The Manufacturers Life Insurance Company grew its stake in EMC Insurance Group Inc. (NASDAQ:EMCI) by 17.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,708 shares of the insurance provider’s stock after acquiring an additional 1,280 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in EMC Insurance Group were worth $242,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in EMCI. Alliancebernstein L.P. increased its stake in shares of EMC Insurance Group by 5.8% in the 1st quarter. Alliancebernstein L.P. now owns 7,300 shares of the insurance provider’s stock valued at $205,000 after acquiring an additional 400 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of EMC Insurance Group in the 1st quarter valued at about $323,000. Bessemer Group Inc. increased its stake in shares of EMC Insurance Group by 0.7% in the 2nd quarter. Bessemer Group Inc. now owns 14,400 shares of the insurance provider’s stock valued at $400,000 after acquiring an additional 100 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of EMC Insurance Group by 4.2% in the 2nd quarter. Teachers Advisors LLC now owns 15,281 shares of the insurance provider’s stock valued at $425,000 after acquiring an additional 614 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of EMC Insurance Group by 21.7% in the 2nd quarter. Swiss National Bank now owns 16,850 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 3,000 shares during the last quarter. 27.99% of the stock is owned by institutional investors.
In related news, insider Lisa Anne Simonetta sold 1,302 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $30.30, for a total value of $39,450.60. Following the completion of the transaction, the insider now directly owns 11,386 shares in the company, valued at approximately $344,995.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bruce G. Kelley sold 13,503 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $30.31, for a total value of $409,275.93. Following the completion of the transaction, the chief executive officer now owns 264,003 shares of the company’s stock, valued at $8,001,930.93. The disclosure for this sale can be found here. Insiders sold a total of 24,824 shares of company stock valued at $746,033 over the last quarter. 4.46% of the stock is owned by insiders.
EMC Insurance Group (NASDAQ:EMCI) last issued its quarterly earnings data on Wednesday, November 8th. The insurance provider reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.16). EMC Insurance Group had a net margin of 5.32% and a return on equity of 4.99%. The business had revenue of $166.51 million during the quarter. research analysts anticipate that EMC Insurance Group Inc. will post 1.25 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Investors of record on Monday, November 20th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, November 17th. This is a positive change from EMC Insurance Group’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.95%. EMC Insurance Group’s payout ratio is currently 54.32%.
Several equities analysts recently issued reports on the company. BidaskClub lowered EMC Insurance Group from a “buy” rating to a “hold” rating in a research report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $30.00 price objective on shares of EMC Insurance Group in a research report on Sunday, October 8th. Finally, ValuEngine lowered EMC Insurance Group from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th.
About EMC Insurance Group
EMC Insurance Group Inc is an insurance holding company. The Company operates through two segments: Property and Casualty Insurance and Reinsurance segment. It conducts its property and casualty insurance operations through its subsidiaries, including EMCASCO Insurance Company, Illinois EMCASCO Insurance Company and Dakota Fire Insurance Company, and its reinsurance operations through its subsidiary, EMC Reinsurance Company.
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