Mackay Shields LLC Buys 119,800 Shares of American Equity Investment Life Holding (NYSE:AEL)

Mackay Shields LLC lifted its stake in shares of American Equity Investment Life Holding (NYSE:AEL) by 202.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 179,072 shares of the financial services provider’s stock after acquiring an additional 119,800 shares during the quarter. Mackay Shields LLC’s holdings in American Equity Investment Life were worth $4,334,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in AEL. Nuveen Asset Management LLC purchased a new stake in shares of American Equity Investment Life during the 2nd quarter worth approximately $24,521,000. Man Group plc raised its holdings in shares of American Equity Investment Life by 99.8% during the 2nd quarter. Man Group plc now owns 542,720 shares of the financial services provider’s stock worth $14,740,000 after acquiring an additional 271,038 shares in the last quarter. Citadel Advisors LLC raised its holdings in shares of American Equity Investment Life by 51.5% during the 2nd quarter. Citadel Advisors LLC now owns 751,289 shares of the financial services provider’s stock worth $20,405,000 after acquiring an additional 255,366 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of American Equity Investment Life by 39.6% during the 2nd quarter. Wells Fargo & Company MN now owns 695,993 shares of the financial services provider’s stock worth $18,903,000 after acquiring an additional 197,306 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in shares of American Equity Investment Life by 82.0% during the 2nd quarter. Schroder Investment Management Group now owns 393,458 shares of the financial services provider’s stock worth $10,686,000 after acquiring an additional 177,300 shares in the last quarter. Institutional investors own 91.27% of the company’s stock.

Several brokerages have recently issued reports on AEL. UBS Group upped their price objective on American Equity Investment Life from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday. Zacks Investment Research raised American Equity Investment Life from a “sell” rating to a “hold” rating in a report on Wednesday. Citigroup decreased their price target on American Equity Investment Life from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. B. Riley restated a “neutral” rating on shares of American Equity Investment Life in a report on Tuesday, October 15th. Finally, ValuEngine upgraded American Equity Investment Life from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. American Equity Investment Life has a consensus rating of “Hold” and a consensus target price of $27.25.

NYSE:AEL traded up $0.19 during midday trading on Friday, hitting $28.40. 397,828 shares of the company traded hands, compared to its average volume of 450,378. The firm’s fifty day moving average is $24.24 and its 200-day moving average is $25.78. American Equity Investment Life Holding has a 12-month low of $20.16 and a 12-month high of $36.06. The firm has a market capitalization of $2.39 billion, a P/E ratio of 6.09 and a beta of 1.97. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.21.

American Equity Investment Life (NYSE:AEL) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $2.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $1.56. The company had revenue of $643.40 million for the quarter, compared to analysts’ expectations of $641.01 million. During the same quarter in the previous year, the company posted $1.87 EPS. The business’s quarterly revenue was down 46.1% on a year-over-year basis. On average, research analysts expect that American Equity Investment Life Holding will post 4.04 EPS for the current fiscal year.

About American Equity Investment Life

American Equity Investment Life Holding Company, through its subsidiaries, provides life insurance products and services in the United States. The company issues fixed index and rate annuities; and single premium immediate annuities, as well as life insurance products. It markets its products through independent agents, including national marketing organizations, broker/dealers, banks, and registered investment advisors.

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Institutional Ownership by Quarter for American Equity Investment Life (NYSE:AEL)

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