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UPDATE: Bank Of America Downgrades Aegon NV As Divestments Are Further Delayed

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In a report published Monday, Bank of America analyst Michael van Wegen downgraded the rating on Aegon NV (NYSE: AEG) from Buy to Neutral, and lowered the price target from $10.40 to $8.72.

In the report, Bank of America noted, “The main reason for our downgrade is that we now expect divestments to take longer than initially expected. As a result, distribution to shareholders will be more in line with peers and we expect no material improvement in the ROE in the near term. However, we do still expect the company to eventually divest these assets, but more on a 2-3 year horizon, rather than a 12-18m horizon. The shares are currently trading at 9.7x P/E '15, a small discount compared to the sector. The shares offer a 4% dividend yield (2015), or 7% including expected share buyback, compared to 5% for the sector.”

Aegon NV closed on Friday at $7.65.

Latest Ratings for AEG

DateFirmActionFromTo
Apr 2021Societe GeneraleUpgradesSellHold
Jan 2019CitigroupDowngradesNeutralSell
Jul 2018Evercore ISI GroupInitiates Coverage OnUnderweight

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Posted-In: Bank of America Michael van WegenAnalyst Color Downgrades Analyst Ratings

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