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

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American Equity Investment Life (NYSE:AEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $40.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.42% from the company’s previous close.

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 research firms also recently issued reports on AEL. UBS Group initiated coverage on American Equity Investment Life in a research report on Friday, March 2nd. They set a “sell” rating and a $30.00 price target on the stock. ValuEngine downgraded American Equity Investment Life from a “buy” rating to a “hold” rating in a research report on Thursday, May 3rd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $32.86.

Shares of American Equity Investment Life traded down $0.01, reaching $35.90, during midday trading on Wednesday, according to Marketbeat.com. 18,725 shares of the stock were exchanged, compared to its average volume of 864,526. American Equity Investment Life has a 52 week low of $24.51 and a 52 week high of $37.16. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 11.36 and a beta of 2.48.

American Equity Investment Life (NYSE:AEL) last posted its quarterly earnings results on Wednesday, May 2nd. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. American Equity Investment Life had a return on equity of 11.22% and a net margin of 8.49%. The business had revenue of $510.78 million for the quarter, compared to the consensus estimate of $514.11 million. During the same quarter in the prior year, the company earned $0.66 EPS. equities research analysts predict that American Equity Investment Life will post 3.43 EPS for the current year.

In other American Equity Investment Life news, EVP Ronald James Grensteiner sold 28,020 shares of the firm’s stock in a transaction dated Friday, March 23rd. The stock was sold at an average price of $30.61, for a total value of $857,692.20. Following the completion of the sale, the executive vice president now owns 122,792 shares of the company’s stock, valued at $3,758,663.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in American Equity Investment Life by 56.1% in the first quarter. Principal Financial Group Inc. now owns 1,158,624 shares of the financial services provider’s stock worth $34,018,000 after acquiring an additional 416,514 shares in the last quarter. Summit Trail Advisors LLC boosted its holdings in American Equity Investment Life by 2,157.2% in the first quarter. Summit Trail Advisors LLC now owns 297,204 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 284,037 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in American Equity Investment Life by 47.2% in the first quarter. Xact Kapitalforvaltning AB now owns 12,167 shares of the financial services provider’s stock worth $357,000 after acquiring an additional 3,900 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of American Equity Investment Life by 30.9% in the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 173,500 shares of the financial services provider’s stock worth $5,094,000 after purchasing an additional 41,000 shares during the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of American Equity Investment Life by 36.8% in the first quarter. Verition Fund Management LLC now owns 23,498 shares of the financial services provider’s stock worth $690,000 after purchasing an additional 6,321 shares during the last quarter. 93.45% of the stock is owned by institutional investors and hedge funds.

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. The company markets its products through various distribution channels, including national marketing organizations, broker/dealers, banks, and registered investment advisors.

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