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Truist Securities analyst Mark Hughes downgraded American Equity Investment Life Holding Co (NYSE:AEL) to Hold from Buy at an increased price target of $55 (from $49).
The analyst expects AEL's acquisition by Brookfield Reinsurance Ltd (NYSE:BNRE) to be completed at the current offer price and assumes the unlikely emergence of another buyer.
Earlier this month, ARE accepted BNRE's previously disclosed acquisition offer priced at ~$4.3 billion.
As per the terms, AEL shareholders will receive $55.00 per AEL share, consisting of $38.85 in cash and 0.49707 of Brookfield Asset Management Ltd. (NYSE:BAM), having a value equal to $16.15.
The proposal represents a premium of 35% to the closing price as of June 23, 2023, and a 42% premium to the 90-day volume-weighted average price for the AEL shares.
Hughes estimates EPS of $6.30 (vs. consensus of $6.14) in 2023 and $6.70 (vs. consensus of $6.59) in 2024.
Also Read: American Equity Investment Reports $2B Q2 Sales Aided By Fixed Index Annuities
Price Action: AEL shares are trading higher at 0.07% at $53.38 on the last check Friday.
