Oppenheimer Asset Management Inc. Sells 536 Shares of Markel Co. (MKL)
Oppenheimer Asset Management Inc. decreased its stake in Markel Co. (NYSE:MKL) by 44.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 672 shares of the insurance provider’s stock after selling 536 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Markel were worth $729,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. First Mercantile Trust Co. acquired a new stake in shares of Markel in the second quarter valued at about $109,000. Ostrum Asset Management acquired a new stake in shares of Markel in the first quarter valued at about $161,000. Laurel Wealth Advisors Inc. acquired a new stake in Markel during the first quarter worth approximately $202,000. Atria Investments LLC acquired a new stake in Markel during the first quarter worth approximately $207,000. Finally, Bridgeworth LLC acquired a new stake in Markel during the first quarter worth approximately $215,000. 79.13% of the stock is owned by institutional investors.
MKL has been the subject of several recent analyst reports. Zacks Investment Research cut Markel from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 27th. Boenning Scattergood reaffirmed a “buy” rating on shares of Markel in a research note on Wednesday, August 1st. Finally, ValuEngine raised Markel from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $1,237.50.
Markel (NYSE:MKL) last released its earnings results on Tuesday, July 31st. The insurance provider reported $19.97 EPS for the quarter, topping the consensus estimate of $8.49 by $11.48. Markel had a return on equity of 2.89% and a net margin of 5.79%. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.68 billion. research analysts predict that Markel Co. will post 39.02 EPS for the current fiscal year.
In other Markel news, Vice Chairman Steven A. Markel sold 200 shares of the stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $1,083.74, for a total value of $216,748.00. Following the transaction, the insider now owns 104,180 shares in the company, valued at $112,904,033.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard R. Whitt III sold 500 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $1,202.80, for a total value of $601,400.00. Following the completion of the transaction, the chief executive officer now owns 10,444 shares in the company, valued at approximately $12,562,043.20. The disclosure for this sale can be found here. Insiders have sold 1,800 shares of company stock valued at $2,090,226 in the last ninety days. 2.53% of the stock is currently owned by insiders.
Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, the United Kingdom, Canada, and internationally. It operates through three segments: U.S. Insurance, International Insurance, and Reinsurance. The U.S. Insurance segment offers general and professional liability, property, personal line, program, and workers' compensation insurance products, as well as other insurance product lines, such as ocean marine, surety, CPI, and coverages.
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