Equitable Holdings, Inc.'s (NYSE:EQH) Chief Operating Officer, Jeffrey Hurd, has recently sold a total of 9,969 shares of the company's common stock, with the transaction amounting to approximately $394,991. This sale was conducted on June 14, 2024, under a pre-arranged trading plan.
The shares were sold at a weighted average price of $39.622, within a price range of $39.430 to $39.930. The sale was executed in multiple trades, and the exact number of shares sold at each price point can be provided upon request. This information was disclosed in a Form 4 filing with the Securities and Exchange Commission.
Following the transaction, Jeffrey Hurd's ownership in Equitable Holdings, Inc. includes 121,520.84 shares, which accounts for both direct holdings and Restricted Stock Units. This latest move by a high-ranking executive at Equitable Holdings has been noticed by the market, as insider sales often draw attention from investors seeking insights into a company's internal perspective.
Equitable Holdings, Inc., formerly known as AXA Equitable Holdings, is a financial services company specializing in insurance and investment products. The company is headquartered in New York and operates under the ticker EQH on the New York Stock Exchange.
In other recent news, AXA Equitable Holdings has experienced a series of noteworthy developments. UBS downgraded the company to a Neutral rating from its previous Buy status, while raising the price target to $43. Analysts at UBS have adjusted the 2025 estimated earnings per share (EPS) to $7.30, citing a slightly higher investment yield. However, they anticipate that the sales momentum for annuity products may decelerate as long-term interest rates are expected to trend lower.
Equitable Holdings also issued 600,000 Pre-Capitalized Trust Securities, securing a total of $600 million in a private placement. This move aligns with the company's long-term funding strategy, providing the flexibility to issue senior notes over a thirty-year period. Concurrently, the company initiated a tender offer to repurchase up to $500 million of its outstanding debt securities.
The company reported robust first-quarter non-GAAP operating earnings of $490 million, marking a 49% increase from the previous year. CFRA raised Equitable Holdings' stock price target, reflecting these strong earnings. The company reported a first-quarter operating EPS of $1.43, beating the previous year's figure and exceeding the consensus estimate. Analysts at CFRA project an 8%-12% operating revenue growth in 2024 and a 7%-10% increase in 2025. These are the recent developments at Equitable Holdings.
InvestingPro Insights
Equitable Holdings, Inc. (NYSE:EQH) has demonstrated a robust financial performance with a noteworthy trend in shareholder returns. According to InvestingPro data, the company boasts a market capitalization of $13.02 billion, reflecting its substantial presence in the financial services industry. Additionally, the firm has maintained a solid Price/Earnings (P/E) ratio of 11.77, which adjusted for the last twelve months as of Q1 2024, stands slightly lower at 11.23, indicating a consistent earnings performance relative to its share price.
A standout metric for Equitable Holdings is its Price/Book ratio, which as of the last twelve months ending Q1 2024, is at a high 27.7. This ratio suggests that the market values the company significantly more than its net asset value, which could be due to investors' expectations of future growth or a reflection of intangible assets and goodwill.
An InvestingPro Tip highlights that the company has been successful in raising its dividend for six consecutive years, with a substantial dividend growth of 20.0% during the last twelve months as of Q1 2024. This consistent increase in dividends could be attractive to income-focused investors and suggests confidence from management in the company's financial health and outlook. Moreover, Equitable Holdings has also been praised for its share buyback strategy, as management has been aggressively repurchasing shares, a move often interpreted as a signal of undervaluation or a commitment to enhancing shareholder value.
For investors interested in a deeper dive into Equitable Holdings' performance and future potential, InvestingPro provides an array of additional insights. There are 8 more InvestingPro Tips available for Equitable Holdings, which can be accessed at https://www.investing.com/pro/EQH. Readers can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable information that could inform investment decisions.
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