American Equity Investment Life (NYSE:AEL) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of American Equity Investment Life (NYSE:AEL) from a hold rating to a buy rating in a research report released on Monday, Zacks.com reports. Zacks Investment Research currently has $25.00 price target on the financial services provider’s stock.

According to Zacks, “American Equity Investment Life Holding Company, through its wholly-owned operating subsidiaries, is a full service underwriter of a broad line of annuity and insurance products, with a primary emphasis on the sale of fixed rate and index annuities. “

A number of other equities analysts also recently weighed in on the stock. Raymond James lowered their target price on shares of American Equity Investment Life from $38.00 to $32.00 and set an outperform rating on the stock in a report on Friday, June 14th. ValuEngine downgraded shares of American Equity Investment Life from a sell rating to a strong sell rating in a report on Thursday, June 27th. UBS Group boosted their target price on shares of American Equity Investment Life from $29.00 to $30.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. TheStreet upgraded shares of American Equity Investment Life from a c+ rating to a b- rating in a report on Monday, May 20th. Finally, Sandler O’Neill downgraded shares of American Equity Investment Life from a buy rating to a hold rating in a report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. American Equity Investment Life has a consensus rating of Hold and an average price target of $29.00.

NYSE AEL opened at $22.30 on Monday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.21. American Equity Investment Life has a 12-month low of $21.30 and a 12-month high of $37.93. The company has a market capitalization of $2.05 billion, a PE ratio of 4.79 and a beta of 1.97. The firm’s 50 day moving average is $24.94 and its 200-day moving average is $28.21.

American Equity Investment Life (NYSE:AEL) last posted its quarterly earnings data on Monday, August 5th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.14. The business had revenue of $706.39 million during the quarter, compared to analyst estimates of $632.38 million. During the same quarter last year, the business earned $0.95 earnings per share. American Equity Investment Life’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, sell-side analysts expect that American Equity Investment Life will post 4.05 EPS for the current year.

In related news, CFO Ted Morris Johnson sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $26.11, for a total transaction of $261,100.00. Following the transaction, the chief financial officer now directly owns 86,833 shares in the company, valued at $2,267,209.63. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Jeffrey D. Lorenzen sold 12,413 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $27.25, for a total transaction of $338,254.25. Following the transaction, the vice president now owns 41,030 shares in the company, valued at $1,118,067.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 122,413 shares of company stock worth $3,336,254. 1.99% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in AEL. NumerixS Investment Technologies Inc acquired a new position in shares of American Equity Investment Life in the second quarter valued at $30,000. Quadrant Capital Group LLC increased its holdings in shares of American Equity Investment Life by 547.5% in the first quarter. Quadrant Capital Group LLC now owns 2,331 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 1,971 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of American Equity Investment Life by 45.5% in the first quarter. Global Retirement Partners LLC now owns 2,496 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 780 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of American Equity Investment Life by 117.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 6,057 shares of the financial services provider’s stock valued at $163,000 after acquiring an additional 3,276 shares during the period. Finally, Quantamental Technologies LLC bought a new stake in shares of American Equity Investment Life in the second quarter valued at about $182,000. Hedge funds and other institutional investors own 91.30% of the company’s stock.

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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