Athene Holding Ltd. (ATH) Shares Gap Up After Better-Than-Expected Earnings
Shares of Athene Holding Ltd. (NYSE:ATH) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $47.39, but opened at $49.36. Athene Holding shares last traded at $51.73, with a volume of 2,391,972 shares.
The insurance provider reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.37. The company had revenue of $821 million during the quarter, compared to analyst estimates of $810.07 million.
Several equities research analysts have weighed in on ATH shares. Zacks Investment Research raised Athene Holding from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Tuesday, July 11th. Credit Suisse Group raised Athene Holding from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $55.00 to $66.00 in a research report on Monday, June 19th. Deutsche Bank AG dropped their target price on Athene Holding from $59.00 to $58.00 and set a “hold” rating on the stock in a research report on Wednesday, April 19th. Bank of America Corporation reaffirmed a “buy” rating and issued a $63.00 target price (up from $61.00) on shares of Athene Holding in a research report on Monday, May 15th. Finally, BMO Capital Markets reaffirmed a “neutral” rating and issued a $54.00 target price on shares of Athene Holding in a research report on Friday, May 12th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $56.21.
In other news, major shareholder Apollo Management Holdings Gp, sold 7,602,830 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $49.00, for a total transaction of $372,538,670.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Schroder Investment Management Group acquired a new position in shares of Athene Holding during the first quarter worth approximately $36,993,000. Henderson Group PLC acquired a new position in shares of Athene Holding during the first quarter worth approximately $12,498,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Athene Holding during the first quarter worth approximately $6,049,000. JPMorgan Chase & Co. acquired a new position in shares of Athene Holding during the first quarter worth approximately $42,878,000. Finally, Principal Financial Group Inc. raised its position in shares of Athene Holding by 29.7% in the first quarter. Principal Financial Group Inc. now owns 276,300 shares of the insurance provider’s stock worth $13,812,000 after buying an additional 63,202 shares during the period. 37.91% of the stock is currently owned by institutional investors.
The company’s 50-day moving average price is $49.94 and its 200 day moving average price is $50.72. The firm has a market cap of $10.37 billion and a P/E ratio of 9.50.
About Athene Holding
Athene Holding Ltd. is an insurance holding company. The Company’s segments include Retirement Services, Corporate and Other. Retirement Services segment consists of the United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to its policyholders.
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