JP Morgan: Endurance Specialty Holdings Q4 Earnings Ahead Of Estimates (ENH)

JP Morgan is reporting that Endurance Specialty Holdings ENH Q4 EPS results beat JP Morgan's estimates. “Endurance Specialty OW reported 4Q EPS of $1.97 compared with our estimate of $1.52 and consensus of $1.50. All items in the quarter were in-line to better than expected, with only written premium trends lower than expected,” JP Morgan writes. “From a balance sheet perspective, book value grew 1.8% sequentially (vs.-0.4%E) with approximately half of the upside from operations and the balance from share repurchase and investment performance. The company's previously announced decision to repurchase the shares and warrants of a founding shareholder for $321.5 million on January 1, 2011 is higher than our estimate of 2011 share repurchase of $200 million.” JP Morgan reaffirmed Endurance Specialty Holdings Overweight rating and $45 Price Target. Shares of Endurance are currently trading virtually unchanged from yesterday's close of $47.63.