Prudential Financial Inc. Lowers Holdings in EMC Insurance Group Inc. (NASDAQ:EMCI)

Prudential Financial Inc. cut its holdings in EMC Insurance Group Inc. (NASDAQ:EMCI) by 41.2% during the second quarter, Holdings Channel reports. The firm owned 26,737 shares of the insurance provider’s stock after selling 18,730 shares during the quarter. Prudential Financial Inc.’s holdings in EMC Insurance Group were worth $963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of EMCI. Aperio Group LLC purchased a new position in EMC Insurance Group in the 2nd quarter worth approximately $37,000. BNP Paribas Arbitrage SA lifted its holdings in EMC Insurance Group by 444.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,934 shares of the insurance provider’s stock worth $62,000 after purchasing an additional 1,579 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in EMC Insurance Group by 31.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,142 shares of the insurance provider’s stock worth $113,000 after purchasing an additional 745 shares in the last quarter. Bank of America Corp DE increased its stake in EMC Insurance Group by 59.4% in the 4th quarter. Bank of America Corp DE now owns 6,788 shares of the insurance provider’s stock worth $216,000 after acquiring an additional 2,530 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new stake in EMC Insurance Group in the 2nd quarter worth approximately $360,000. 26.80% of the stock is currently owned by institutional investors.

NASDAQ:EMCI traded up $0.01 during trading hours on Friday, reaching $36.01. The stock had a trading volume of 95,700 shares, compared to its average volume of 25,927. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.09 and a current ratio of 0.09. EMC Insurance Group Inc. has a 52 week low of $22.98 and a 52 week high of $36.79. The company has a 50 day moving average price of $36.01 and a two-hundred day moving average price of $34.68. The stock has a market capitalization of $780.27 million, a PE ratio of 23.53 and a beta of 0.31.

EMC Insurance Group (NASDAQ:EMCI) last released its quarterly earnings data on Thursday, August 8th. The insurance provider reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.19. EMC Insurance Group had a return on equity of 5.56% and a net margin of 4.47%. The business had revenue of $182.64 million for the quarter. Equities research analysts predict that EMC Insurance Group Inc. will post 1.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 27th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Monday, August 26th. EMC Insurance Group’s payout ratio is 84.40%.

A number of research firms have issued reports on EMCI. ValuEngine downgraded EMC Insurance Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub downgraded EMC Insurance Group from a “hold” rating to a “sell” rating in a research note on Tuesday, September 10th.

EMC Insurance Group Profile

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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Institutional Ownership by Quarter for EMC Insurance Group (NASDAQ:EMCI)