Argo Group International Holdings Ltd. (AGII) Stock Rating Lowered by Zacks Investment Research
Argo Group International Holdings Ltd. (NASDAQ:AGII) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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 equities research analysts have also weighed in on AGII. JMP Securities started coverage on Argo Group International Holdings in a research note on Monday, June 27th. They set a “market perform” rating on the stock. Compass Point boosted their price target on Argo Group International Holdings from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, August 4th. Finally, Keefe, Bruyette & Woods boosted their price target on Argo Group International Holdings from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Thursday, August 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $62.25.
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Shares of Argo Group International Holdings (NASDAQ:AGII) remained flat at $57.80 during midday trading on Tuesday. 100,043 shares of the company were exchanged. Argo Group International Holdings has a 52 week low of $41.55 and a 52 week high of $60.36. The firm’s 50 day moving average price is $56.52 and its 200-day moving average price is $53.55. The firm has a market cap of $1.74 billion, a PE ratio of 13.34 and a beta of 0.69.
Argo Group International Holdings (NASDAQ:AGII) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.69. Argo Group International Holdings had a return on equity of 6.68% and a net margin of 9.03%. The business had revenue of $384.30 million for the quarter, compared to analyst estimates of $361.84 million. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. Analysts anticipate that Argo Group International Holdings will post $3.94 earnings per share for the current year.
In other Argo Group International Holdings news, Director John H. Tonelli sold 3,810 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $55.91, for a total value of $213,017.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin James Rehnberg purchased 8,543 shares of the firm’s stock in a transaction on Friday, September 23rd. The stock was bought at an average cost of $56.21 per share, with a total value of $480,202.03. Following the completion of the acquisition, the insider now directly owns 30,238 shares of the company’s stock, valued at approximately $1,699,677.98. The disclosure for this purchase can be found here. Corporate insiders own 5.79% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Argo Group International Holdings by 155.9% in the first quarter. BlackRock Inc. now owns 2,019 shares of the company’s stock worth $117,000 after buying an additional 1,230 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Argo Group International Holdings by 409.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,065 shares of the company’s stock worth $107,000 after buying an additional 1,660 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Argo Group International Holdings by 10.0% in the second quarter. New York State Teachers Retirement System now owns 2,640 shares of the company’s stock worth $137,000 after buying an additional 240 shares during the last quarter. Quantbot Technologies LP increased its position in shares of Argo Group International Holdings by 32.4% in the second quarter. Quantbot Technologies LP now owns 3,541 shares of the company’s stock worth $183,000 after buying an additional 866 shares during the last quarter. Finally, Smith Asset Management Group LP bought a new position in shares of Argo Group International Holdings during the second quarter worth about $202,000. 88.95% of the stock is owned by institutional investors.
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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