FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
In a remarkable display of market confidence, AXA Equitable Holdings Inc (NYSE:EQH), a $17 billion market cap financial services company, has reached an all-time high, touching a price level of $54.64. According to InvestingPro data, the stock is currently trading near its 52-week high with strong momentum. This milestone underscores a period of significant growth for the company, which has seen its stock value surge by an impressive 66.9% over the past year. The company’s management has been actively buying back shares while maintaining a 1.77% dividend yield, having raised dividends for seven consecutive years straight. Investors have rallied behind EQH, buoyed by strong financial performance and positive market sentiment, propelling the stock to new heights. Based on InvestingPro’s Fair Value analysis, the stock appears to be fairly valued at current levels. For deeper insights and 10+ additional ProTips about EQH, including detailed valuation metrics, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Equitable Holdings has been making significant strides. BMO Capital Markets initiated coverage on the company, assigning an Outperform rating and setting a price target of $70. Analysts at BMO highlighted Equitable Holdings’ stable free cash flow profile and its transition towards more capital-efficient business models as reasons for their optimistic outlook. Deutsche Bank (ETR:DBKGn) also upgraded Equitable Holdings from Hold to Buy, recognizing its strong position in the Registered Index-Linked Annuity market and robust capital situation.
Equitable Holdings recently reported a 34% year-over-year increase in its Q3 non-GAAP operating earnings, reaching $501 million. The company’s assets under management also saw significant growth, exceeding $1 trillion, a 20% surge from the previous year. In board developments, Equitable Holdings announced the appointment of Douglas Dachille as an independent member, a move that aligns with corporate governance requirements for director independence.
Meanwhile, Athene Holding (NYSE:ATH) Ltd. disclosed its third-quarter financial results, providing insights into its financial health. The report, signed off by the company’s executive vice president and chief financial officer, Martin P. Klein, underscores the formal presentation of the financial results to the market and regulatory bodies. These recent developments highlight the ongoing financial performance and strategic moves of both Equitable Holdings and Athene Holding.
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