Employers (NYSE:EIG) Reaches New 12-Month High – Time to Buy?

Shares of Employers Holdings Inc (NYSE:EIG) hit a new 52-week high on Monday. The stock traded as high as $53.51 and last traded at $51.81, with a volume of 107,727 shares trading hands. The stock had previously closed at $52.08.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on EIG shares. Truist Financial raised their price objective on Employers from $49.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Employers in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $59.00.

Employers Stock Performance

The stock has a fifty day simple moving average of $49.45 and a two-hundred day simple moving average of $45.83. The stock has a market capitalization of $933.18 million, a price-to-earnings ratio of 75.30 and a beta of 0.46.

Employers (NYSE:EIG) last announced its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.13. The business had revenue of $220.20 million during the quarter, compared to analyst estimates of $203.51 million. During the same period in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. Research analysts forecast that Employers Holdings Inc will post 2.23 earnings per share for the current year.

Hedge Funds Weigh In On Employers

Several institutional investors have recently added to or reduced their stakes in EIG. Farther Finance Advisors LLC grew its position in shares of Employers by 22.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,672 shares of the financial services provider’s stock worth $80,000 after buying an additional 311 shares during the period. GAMMA Investing LLC lifted its position in shares of Employers by 8.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,035 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 407 shares during the period. Bessemer Group Inc. lifted its position in shares of Employers by 227.1% during the 1st quarter. Bessemer Group Inc. now owns 651 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 452 shares during the period. Carolina Wealth Advisors LLC lifted its position in shares of Employers by 7.8% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 6,689 shares of the financial services provider’s stock valued at $319,000 after acquiring an additional 484 shares during the period. Finally, Nykredit A S bought a new position in Employers during the second quarter worth $30,000. 80.49% of the stock is owned by institutional investors and hedge funds.

Employers Company Profile

Employers Holdings, Inc (NYSE:EIG) is an insurance holding company specializing in workers’ compensation coverage for small and midsize businesses. Through its insurance subsidiaries, the company provides policies designed to cover workplace injuries, related medical expenses, rehabilitation, and wage-replacement benefits.

In addition to underwriting workers’ compensation insurance, Employers offers claims management, workplace-safety and loss-control services, risk-management resources, and policyholder support.