Harbour Capital Advisors LLC, a recognized institutional investor, recently acquired a new position in Equitable Holdings, Inc. (NYSE:EQH) during the first quarter of this year. This information was revealed in the company’s latest filing with the Securities and Exchange Commission (SEC). The acquisition saw Harbour Capital Advisors LLC obtain 14,515 shares of Equitable Holdings’ stock, which were valued at around $369,000.
Equitable Holdings (NYSE:EQH) made headlines on May 3rd when it released its earnings results for the quarter. The company reported an earnings per share (EPS) of $0.96, which fell short of analysts’ consensus estimates by $0.28. Meanwhile, Equitable Holdings generated revenue of $3.27 billion during the same period, slightly lower than analysts’ expectations of $3.28 billion.
Equitable Holdings operates as a diversified financial services company on a global scale. With its consolidated subsidiaries, it offers services through four key segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions.
The Individual Retirement segment focuses on providing an array of variable annuity products primarily to affluent and high net worth individuals. By offering these tailored solutions to clients who fall into this demographic category, Equitable Holdings has been able to establish itself as a significant player in serving the needs of this specific market segment.
As an internationally recognized financial services company, Equitable Holdings is committed to delivering exceptional value and outstanding service across its diverse product offerings. Its broad range of services enables it to cater to various client needs efficiently and effectively.
Looking ahead, equities analysts have projected that Equitable Holdings will deliver approximately 5.14 EPS for the full year. Based on these predictions and its strong performance in recent times despite falling slightly short of consensus estimates for Q1 2023 earnings results; experts remain optimistic about the future prospects of this resilient organization.
In conclusion, the acquisition of Equitable Holdings’ shares by Harbour Capital Advisors LLC showcases the confidence that prominent institutional investors place in the company’s ability to deliver consistent returns. The Q1 results reflect a minor deviation from analysts’ expectations, but Equitable Holdings continues to thrive as a diversified financial services firm with its robust product offerings and commitment to customer satisfaction. As we move further into 2023, all eyes will be on Equitable Holdings to see if it can meet or surpass its projected EPS for the year and maintain its position as a global leader in the financial services industry.
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Institutional Investors Dominate Ownership of Equitable Holdings as Hedge Funds Show Interest
Equitable Holdings, Inc. has recently seen activity from various hedge funds regarding the buying and selling of shares in the company. EverSource Wealth Advisors LLC, for instance, raised its stake in Equitable by 21.0% during the fourth quarter, acquiring an additional 333 shares and bringing its total ownership to 1,921 shares worth $55,000. Likewise, Belpointe Asset Management LLC acquired a new stake in Equitable during the same period valued at $67,000. CWM LLC also increased its stake by 70.9%, owning 2,565 shares worth $74,000 after purchasing an additional 1,064 shares. Romano Brothers AND Company entered the mix as well with a new stake valued at $79,000 in the fourth quarter. American International Group Inc., on the other hand, boosted its stake by 9.3% during the second quarter.
It is important to note that institutional investors and hedge funds currently own approximately 93.19% of Equitable’s stock.
Shares of EQH opened at $26.95 on Friday, with Equitable Holdings encompassing a year low of $21.89 and a year high of $33.24. The market capitalization stands at an impressive $9.60 billion while boasting a P/E ratio of 7.93 and a beta of 1.40—an indication of higher volatility compared to the overall market average.
As a diversified financial services company operating worldwide through four segments—Individual Retirement, Group Retirement,
Investment Management and Research, and Protection Solutions—Equitable Holdings serves affluent and high net worth individuals primarily with its range of variable annuity products.
The company recently disclosed a quarterly dividend payment which occurred on June 12th for shareholders recorded as such on June 5th—a dividend amounting to $0.22 per share that translates to an annualized dividend figure of $0.88 and a dividend yield of 3.27%. The shareholders who held the stock prior to its ex-dividend date on June 2nd were eligible for this enhanced dividend, which marks an increase from the previous quarterly dividend of $0.20. Equitable’s payout ratio comes in at 25.88%.
Equitable has garnered attention from several analysts as well. In a research note on Friday, May 5th, 92 Resources reaffirmed its “maintains” rating on Equitable shares. Furthermore, Royal Bank of Canada issued a “sector perform” rating for the company and reduced their target price from $33.00 to $28.00 in a note published on Monday, April 10th. Morgan Stanley also decreased their target price from $48.00 to $41.00 but maintained an “overweight” rating for Equitable in their research note on Wednesday, April 12th.
Wells Fargo & Company echoed this sentiment by lowering their price target from $37.00 to $33.00 while upholding an “overweight” rating on the stock in a report released on Wednesday, April 5th. Finally, Barclays raised their price target from $30.00 to $31.00 in a report shared on Friday, May 12th.
Considering data compiled by Bloomberg, it is evident that Equitable currently holds a consensus rating of “Moderate Buy” with three equity research analysts endorsing a hold rating and five deeming it worthy of a buy rating.The consensus target price for Equitable based on these assessments stands at $35.33.
In conclusion, even though hedge funds have been buying and selling shares in Equitable Holdings recently, institutional investors still dominate the ownership landscape of the company’s stock as other entities seek opportunities within the market.
Equitable Holdings continues to offer variable annuity products primarily catering to affluent individuals globally through various segments. With the recent increase in the quarterly dividend, coupled with analysts’ moderate buy rating and a consensus target price of $35.33, Equitable shows promise for investors who have set their sights on this financial services conglomerate.