American Equity Investment Life (NYSE:AEL) Shares Up 12.8%

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.

American Equity Investment Life (NYSE:AEL) last released its earnings results on Wednesday, February 12th. The financial services provider reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.33. American Equity Investment Life had a return on equity of 14.49% and a net margin of 7.10%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $661.79 million. During the same period last year, the company earned $0.99 earnings per share. Sell-side analysts predict that American Equity Investment Life Holding will post 4.89 earnings per share for the current fiscal year.

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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