Argo Group (ARGO) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Argo Group (NASDAQ:ARGO) from a hold rating to a sell rating in a report released on Wednesday 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. “

A number of other brokerages have also recently weighed in on ARGO. Boenning Scattergood set a $72.00 target price on Argo Group and gave the company a buy rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their target price on Argo Group to $69.00 and gave the company an outperform rating in a report on Tuesday, August 7th. Finally, Raymond James reduced their target price on Argo Group from $72.00 to $70.00 and set a strong-buy rating on the stock in a report on Friday, October 19th.

Shares of NASDAQ:ARGO traded down $2.98 during midday trading on Wednesday, reaching $66.69. The company’s stock had a trading volume of 89,548 shares, compared to its average volume of 117,459. Argo Group has a 1 year low of $50.53 and a 1 year high of $69.77.

Argo Group (NASDAQ:ARGO) last issued its earnings results on Monday, November 5th. The company reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.19. The firm had revenue of $484.70 million during the quarter, compared to analyst estimates of $462.83 million.

In related news, insider Mark E. Watson III sold 15,000 shares of Argo Group stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $63.19, for a total value of $947,850.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kevin James Rehnberg sold 16,850 shares of Argo Group stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $61.28, for a total value of $1,032,568.00. The disclosure for this sale can be found here. Insiders sold 64,190 shares of company stock worth $4,064,250 in the last quarter.

Institutional investors have recently modified their holdings of the stock. Dubuque Bank & Trust Co. acquired a new position in shares of Argo Group during the second quarter worth about $212,000. Amalgamated Bank acquired a new position in shares of Argo Group during the second quarter worth about $256,000. Boston Advisors LLC acquired a new position in shares of Argo Group during the second quarter worth about $272,000. Diversified Trust Co acquired a new position in shares of Argo Group during the second quarter worth about $313,000. Finally, First National Bank of Omaha acquired a new position in shares of Argo Group during the second quarter worth about $1,328,000.

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.

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