Arch Capital Group Ltd. (ACGL) Upgraded by Zacks Investment Research to “Buy”
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 firm currently has a $90.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.61% from the stock’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 research analysts also recently issued reports about the stock. Barclays PLC downgraded shares of Arch Capital Group from an “overweight” rating to an “equal weight” rating and set a $85.00 target price on the stock. in a research report on Thursday, September 15th. Keefe, Bruyette & Woods increased their target price on shares of Arch Capital Group from $76.00 to $78.00 and gave the company a “market perform” rating in a research report on Friday, August 5th. MKM Partners increased their target price on shares of Arch Capital Group from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, August 30th. Deutsche Bank AG increased their target price on shares of Arch Capital Group from $72.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, July 29th. Finally, Royal Bank Of Canada increased their target price on shares of Arch Capital Group from $80.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $80.46.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/17/arch-capital-group-ltd-acgl-upgraded-by-zacks-investment-research-to-buy.html
Arch Capital Group (NASDAQ:ACGL) traded up 0.03% during trading on Monday, reaching $79.94. The company had a trading volume of 321,332 shares. The stock has a market capitalization of $9.64 billion, a P/E ratio of 20.67 and a beta of 0.57. The stock has a 50 day moving average of $80.16 and a 200-day moving average of $73.89. Arch Capital Group has a 12-month low of $59.83 and a 12-month high of $85.16.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.17. Arch Capital Group had a net margin of 12.27% and a return on equity of 8.32%. During the same period last year, the business posted $1.16 EPS. On average, analysts forecast that Arch Capital Group will post $4.36 earnings per share for the current fiscal year.
In related news, CFO Mark Donald Lyons sold 4,812 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $80.34, for a total value of $386,596.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Mcelroy sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $79.27, for a total transaction of $1,981,750.00. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Seven Eight Capital LLC acquired a new position in shares of Arch Capital Group during the second quarter worth about $108,000. Pacer Advisors Inc. boosted its position in shares of Arch Capital Group by 1.6% in the second quarter. Pacer Advisors Inc. now owns 1,558 shares of the company’s stock worth $112,000 after buying an additional 24 shares during the last quarter. Daiwa SB Investments Ltd. boosted its position in shares of Arch Capital Group by 8.2% in the second quarter. Daiwa SB Investments Ltd. now owns 2,370 shares of the company’s stock worth $166,000 after buying an additional 180 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Arch Capital Group by 113.5% in the second quarter. Quantbot Technologies LP now owns 2,688 shares of the company’s stock worth $193,000 after buying an additional 1,429 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Arch Capital Group by 2.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,115 shares of the company’s stock worth $202,000 after buying an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 77.46% of the company’s stock.
About Arch Capital Group
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Arch Capital Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arch Capital Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.