Equities researchers at Buckingham Research started coverage on shares of Arch Capital Group Ltd. (NASDAQ:ACGL) in a research report issued on Monday, September 11th, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $106.00 price target on the insurance provider’s stock. Buckingham Research’s target price would suggest a potential upside of 9.70% from the company’s current price.
ACGL has been the subject of a number of other reports. Keefe, Bruyette & Woods set a $100.00 price objective on Arch Capital Group and gave the stock a “hold” rating in a report on Friday, August 11th. BidaskClub lowered Arch Capital Group from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. Zacks Investment Research downgraded Arch Capital Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Wells Fargo & Company restated a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Arch Capital Group presently has a consensus rating of “Hold” and an average target price of $97.22.
Arch Capital Group (ACGL) opened at 98.09 on Monday. The stock’s 50 day moving average price is $96.62 and its 200-day moving average price is $95.63. The firm has a market capitalization of $13.19 billion, a price-to-earnings ratio of 17.84 and a beta of 0.67. Arch Capital Group has a one year low of $76.47 and a one year high of $99.47.
Arch Capital Group (NASDAQ:ACGL) last issued its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. Arch Capital Group had a return on equity of 8.76% and a net margin of 15.65%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company posted $1.13 EPS. The firm’s revenue was up 22.0% compared to the same quarter last year. On average, equities research analysts anticipate that Arch Capital Group will post $5.37 earnings per share for the current fiscal year.
In related news, CEO Nicolas Papadopoulo sold 38,918 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $97.23, for a total value of $3,783,997.14. Following the transaction, the chief executive officer now owns 182,035 shares of the company’s stock, valued at $17,699,263.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Constantine Iordanou sold 50,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $97.88, for a total value of $4,894,000.00. Following the completion of the transaction, the chief executive officer now directly owns 171,901 shares in the company, valued at approximately $16,825,669.88. The disclosure for this sale can be found here. Insiders have sold a total of 195,579 shares of company stock worth $18,756,983 in the last three months. Insiders own 6.60% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACGL. BlackRock Inc. increased its stake in Arch Capital Group by 3,410.5% in the first quarter. BlackRock Inc. now owns 8,769,351 shares of the insurance provider’s stock valued at $831,073,000 after acquiring an additional 8,519,546 shares during the last quarter. Citadel Advisors LLC boosted its position in Arch Capital Group by 1,388.0% during the second quarter. Citadel Advisors LLC now owns 2,088,015 shares of the insurance provider’s stock valued at $194,792,000 after buying an additional 1,947,691 shares during the period. Janus Henderson Group PLC boosted its position in Arch Capital Group by 5,723.3% during the second quarter. Janus Henderson Group PLC now owns 1,074,932 shares of the insurance provider’s stock valued at $100,280,000 after buying an additional 1,056,473 shares during the period. JPMorgan Chase & Co. boosted its position in Arch Capital Group by 802.5% during the first quarter. JPMorgan Chase & Co. now owns 850,833 shares of the insurance provider’s stock valued at $80,633,000 after buying an additional 756,556 shares during the period. Finally, Vanguard Group Inc. boosted its position in Arch Capital Group by 7.7% during the second quarter. Vanguard Group Inc. now owns 10,331,707 shares of the insurance provider’s stock valued at $963,845,000 after buying an additional 742,855 shares during the period. 76.91% of the stock is currently owned by institutional investors and hedge funds.
About Arch Capital Group
Arch Capital Group Ltd. provides insurance, reinsurance and mortgage insurance. The Company provides a range of property, casualty and mortgage insurance and reinsurance lines. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other.
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