Argo Group (ARGO) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Argo Group (NASDAQ:ARGO) from a sell rating to a hold rating in a research note released on Friday morning.

According to Zacks, “PXRE Group Ltd. provides reinsurance products and services to a worldwide marketplace. They primarily emphasize commercial and personal property and casualty reinsurance risks, and offer both broker-based and direct-writing distribution capabilities. PXRE also provides marine and aerospace reinsurance products and services. “

Several other research analysts also recently weighed in on ARGO. Keefe, Bruyette & Woods increased their price target on shares of Argo Group to $69.00 and gave the stock an outperform rating in a research report on Tuesday, August 7th. Boenning Scattergood set a $72.00 price objective on shares of Argo Group and gave the stock a buy rating in a research note on Tuesday, November 6th. Finally, Raymond James reduced their price objective on shares of Argo Group from $72.00 to $70.00 and set a strong-buy rating for the company in a research note on Friday, October 19th.

ARGO opened at $67.65 on Friday. Argo Group has a 1-year low of $50.53 and a 1-year high of $69.77.

Argo Group (NASDAQ:ARGO) last released its quarterly earnings results on Monday, November 5th. The company reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.19. The business had revenue of $484.70 million during the quarter, compared to the consensus estimate of $462.83 million.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be paid a $0.27 dividend. The ex-dividend date is Thursday, November 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.60%.

In other news, Director Hector Deleon sold 5,352 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $63.24, for a total value of $338,460.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark E. Watson III sold 15,000 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $63.19, for a total transaction of $947,850.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,797 shares of company stock valued at $3,393,699.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Diversified Trust Co purchased a new stake in shares of Argo Group in the second quarter worth $313,000. Amalgamated Bank purchased a new stake in shares of Argo Group in the second quarter worth $256,000. Boston Advisors LLC purchased a new stake in shares of Argo Group in the second quarter worth $272,000. Finally, Bank of Montreal Can purchased a new stake in shares of Argo Group in the second quarter worth $3,383,000.

About Argo Group

Argo Group International Holdings Ltd. engages in underwriting property and casualty insurance and reinsurance. The company operates through following segments: Property, Liability, Professional and Specialty. The Property segment includes both property insurance and reinsurance products. The Liability segment includes a broad range of primary and excess casualty products.

Further Reading: What are Institutional Investors?

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