Delphi Financial Group, Inc. (DFG) Reports Fourth-Quarter Results
February 12, 2010 12:42 PM
Analyst Randy Binner at FBR Capital Markets (NASDAQ: FBCM) has released an update on Delphi Financial Group, Inc. (NYSE: DFG). The company has reported results for the fourth-quarter.
Delphi reported operating EPS of $0.86 for the fourth-quarter, which came in slightly below FBR’s estimate of $0.89, and consensus of $0.88.
FBR has lowered the EPS estimates for 2010 and 2011 to reflect lower investment yield, and lower-than-expected balance of fixed maturities. The EPS estimate has been lowered from $3.45 to $3.30 for 2010 and from $3.75 to $3.60 for 2011.
However, the company has reported strong results for the benefit ratio, and capital, which were the two major concerns of investors. The company reported benefit ratio of 67.3%.
According to FBR, the shares of Delphi are trading at 83% of book value, which makes them attractive.
FBR Capital Markets has reiterated its Outperform rating for Delphi Financial Group, Inc., with a price target of $30.
