Triple-S Management Corporation (NYSE:GTS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the largest managed care company in Puerto Rico, serving approximately one million members across all regions. Triple-S offers a broad portfolio of managed care and related products in the commercial, Medicare and Reform (similar to Medicaid) markets. In addition to its managed care business, Triple-S provides life and property and casualty insurance in Puerto Rico. “
GTS has been the topic of a number of other research reports. ValuEngine upgraded shares of Triple-S Management Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. BidaskClub upgraded shares of Triple-S Management Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. TheStreet upgraded shares of Triple-S Management Corporation from a “c” rating to a “b-” rating in a research note on Thursday, August 17th. Finally, Wells Fargo & Company upgraded shares of Triple-S Management Corporation from an “underperform” rating to a “market perform” rating and upped their target price for the company from $16.00 to $20.00 in a research note on Wednesday, August 9th. Four research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and a consensus price target of $23.00.
Triple-S Management Corporation (NYSE:GTS) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.57. The company had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $723.25 million. Triple-S Management Corporation had a net margin of 0.63% and a return on equity of 0.19%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 EPS.
Triple-S Management Corporation announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 8th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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In related news, insider Arturo Carrion sold 1,100 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $23.80, for a total transaction of $26,180.00. Following the sale, the insider now owns 48,663 shares in the company, valued at $1,158,179.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.52% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brandes Investment Partners LP raised its stake in Triple-S Management Corporation by 32.1% during the second quarter. Brandes Investment Partners LP now owns 92,639 shares of the company’s stock worth $1,566,000 after acquiring an additional 22,501 shares during the period. Citadel Advisors LLC raised its stake in Triple-S Management Corporation by 395.3% during the first quarter. Citadel Advisors LLC now owns 68,248 shares of the company’s stock worth $1,199,000 after acquiring an additional 54,469 shares during the period. SG Americas Securities LLC acquired a new stake in Triple-S Management Corporation during the first quarter worth about $189,000. Schwab Charles Investment Management Inc. raised its stake in Triple-S Management Corporation by 8.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 239,378 shares of the company’s stock worth $4,206,000 after acquiring an additional 17,964 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Triple-S Management Corporation during the first quarter worth about $102,000. Hedge funds and other institutional investors own 80.47% of the company’s stock.
Triple-S Management Corporation Company Profile
Triple-S Management Corporation operates as a managed care company. The Company offers a range of managed care and related products in the commercial, Medicaid and Medicare markets. The Company’s segments include Managed Care, Life Insurance, and Property and Casualty Insurance. The Managed Care segment is engaged in the sale of managed care products to the Commercial, Medicare and Medicaid market sectors.
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