Analysts Downgrade Ratings for Employers Insurance
Thursday, December 28, 2017 | 482 | 0 | 0 min read
Zacks Investment Research changed its rating of Employers Holdings this week from “buy” to “hold,” according to a report by Week Herald.
The downgrade from Zacks follows a switch this month by ValuEngine, a stock valuation site, from a “strong-buy” rating for Employers to a “buy” rating.
Reno-based Employers Holdings Inc. is a specialty provider of workers’ compensation insurance focused on small businesses in low- to medium-hazard industries.
For the first nine months of the year, Employers’ net income was $69.9 million, down 2% from $71.2 million in the prior-year period, according to the company’s quarterly reporting.
The company reported a 3% decrease in net income for the third quarter, to $21.9 million, which it attributed in part to a third quarter after-tax write-off of $4.9 million of costs related to the development of information technology systems.