average, analysts forecast that XL Group Ltd. will post $3.26 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 14th. XL Group’s payout ratio is 28.57%.

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XL has been the topic of several research analyst reports. Morgan Stanley reissued an “overweight” rating and set a $50.00 target price (up from $46.00) on shares of XL Group in a research note on Friday, July 7th. Barclays PLC reissued an “overweight” rating and set a $51.00 target price (up from $46.00) on shares of XL Group in a research note on Monday, July 3rd. Citigroup Inc. raised their price objective on shares of XL Group from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 13th. J P Morgan Chase & Co raised shares of XL Group from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Friday, July 28th. Finally, BidaskClub raised shares of XL Group from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $44.90.

In related news, Director Joseph Mauriello sold 3,043 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $44.55, for a total value of $135,565.65. Following the transaction, the director now owns 55,008 shares in the company, valued at approximately $2,450,606.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider W Myron Hendry sold 85,050 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $42.12, for a total transaction of $3,582,306.00. Following the completion of the transaction, the insider now owns 57,525 shares in the company, valued at approximately $2,422,953. The disclosure for this sale can be found here. In the last quarter, insiders sold 183,293 shares of company stock worth $7,767,012. 2.59% of the stock is currently owned by company insiders.

XL Group Company Profile

XL Group plc is an insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises. The Company operates through two segments: Insurance and Reinsurance. The Company’s Insurance segment is organized into four product divisions: Global Casualty (Casualty); Global Energy Property, & Construction (EPC); Global Professional (Professional), and Global Specialty (Specialty).