Arch Capital Group Ltd. (ACGL) Upgraded at Zacks Investment Research
Arch Capital Group Ltd. (NASDAQ:ACGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $90.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.58% from the company’s current price.
According to Zacks, “Arch Capital Group Ltd. is a diversified financial services holding company, with an emphasis on the insurance sector. The Arch Capital Group is engaged in a range of insurance and financial service activities through subsidiaries comprising Arch Insurance Services and the ownership of intermediaries, underwriting agencies, service providers and insurance companies. “
Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada raised their price objective on Arch Capital Group from $80.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, August 17th. Keefe, Bruyette & Woods raised their price objective on Arch Capital Group from $76.00 to $78.00 and gave the company a “market perform” rating in a research note on Friday, August 5th. Barclays PLC restated a “hold” rating and set a $85.00 price objective on shares of Arch Capital Group in a research note on Tuesday, September 27th. Goldman Sachs Group Inc. upgraded Arch Capital Group from a “sell” rating to a “neutral” rating and raised their price objective for the company from $66.00 to $79.00 in a research note on Wednesday, September 7th. Finally, RBC Capital Markets restated an “outperform” rating and set a $87.00 price objective (up from $80.00) on shares of Arch Capital Group in a research note on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $80.46.
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Shares of Arch Capital Group (NASDAQ:ACGL) traded up 0.03% during midday trading on Monday, hitting $79.94. 321,332 shares of the stock were exchanged. Arch Capital Group has a 1-year low of $59.83 and a 1-year high of $85.16. The stock’s 50-day moving average price is $80.16 and its 200-day moving average price is $73.89. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of 20.67 and a beta of 0.57.
Arch Capital Group (NASDAQ:ACGL) last issued its earnings results on Wednesday, July 27th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.17. Arch Capital Group had a return on equity of 8.32% and a net margin of 12.27%. During the same period in the previous year, the company posted $1.16 EPS. On average, analysts forecast that Arch Capital Group will post $4.36 EPS for the current year.
In other Arch Capital Group news, CFO Mark Donald Lyons sold 4,812 shares of Arch Capital Group stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $80.34, for a total transaction of $386,596.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Mcelroy sold 25,000 shares of Arch Capital Group stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $79.27, for a total value of $1,981,750.00. The disclosure for this sale can be found here. 6.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ACGL. Prudential Financial Inc. raised its position in Arch Capital Group by 44.1% in the first quarter. Prudential Financial Inc. now owns 10,551 shares of the company’s stock worth $750,000 after buying an additional 3,231 shares during the last quarter. BlackRock Inc. raised its position in Arch Capital Group by 8.2% in the first quarter. BlackRock Inc. now owns 169,975 shares of the company’s stock worth $12,086,000 after buying an additional 12,943 shares during the last quarter. BlackRock Japan Co. Ltd raised its position in Arch Capital Group by 0.6% in the first quarter. BlackRock Japan Co. Ltd now owns 153,163 shares of the company’s stock worth $10,890,000 after buying an additional 902 shares during the last quarter. Aviva PLC raised its position in Arch Capital Group by 0.9% in the first quarter. Aviva PLC now owns 57,717 shares of the company’s stock worth $4,104,000 after buying an additional 536 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Arch Capital Group by 112.3% in the first quarter. Canada Pension Plan Investment Board now owns 16,444 shares of the company’s stock worth $1,169,000 after buying an additional 8,700 shares during the last quarter. 77.46% of the stock is owned by institutional investors and hedge funds.
Arch Capital Group Company Profile
Arch Capital Group Ltd. writes insurance and reinsurance on worldwide basis. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The Company’s insurance, reinsurance and mortgage segments are underwriting segments. 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, which includes alternative market risks and excess workers’ compensation.
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