American Equity Investment Life Holding (NYSE: AEL) sees significant drop in short-term interest

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American Equity Investment Life Holding (NYSE: AEL) recorded a significant drop in short-term interest rates in November. As of November 15, there was short interest totaling 876,100 shares, a decrease of 42.4% from the October 31 total of 1,520,000 shares. About 1.0% of the company’s shares are sold short. Based on an average trading volume of 346,800 shares, the short-term interest rate is currently 2.5 days.

Actions of American Equity Investment Life Equities traded at $ 0.91 on Tuesday, reaching $ 33.07. 10,776 shares of the company traded hands, compared to its average volume of 343,124. The 50-day moving average price of the stock is $ 33.05 and its 200-day moving average price is 32. $ 10. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt ratio of 0.09. American Equity Investment Life has a 52 week low of $ 26.02 and a 52 week high of $ 38.43. The company has a market cap of $ 3.06 billion, a PE ratio of 9.28 and a beta of 1.23.

American Equity Investment Life (NYSE: AEL) last released its quarterly results on Monday, November 8. The financial services provider reported earnings per share of $ 1.46 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.76 by $ 0.70. American Equity Investment Life had a net margin of 10.79% and a return on equity of 5.87%. The company posted revenue of $ 542.56 million in the quarter, compared to a consensus estimate of $ 578.71 million. In the same quarter of the previous year, the company posted earnings per share of $ 0.99. The company’s revenue was down 32.1% year-on-year. As a group, research analysts predict that American Equity Investment Life will post 3.73 EPS for the current fiscal year.

The company also recently unveiled an annual dividend, which will be paid on Monday, December 13. Investors of record on Monday, November 29 will receive a dividend of $ 0.34 per share. This represents a yield of 0.97%. This is a positive change from the previous annual dividend of $ 0.18 from American Equity Investment Life. The ex-dividend date of this dividend is Friday, November 26. American Equity Investment Life’s dividend payout ratio (DPR) is currently 9.47%.

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The AEL has been the subject of several recent research reports. Royal Bank of Canada raised its price target on American Equity Investment Life from $ 38.00 to $ 41.00 and rated the stock “outperforming” in a research report released Thursday, November 11. Truist Securities raised its price target on American Equity Investment Life from $ 39.00 to $ 44.00 and gave the stock a “buy” rating in a research report released Thursday, November 11. Morgan Stanley raised its price target for American Equity Investment Life shares from $ 31.00 to $ 33.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 14 . Raymond James raised his price target for American Equity Investment Life shares from $ 37.00 to $ 40.00 and gave the stock an “outperformance” rating in a research note on Thursday, November 18. Finally, Truist raised its price target for American Equity Investment Life shares from $ 39.00 to $ 44.00 and assigned the stock a “buy” rating in a research note on Thursday, November 11. Three analysts assigned a conservation rating to the stock, six assigned a buy rating and one assigned a high buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $ 38.30.

A number of hedge funds have recently changed their holdings of stocks. Comerica Bank increased its holdings in American Equity Investment Life by 82.7% during the third quarter. Comerica Bank now owns 147,313 shares of the financial services provider valued at $ 4,988,000 after purchasing an additional 66,685 shares during the period. Gyon Technologies Capital Management LP acquired a new position in American Equity Investment Life during the third quarter for a value of approximately $ 1,129,000. Schonfeld Strategic Advisors LLC increased its holdings in American Equity Investment Life by 21.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 54,827 shares of the financial services provider valued at $ 1,620,000 after purchasing an additional 9,527 shares during the period. Easterly Investment Partners LLC purchased a new position in American Equity Investment Life during the third quarter for a value of approximately $ 6,862,000. Finally, BNP Paribas Arbitrage SA increased its stake in American Equity Investment Life by 68.9% in the third quarter. BNP Paribas Arbitrage SA now owns 98,267 shares of the financial services provider valued at $ 2,906,000 after purchasing an additional 40,070 shares during the last quarter. 90.64% of the shares are currently held by institutional investors.

About American Equity Investment Life

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

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