Royal Bank of Canada raises American Equity Investment Life (NYSE: AEL) target price to $ 47.00

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American Equity Investment Life (NYSE: AEL) saw its price target raised by research analysts on Royal Bank of Canada stocks from $ 41.00 to $ 47.00 in a research report released Wednesday, PriceTargets.com reports. The company currently has an “outperformance” rating on shares of the financial services provider. The Royal Bank of Canada’s target price indicates a potential increase of 9.20% from the company’s current price.

A number of other research analysts have also commented on the company recently. Zacks Investment Research downgraded the American Equity Investment Life rating from a “strong buy” rating to a “conservation” rating and set a target price of $ 42.00 for the share. in a report on Tuesday, January 4. Morgan Stanley raised its price target on American Equity Investment Life from $ 35 to $ 38.00 and gave the company an “equal weight” rating in a Friday Jan. 7 research note. Truist raised its price target on American Equity Investment Life from $ 39.00 to $ 44.00 and assigned the company a “buy” rating in a research note on Thursday, November 11. Piper Sandler raised American Equity Investment Life from a “neutral” to an “overweight” rating and raised its price target for the company from $ 36.00 to $ 46.00 in a research report released on Wednesday 5 January. Finally, Keefe, Bruyette & Woods upgraded American Equity Investment Life from a “market performance” rating to an “outperformance” rating and set a target price of $ 42.00 for the share in a report released on Wednesday 1 December. Four research analysts rated the stock with a conservation rating and eight gave the company a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $ 41.75.

American Equity Investment Life stock opened at $ 43.04 on Wednesday. The company has a debt to equity ratio of 0.09, a quick ratio of 0.34, and a current ratio of 0.34. The company has a market cap of $ 3.98 billion, a price-to-earnings ratio of 11.99 and a beta of 1.22. American Equity Investment Life has a 52-week low of $ 26.21 and a 52-week high of $ 43.17. The stock’s fifty-day moving average is $ 37.06 and its two-hundred-day moving average is $ 33.47.

American Equity Investment Life (NYSE: AEL) last reported its results on Monday, November 8. The financial services provider reported earnings per share of $ 1.46 for the quarter, beating Thomson Reuters consensus estimate of $ 0.76 by $ 0.70. American Equity Investment Life recorded a return on equity of 5.87% and a net margin of 10.79%. The company posted revenue of $ 542.56 million for the quarter, compared to a consensus estimate of $ 578.71 million. During the same period of the previous year, the company posted earnings per share of $ 0.99. The company’s revenue for the quarter was down 32.1% from the same quarter last year. As a group, sell-side analysts predict that American Equity Investment Life will post 3.92 EPS for the current fiscal year.

Separately, CEO Anant Bhalla sold 10,214 shares of the company in a transaction that took place on Tuesday, November 30. The shares were sold at an average price of $ 29.64, for a total trade of $ 302,742.96. The sale was disclosed in a legal file with the SEC, accessible through this link. In addition, Executive Vice President Jeffrey D. Lorenzen sold 20,000 shares of the company in a transaction that took place on Friday January 7th. The stock was sold at an average price of $ 41.10, for a total trade of $ 822,000.00. Disclosure of this sale can be found here. Company insiders own 1.90% of the company’s shares.

A number of large investors have recently changed their positions in the stock. River Road Asset Management LLC increased its stake in American Equity Investment Life by 43.7% in the third quarter. River Road Asset Management LLC now owns 5,321,184 shares of the financial services provider valued at $ 157,347,000 after acquiring an additional 1,617,859 shares in the last quarter. State Street Corp increased its stake in American Equity Investment Life shares by 0.6% during the second quarter. State Street Corp now owns 3,277,674 shares of the financial services provider worth $ 105,934,000 after purchasing an additional 20,005 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in American Equity Investment Life shares by 51.0% during the second quarter. Goldman Sachs Group Inc. now owns 2,658,538 shares of the financial services provider valued at $ 85,924,000 after purchasing an additional 897,354 shares in the last quarter. Invesco Ltd. increased its stake in American Equity Investment Life shares by 19.3% during the third quarter. Invesco Ltd. Now owns 1,676,174 shares of the financial services provider valued at $ 49,565,000 after purchasing an additional 271,562 shares in the last quarter. Finally, Lakewood Capital Management LP increased its holdings of American Equity Investment Life shares by 4.6% during the second quarter. Lakewood Capital Management LP now owns 1,651,337 shares of the financial services provider valued at $ 53,371,000 after purchasing an additional 73,000 shares during the period. 90.64% of the shares are currently held by institutional investors and hedge funds.

American Equity Investment Life Company Profile

American Equity Investment Life Holding Co is engaged in the development and sale of fixed index and fixed rate annuity products. It focuses on the following portfolios: commercial mortgages, agricultural mortgages and residential mortgages. The company was founded by David J. Noble on December 15, 1995 and is headquartered in West Des Moines, IA.

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Analyst Recommendations for American Equity Investment Life (NYSE: AEL)

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