KBW Downgrades Philadelphia Consolidated (PHLY) to Market Perform
PHLY Hot Sheet
Rating Summary:0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Keefe, Bruyette, and Woods downgrades Philadelphia Consolidated (NASDAQ: PHLY) from Outperform to Market Perform.
With the announced acquisition of PHLY by Tokio Marine for $61.50, KBW’s new price target is $61.50.
The firm said, "PHLY reported stronger-than-expected premium production and underwriting results. However, excluding reserve development and cat losses, PHLY's normalized EPS of $0.85 fell $0.07 short of our normalized estimate."
Philadelphia Consolidated Holding Corp., doing business as Philadelphia Insurance Companies, engage in designing, marketing, and underwriting specialty commercial and personal property and casualty insurance products in the United States.
With the announced acquisition of PHLY by Tokio Marine for $61.50, KBW’s new price target is $61.50.
The firm said, "PHLY reported stronger-than-expected premium production and underwriting results. However, excluding reserve development and cat losses, PHLY's normalized EPS of $0.85 fell $0.07 short of our normalized estimate."
Philadelphia Consolidated Holding Corp., doing business as Philadelphia Insurance Companies, engage in designing, marketing, and underwriting specialty commercial and personal property and casualty insurance products in the United States.
You May Also Be Interested In
- UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
- Tudor Pickering Downgrades Cabot Oil & Gas (COG) to Accumulate
- UBS Maintains a 'Buy' on Teva Pharma (TEVA); CEO Highlights From Conference Call
Create E-mail Alert Related Categories
DowngradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
