EMC Insurance Group (NASDAQ:EMCI) released its quarterly earnings data on Wednesday. The insurance provider reported $0.48 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.48, MarketWatch Earnings reports. EMC Insurance Group had a return on equity of 3.30% and a net margin of 3.23%. The business had revenue of $177.99 million for the quarter. EMC Insurance Group updated its FY 2018 guidance to $1.30-1.50 EPS.
Shares of EMC Insurance Group stock opened at $25.19 on Friday. EMC Insurance Group has a 52-week low of $22.98 and a 52-week high of $32.19. The company has a market capitalization of $523.58 million, a P/E ratio of 20.65 and a beta of 0.64. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.05.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 22nd. Investors of record on Thursday, November 15th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from EMC Insurance Group’s previous quarterly dividend of $0.22. EMC Insurance Group’s dividend payout ratio (DPR) is currently 72.13%.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in EMC Insurance Group by 4.8% in the 2nd quarter. BlackRock Inc. now owns 702,928 shares of the insurance provider’s stock valued at $19,527,000 after buying an additional 32,074 shares during the last quarter. Northern Trust Corp boosted its stake in shares of EMC Insurance Group by 0.7% during the 2nd quarter. Northern Trust Corp now owns 405,260 shares of the insurance provider’s stock worth $11,258,000 after acquiring an additional 2,633 shares during the period. Renaissance Technologies LLC boosted its stake in shares of EMC Insurance Group by 2.1% during the 2nd quarter. Renaissance Technologies LLC now owns 308,250 shares of the insurance provider’s stock worth $8,563,000 after acquiring an additional 6,200 shares during the period. Grace & White Inc. NY boosted its stake in shares of EMC Insurance Group by 7.0% during the 3rd quarter. Grace & White Inc. NY now owns 213,841 shares of the insurance provider’s stock worth $5,287,000 after acquiring an additional 13,929 shares during the period. Finally, Dalton Greiner Hartman Maher & Co. boosted its stake in shares of EMC Insurance Group by 54.9% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 201,996 shares of the insurance provider’s stock worth $5,611,000 after acquiring an additional 71,565 shares during the period. 28.25% of the stock is currently owned by institutional investors and hedge funds.
EMCI has been the topic of several recent analyst reports. BidaskClub cut EMC Insurance Group from a “strong-buy” rating to a “buy” rating in a report on Friday, July 13th. Sandler O’Neill reissued a “buy” rating and issued a $33.00 target price on shares of EMC Insurance Group in a research report on Friday, July 13th. Finally, TheStreet lowered EMC Insurance Group from a “b-” rating to a “c+” rating in a research report on Monday, August 13th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $30.50.
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About EMC Insurance Group
EMC Insurance Group Inc, an insurance holding company, provides property and casualty insurance, and reinsurance products in the United States. It operates through two segments, Property and Casualty Insurance, and Reinsurance. The Property and Casualty Insurance segment underwrites commercial and personal lines of insurance products.
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