Evercore ISI cuts American Equity Investment Life (NYSE:AEL) target price to $42.00

American Equity Investment Life (NYSE: AEL – Get a rating) saw its price target lowered by market analysts Evercore ISI from $44.00 to $42.00 in a report on Wednesday, Fly reports. Evercore ISI’s price target would suggest a potential upside of 13.76% from the stock’s previous close.

A number of other stock analysts have also recently commented on AEL. Morgan Stanley cut its price target on shares of American Equity Investment Life from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday. Credit Suisse Group reiterated an “outperform” rating and issued a target price of $43.00 on shares of American Equity Investment Life in a Tuesday, June 28 report. To finish, StockNews.com downgraded shares of American Equity Investment Life from a “buy” rating to a “hold” rating in a report on Friday, May 20. Three analysts gave the stock a hold rating and seven gave the company a buy rating. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.10.

AEL stock opened at $36.92 on Wednesday. The company has a debt ratio of 0.11, a current ratio of 0.17 and a quick ratio of 0.17. The company has a 50-day moving average price of $37.79 and a 200-day moving average price of $39.08. The company has a market capitalization of $3.44 billion, a P/E ratio of 5.00 and a beta of 1.10. American Equity Investment Life has a 1 year minimum of $27.12 and a 1 year maximum of $44.49.

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American Equity Investment Life (NYSE: AEL – Get a rating) last released its quarterly earnings data on Wednesday, May 4. The financial services provider reported earnings per share of $0.92 for the quarter, missing the consensus estimate of $0.95 per ($0.03). The company posted revenue of $147.80 million in the quarter, versus a consensus estimate of $612.85 million. American Equity Investment Life posted a net margin of 26.35% and a return on equity of 7.26%. The company’s revenues were down 84.6% from the same quarter last year. In the same quarter a year earlier, the company earned earnings per share of $0.43. On average, analysts expect American Equity Investment Life to post earnings per share of 3.91 for the current fiscal year.

In related news, EVP Ronald James Grensteiner sold 9,188 shares of the company in a transaction that took place on Tuesday, April 12. The stock was sold at an average price of $38.31, for a total value of $351,992.28. Following the sale, the executive vice president now owns 89,039 shares of the company, valued at $3,411,084.09. The sale was disclosed in a legal filing with the SEC, which is available via this link. 1.59% of the shares are currently held by insiders.

A number of hedge funds and other institutional investors have recently shifted their AEL holdings. Exchange Traded Concepts LLC increased its stake in American Equity Investment Life shares by 1.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 21,688 shares of the financial services provider worth $844,000 after buying 363 additional shares during the period. Meritage Investment Management increased its stake in the shares of American Equity Investment Life by 5.4% during the 4th quarter. Meritage Investment Management now owns 7,347 shares of the financial services provider worth $286,000 after purchasing an additional 376 shares during the period. Profund Advisors LLC increased its stake in American Equity Investment Life shares by 4.3% during the 4th quarter. Profund Advisors LLC now owns 9,211 shares of the financial services provider worth $358,000 after purchasing 378 additional shares during the period. Maryland State Retirement & Pension System increased its holding in American Equity Investment Life shares by 1.3% during the 4th quarter. Maryland State Retirement & Pension System now owns 32,825 shares of the financial services provider worth $1,278,000 after purchasing 428 additional shares during the period. Finally, Byrne Asset Management LLC increased its stake in shares of American Equity Investment Life by 95.9% during the 1st quarter. Byrne Asset Management LLC now owns 960 shares of the financial services provider worth $38,000 after purchasing an additional 470 shares during the period. Hedge funds and other institutional investors own 95.15% of the company’s shares.

American Equity Investment Life Insurance Company Profile (Get a rating)

American Equity Investment Life Holding Company, through its subsidiaries, provides life insurance products in the United States. The company issues index and fixed rate annuities, as well as single premium immediate annuities. It markets its products through independent agents, including independent marketing organizations, broker/dealers, banks and registered investment advisers.

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