10 Stocks Taking the Worst Hit

2. Kemper Corporation (NYSE:KMPR)

Kemper Corp. dropped its share prices to hit a new all-time low on Wednesday after earning a rating downgrade from two investment firms.

During the session, Kemper Corporation (NYSE:KMPR) fell to its lowest price of $45.02 on Wednesday, or 26.8 percent, from its closing price of $61.49 on Tuesday. A slight buying, however, pared its losses to end the day just down by 21.26 percent at $48.42 apiece.

In its market note, Piper Sandler downgraded its rating for Kemper Corporation (NYSE:KMPR) to “underweight” from “overweight” previously, while markedly reducing its price target to $50 from $75. According to the analyst, the downgrade reflected its earnings outlook for the company, which seems to be peaking in 2025.

Meanwhile, Citizens JMP reduced its price target for Kemper Corporation (NYSE:KMPR) to $75 from $85 previously, while maintaining a “market outperform” rating.

In the second quarter of the year, Kemper Corp.’s (NYSE:KMPR) net income dropped by 3.7 percent to $72.6 million from $75.4 million in the same period last year. Revenues increased by 8 percent to $1.225 billion from $1.129 billion year-on-year, driven by a $148.2 million increase in specialty property and casualty insurance earned premiums.