Argo Group International Holdings, Ltd. (AGII) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Argo Group International Holdings, Ltd. (NASDAQ:AGII) from a buy rating to a hold rating in a research report report published on Monday.

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 brokerages have also issued reports on AGII. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $70.00 price target on shares of Argo Group International Holdings in a research note on Tuesday, July 4th. BidaskClub raised Argo Group International Holdings from a strong sell rating to a sell rating in a research note on Friday, June 30th.

Argo Group International Holdings (AGII) opened at 60.20 on Monday. The company’s 50-day moving average price is $59.69 and its 200-day moving average price is $62.76. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 10.88 and a beta of 0.82. Argo Group International Holdings has a 12-month low of $54.40 and a 12-month high of $69.03.

Argo Group International Holdings (NASDAQ:AGII) last issued its quarterly earnings results on Monday, August 7th. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.25. Argo Group International Holdings had a return on equity of 6.39% and a net margin of 10.04%. The business had revenue of $447.10 million for the quarter, compared to analyst estimates of $412.90 million. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts expect that Argo Group International Holdings will post $3.94 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.08 dividend on an annualized basis and a yield of 1.79%. Argo Group International Holdings’s dividend payout ratio is presently 19.49%.

In related news, insider Mark E. Watson III sold 22,246 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $60.19, for a total value of $1,338,986.74. Following the completion of the sale, the insider now owns 593,661 shares in the company, valued at $35,732,455.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.86% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new stake in Argo Group International Holdings in the first quarter valued at about $169,000. Dubuque Bank & Trust Co. bought a new stake in Argo Group International Holdings in the second quarter valued at about $176,000. Quantbot Technologies LP bought a new stake in Argo Group International Holdings in the second quarter valued at about $195,000. Neuberger Berman Group LLC increased its holdings in Argo Group International Holdings by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,383 shares of the insurance provider’s stock valued at $205,000 after purchasing an additional 27 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Argo Group International Holdings by 1.4% in the second quarter. Amalgamated Bank now owns 3,671 shares of the insurance provider’s stock valued at $222,000 after purchasing an additional 49 shares during the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.

Argo Group International Holdings Company Profile

Argo Group International Holdings, Ltd. is an underwriter of specialty insurance and reinsurance products in the property and casualty market. The Company operates through four segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Excess and Surplus Lines segment carriers focus on risks that the standard (admitted) market is unwilling or unable to underwrite.

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