Equitable (NYSE:EQH) Hits New 52-Week High After Earnings Beat

Equitable Holdings, Inc. (NYSE:EQH) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $38.95 and last traded at $38.88, with a volume of 3104601 shares changing hands. The stock had previously closed at $36.91.

The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.12. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.96 earnings per share. The business’s quarterly revenue was down 5.4% compared to the same quarter last year.

Equitable Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Monday, February 26th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. Equitable’s payout ratio is presently 27.24%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Evercore ISI raised their target price on shares of Equitable from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Jefferies Financial Group raised their price target on shares of Equitable from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Wells Fargo & Company raised their price target on shares of Equitable from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. UBS Group raised their price target on shares of Equitable from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, Morgan Stanley raised their price target on shares of Equitable from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.10.

Insider Activity

In other news, insider Nick Lane sold 20,000 shares of Equitable stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $34.02, for a total transaction of $680,400.00. Following the sale, the insider now directly owns 144,132 shares in the company, valued at approximately $4,903,370.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Charles G.T. Stonehill sold 5,000 shares of Equitable stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $34.02, for a total transaction of $170,100.00. Following the completion of the transaction, the director now directly owns 29,758 shares of the company’s stock, valued at approximately $1,012,367.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nick Lane sold 20,000 shares of Equitable stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $34.02, for a total transaction of $680,400.00. Following the transaction, the insider now directly owns 144,132 shares of the company’s stock, valued at $4,903,370.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,907 shares of company stock worth $6,395,849. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Equitable

Institutional investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. grew its position in shares of Equitable by 0.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 88,548 shares of the company’s stock worth $2,949,000 after buying an additional 329 shares during the period. TCW Group Inc. grew its position in shares of Equitable by 0.5% during the 4th quarter. TCW Group Inc. now owns 71,986 shares of the company’s stock worth $2,397,000 after buying an additional 371 shares during the period. GAMMA Investing LLC grew its position in shares of Equitable by 26.4% during the 1st quarter. GAMMA Investing LLC now owns 1,939 shares of the company’s stock worth $74,000 after buying an additional 405 shares during the period. Teacher Retirement System of Texas grew its position in shares of Equitable by 1.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 27,566 shares of the company’s stock worth $783,000 after buying an additional 418 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in shares of Equitable by 4.2% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,097 shares of the company’s stock worth $498,000 after buying an additional 528 shares during the period. 92.70% of the stock is owned by institutional investors.

Equitable Stock Performance

The firm’s 50-day moving average price is $36.11 and its 200 day moving average price is $32.86. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 11.84 and a beta of 1.40.

Equitable Company Profile

Equitable Holdings, Inc, together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Investment Management and Research, Protection Solutions, Wealth Management, and Legacy.