Nuveen Asset Management LLC Decreases Stock Holdings in American Equity Investment Life Holding (NYSE:AEL)

Posted by on Mar 1st, 2023

Nuveen Asset Management LLC trimmed its position in shares of American Equity Investment Life Holding (NYSE:AEL – Get Rating) by 27.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 782,703 shares of the financial services provider’s stock after selling 293,759 shares during the period. Nuveen Asset Management LLC owned approximately 0.91% of American Equity Investment Life worth $29,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Lazard Asset Management LLC purchased a new stake in American Equity Investment Life during the 2nd quarter valued at $29,000. CoreCap Advisors LLC bought a new position in shares of American Equity Investment Life during the 2nd quarter worth $38,000. IFP Advisors Inc grew its position in shares of American Equity Investment Life by 103.6% during the 3rd quarter. IFP Advisors Inc now owns 786 shares of the financial services provider’s stock worth $42,000 after buying an additional 400 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of American Equity Investment Life by 114.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,158 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 618 shares during the last quarter. Finally, Castleview Partners LLC lifted its stake in shares of American Equity Investment Life by 282.0% during the 2nd quarter. Castleview Partners LLC now owns 382 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 282 shares during the last quarter. 94.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AEL has been the subject of several research analyst reports. Piper Sandler cut American Equity Investment Life from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $48.00 in a research note on Tuesday, February 21st. Raymond James upgraded American Equity Investment Life from an “outperform” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research report on Monday, December 19th. Royal Bank of Canada reduced their price objective on American Equity Investment Life from $47.00 to $44.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 9th. JPMorgan Chase & Co. lifted their target price on American Equity Investment Life from $40.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, January 6th. Finally, Evercore ISI lifted their target price on American Equity Investment Life from $38.00 to $43.00 and gave the company an “in-line” rating in a research report on Wednesday, December 21st. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.30.

American Equity Investment Life Stock Performance

AEL opened at $41.65 on Wednesday. American Equity Investment Life Holding has a twelve month low of $28.05 and a twelve month high of $48.37. The stock has a market cap of $3.57 billion, a PE ratio of 3.34 and a beta of 0.90. The business’s 50 day moving average is $45.83 and its 200-day moving average is $41.38. The company has a current ratio of 0.23, a quick ratio of 0.17 and a debt-to-equity ratio of 0.27.

American Equity Investment Life (NYSE:AEL – Get Rating) last posted its quarterly earnings data on Friday, February 17th. The financial services provider reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.17). American Equity Investment Life had a return on equity of 9.84% and a net margin of 86.25%. The firm had revenue of $654.45 million for the quarter, compared to analysts’ expectations of $652.84 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The company’s revenue for the quarter was down 41.0% on a year-over-year basis. On average, analysts predict that American Equity Investment Life Holding will post 4.98 earnings per share for the current year.

American Equity Investment Life Company Profile

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

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Institutional Ownership by Quarter for American Equity Investment Life (NYSE:AEL)

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