Equitable (NYSE:EQH) Hits New 1-Year High Following Better-Than-Expected Earnings

Equitable Holdings, Inc. (NYSE:EQH)’s share price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $38.95 and last traded at $38.88, with a volume of 3104601 shares changing hands. The stock had previously closed at $36.91.

The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.12. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the business posted $0.96 earnings per share. Equitable’s revenue was down 5.4% on a year-over-year basis.

Equitable Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Monday, February 26th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, February 23rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Equitable’s payout ratio is presently 26.04%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JPMorgan Chase & Co. downgraded Equitable from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $35.00 to $36.00 in a report on Wednesday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Equitable from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Morgan Stanley increased their price target on shares of Equitable from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods raised their price objective on Equitable from $39.00 to $41.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Finally, UBS Group boosted their target price on Equitable from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.67.

Insiders Place Their Bets

In related news, Director Charles G.T. Stonehill sold 5,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $34.02, for a total transaction of $170,100.00. Following the sale, the director now owns 29,758 shares in the company, valued at approximately $1,012,367.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Mark Pearson sold 30,000 shares of Equitable stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $36.24, for a total transaction of $1,087,200.00. Following the sale, the chief executive officer now directly owns 685,025 shares of the company’s stock, valued at approximately $24,825,306. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles G.T. Stonehill sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $34.02, for a total transaction of $170,100.00. Following the transaction, the director now owns 29,758 shares of the company’s stock, valued at $1,012,367.16. The disclosure for this sale can be found here. Insiders have sold 241,907 shares of company stock worth $8,338,649 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Equitable

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norden Group LLC acquired a new stake in shares of Equitable during the 1st quarter valued at $212,000. Vest Financial LLC raised its position in Equitable by 35.5% in the first quarter. Vest Financial LLC now owns 521,406 shares of the company’s stock valued at $19,819,000 after purchasing an additional 136,587 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Equitable by 0.4% during the first quarter. Principal Financial Group Inc. now owns 1,248,360 shares of the company’s stock valued at $47,450,000 after purchasing an additional 5,419 shares in the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in shares of Equitable during the first quarter worth about $1,343,000. Finally, New York State Teachers Retirement System increased its stake in shares of Equitable by 1.6% in the first quarter. New York State Teachers Retirement System now owns 135,002 shares of the company’s stock valued at $5,131,000 after buying an additional 2,106 shares during the period. Institutional investors own 92.70% of the company’s stock.

Equitable Stock Performance

The business’s fifty day moving average is $36.02 and its 200-day moving average is $32.82. The firm has a market cap of $12.73 billion, a P/E ratio of 11.01 and a beta of 1.42.

Equitable Company Profile

Equitable Holdings, Inc, together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Investment Management and Research, Protection Solutions, Wealth Management, and Legacy.