Platinum Underwriters Downgraded By Zacks
Bermuda-based Platinum Underwriters was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Tuesday [Apr. 8], AnalystRatingsNetwork.com reports. They currently have a $58.30 target price on the stock.
The company has a market cap of $1.834 billion and a price-to-earnings ratio of 5.84.
Platinum Underwriter last released its earnings data on Wednesday, February 6th. The company reported $3.67 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.60 by $3.07. The company had revenue of $185.48 million for the quarter, compared to the consensus estimate of $161.32 million.
During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 1.4 percent on a year-over-year basis. Analysts expect that Platinum Underwriter will post $4.15 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Janney Montgomery Scott downgraded shares of Platinum Underwriter from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday, February 12. Analysts at Credit Suisse raised their price target on shares of Platinum Underwriter from $43.00 to $51.00 in a research note to investors on Monday, February 11.
Two analysts have rated the stock with a hold rating; the stock has an average rating of “Hold” and an average price target of $47.08.
Platinum Underwriters Holdings, Ltd.is a Bermuda-based holding company which specialises in property and casualty reinsurance coverage.
