Bank of New York Mellon Corp Sells 193,087 Shares of XL Group Ltd. (XL)

Bank of New York Mellon Corp decreased its position in shares of XL Group Ltd. (NYSE:XL) by 8.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,008,570 shares of the insurance provider’s stock after selling 193,087 shares during the period. Bank of New York Mellon Corp owned approximately 0.78% of XL Group worth $87,975,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of XL. BlackRock Inc. increased its stake in shares of XL Group by 3,113.6% in the first quarter. BlackRock Inc. now owns 18,899,779 shares of the insurance provider’s stock worth $753,345,000 after buying an additional 18,311,662 shares during the period. FIL Ltd increased its stake in shares of XL Group by 89.9% in the first quarter. FIL Ltd now owns 6,788,978 shares of the insurance provider’s stock worth $270,609,000 after buying an additional 3,214,457 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of XL Group by 5,927.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 939,043 shares of the insurance provider’s stock worth $37,430,000 after buying an additional 923,464 shares during the period. OppenheimerFunds Inc. increased its stake in shares of XL Group by 100.7% in the first quarter. OppenheimerFunds Inc. now owns 1,795,831 shares of the insurance provider’s stock worth $71,582,000 after buying an additional 901,177 shares during the period. Finally, Rothschild Asset Management Inc. increased its stake in shares of XL Group by 4,962.0% in the second quarter. Rothschild Asset Management Inc. now owns 580,261 shares of the insurance provider’s stock worth $25,416,000 after buying an additional 568,798 shares during the period. Institutional investors and hedge funds own 98.88% of the company’s stock.

XL Group Ltd. (NYSE:XL) opened at 43.01 on Friday. The stock’s 50 day moving average price is $44.67 and its 200-day moving average price is $42.33. The company has a market cap of $11.09 billion, a PE ratio of 14.06 and a beta of 1.02. XL Group Ltd. has a 1-year low of $32.81 and a 1-year high of $47.27.

XL Group (NYSE:XL) last posted its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $0.96 earnings per share 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 the consensus estimate 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 last year, the firm posted $0.37 earnings per share. On average, analysts forecast that XL Group Ltd. will post $3.26 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, September 14th. XL Group’s dividend payout ratio is currently 28.57%.

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A number of equities research analysts have issued reports on XL shares. BidaskClub upgraded XL Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Morgan Stanley restated an “overweight” rating and set a $50.00 price objective (up from $46.00) on shares of XL Group in a research report on Friday, July 7th. Barclays PLC restated an “overweight” rating and set a $51.00 price objective (up from $46.00) on shares of XL Group in a research report on Monday, July 3rd. Citigroup Inc. upped their price objective on XL Group from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 13th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $46.00 target price on shares of XL Group in a research note on Wednesday, July 12th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. XL Group currently has an average rating of “Hold” and an average price target of $45.00.

In other XL Group news, Director Joseph Mauriello sold 3,043 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $44.55, for a total transaction of $135,565.65. Following the transaction, the director now owns 55,008 shares of the company’s stock, valued at $2,450,606.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charles F.A. Cooper sold 18,500 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $42.33, for a total transaction of $783,105.00. Following the transaction, the insider now directly owns 110,096 shares in the company, valued at approximately $4,660,363.68. The disclosure for this sale can be found here. Company insiders own 3.02% of the company’s stock.

About XL Group

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).

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