American Equity Investment Life Holding (NYSE:AEL) shares shot up 12.8% during mid-day trading on Wednesday . The company traded as high as $16.22 and last traded at $18.18, 30,722 shares were traded during mid-day trading. A decline of 97% from the average session volume of 932,669 shares. The stock had previously closed at $16.12.
A number of brokerages recently issued reports on AEL. Zacks Investment Research upgraded American Equity Investment Life from a “hold” rating to a “strong-buy” rating and set a $33.00 price target for the company in a research report on Monday, January 20th. SunTrust Banks lifted their target price on American Equity Investment Life from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. TheStreet downgraded American Equity Investment Life from a “b-” rating to a “c+” rating in a research report on Friday, March 13th. Piper Sandler upgraded American Equity Investment Life from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $30.00 to $25.00 in a research report on Tuesday, March 10th. Finally, B. Riley decreased their target price on American Equity Investment Life from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $29.00.
The firm has a market capitalization of $1.47 billion, a P/E ratio of 7.69 and a beta of 1.85. The firm has a 50-day moving average price of $24.58 and a two-hundred day moving average price of $26.41. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.13 and a quick ratio of 0.13.
In other news, CEO Anant Bhalla purchased 4,075 shares of the business’s stock in a transaction dated Thursday, March 19th. The shares were purchased at an average price of $11.83 per share, for a total transaction of $48,207.25. Following the completion of the purchase, the chief executive officer now owns 475 shares in the company, valued at approximately $5,619.25. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Debra J. Richardson sold 20,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $33.20, for a total value of $664,000.00. Following the transaction, the director now owns 106,022 shares in the company, valued at approximately $3,519,930.40. The disclosure for this sale can be found here. 1.99% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Wealth Quarterback LLC purchased a new position in shares of American Equity Investment Life during the fourth quarter valued at $2,567,621,000. Macquarie Group Ltd. increased its stake in shares of American Equity Investment Life by 12.4% during the fourth quarter. Macquarie Group Ltd. now owns 5,689,030 shares of the financial services provider’s stock valued at $170,274,000 after buying an additional 625,907 shares during the period. State Street Corp increased its stake in shares of American Equity Investment Life by 2.5% during the fourth quarter. State Street Corp now owns 3,122,782 shares of the financial services provider’s stock valued at $93,465,000 after buying an additional 76,384 shares during the period. Earnest Partners LLC grew its stake in American Equity Investment Life by 4.0% in the fourth quarter. Earnest Partners LLC now owns 3,002,035 shares of the financial services provider’s stock valued at $89,851,000 after purchasing an additional 114,613 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in American Equity Investment Life by 40.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,634,156 shares of the financial services provider’s stock valued at $78,840,000 after purchasing an additional 762,522 shares during the last quarter. Hedge funds and other institutional investors own 95.12% of the company’s stock.
About American Equity Investment Life (NYSE:AEL)
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. It markets its products through independent agents, including national marketing organizations, broker/dealers, banks, and registered investment advisors.
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