Watford (NASDAQ:WTRE) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Watford (NASDAQ:WTRE) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, Zacks.com reports.

According to Zacks, “Watford Holdings Ltd. is a property and casualty insurance and reinsurance company. It operates primarily in Bermuda, the United States and Europe. The company combines a diversified, casualty-focused underwriting portfolio, accessed through a renewable strategic underwriting management relationship with Arch Capital Group Ltd. Watford Holdings Ltd. is based in Pembroke, Bermuda. “

WTRE has been the topic of several other reports. Barclays assumed coverage on Watford in a research note on Monday, April 22nd. They set an equal weight rating and a $29.00 price objective on the stock. Keefe, Bruyette & Woods assumed coverage on Watford in a research report on Sunday, May 12th. They set a market perform rating and a $25.00 target price for the company. JMP Securities assumed coverage on Watford in a research report on Thursday, May 16th. They set an outperform rating and a $33.00 target price for the company. Finally, JPMorgan Chase & Co. assumed coverage on Watford in a research report on Tuesday, April 23rd. They set a neutral rating and a $30.00 target price for the company. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $29.20.

Shares of NASDAQ WTRE opened at $21.50 on Friday. The stock’s 50 day moving average is $24.89. Watford has a 1-year low of $18.75 and a 1-year high of $28.99.

Watford (NASDAQ:WTRE) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.91 by ($0.30). The business had revenue of $175.78 million during the quarter. On average, equities analysts predict that Watford will post 4.25 EPS for the current fiscal year.

In other Watford news, Director Nicolas Papadopoulo bought 25,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was acquired at an average price of $19.48 per share, for a total transaction of $496,740.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alexandre Scherer bought 2,800 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were acquired at an average price of $25.80 per share, with a total value of $72,240.00. The disclosure for this purchase can be found here. Insiders have acquired 68,146 shares of company stock valued at $1,431,298 in the last 90 days.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA purchased a new stake in shares of Watford in the second quarter valued at approximately $27,000. Strs Ohio acquired a new position in shares of Watford during the second quarter worth $148,000. Wells Fargo & Company MN acquired a new position in shares of Watford during the second quarter worth $321,000. First Republic Investment Management Inc. acquired a new position in shares of Watford during the first quarter worth $334,000. Finally, Price Wealth Management Inc. acquired a new position in shares of Watford during the first quarter worth $334,000. Hedge funds and other institutional investors own 1.22% of the company’s stock.

Watford Company Profile

Watford Holdings Ltd., together with its subsidiaries, operates as a property, casualty, and mortgage insurance and reinsurance company worldwide. The company was founded in 2013 and is headquartered in Pembroke, Bermuda.

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