Pictet Asset Management Ltd. grew its position in Arch Capital Group Ltd. (NASDAQ:ACGL) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 167,224 shares of the insurance provider’s stock after purchasing an additional 11,300 shares during the period. Pictet Asset Management Ltd.’s holdings in Arch Capital Group were worth $6,201,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Arch Capital Group by 4.0% in the first quarter. BlackRock Inc. now owns 28,877,605 shares of the insurance provider’s stock worth $933,325,000 after purchasing an additional 1,101,677 shares during the period. Renaissance Technologies LLC raised its holdings in Arch Capital Group by 3.4% in the second quarter. Renaissance Technologies LLC now owns 5,083,600 shares of the insurance provider’s stock worth $188,500,000 after purchasing an additional 166,000 shares during the period. Geode Capital Management LLC raised its holdings in Arch Capital Group by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 4,366,916 shares of the insurance provider’s stock worth $116,612,000 after purchasing an additional 307,790 shares during the period. Northern Trust Corp raised its holdings in Arch Capital Group by 0.6% in the first quarter. Northern Trust Corp now owns 2,830,128 shares of the insurance provider’s stock worth $91,469,000 after purchasing an additional 16,456 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Arch Capital Group by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,753,025 shares of the insurance provider’s stock worth $73,556,000 after purchasing an additional 95,450 shares during the period. Institutional investors own 79.67% of the company’s stock.
Several equities research analysts have weighed in on ACGL shares. Deutsche Bank upgraded shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $35.35 target price on the stock in a report on Wednesday, June 26th. Barclays set a $47.00 price objective on shares of Arch Capital Group and gave the stock a “buy” rating in a research report on Monday, August 12th. MKM Partners increased their price objective on shares of Arch Capital Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Buckingham Research increased their price objective on shares of Arch Capital Group from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, ValuEngine downgraded shares of Arch Capital Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $39.04.
In related news, SVP W Preston Hutchings sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $39.47, for a total value of $986,750.00. Following the completion of the transaction, the senior vice president now owns 55,694 shares of the company’s stock, valued at $2,198,242.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Grandisson sold 78,300 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $40.05, for a total transaction of $3,135,915.00. Following the completion of the transaction, the chief executive officer now directly owns 92,309 shares of the company’s stock, valued at approximately $3,696,975.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,300 shares of company stock valued at $5,619,725. 5.20% of the stock is owned by insiders.
Shares of ACGL stock traded down $0.18 during trading hours on Monday, hitting $40.30. 8,376 shares of the company were exchanged, compared to its average volume of 1,140,381. The business has a 50 day moving average of $39.44 and a two-hundred day moving average of $35.62. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.27. Arch Capital Group Ltd. has a 52 week low of $24.79 and a 52 week high of $41.57. The company has a market capitalization of $16.38 billion, a PE ratio of 18.30, a PEG ratio of 1.43 and a beta of 0.64.
Arch Capital Group (NASDAQ:ACGL) last issued its quarterly earnings data on Monday, July 29th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.08. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.24 billion. Arch Capital Group had a net margin of 20.48% and a return on equity of 10.58%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 earnings per share. On average, research analysts forecast that Arch Capital Group Ltd. will post 2.82 EPS for the current year.
Arch Capital Group Profile
Arch Capital Group Ltd., together with its subsidiaries, provides property, casualty, and mortgage insurance and reinsurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; collateral protection, debt cancellation, and service contract reimbursement products; directors' and officers' liability, errors and omissions liability, employment practices and fiduciary liability, crime, professional indemnity, and other financial related coverages; medical professional and general liability insurance coverages; and workers' compensation and umbrella liability, as well as commercial automobile and inland marine products.
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