Arch Capital Group Ltd. (ACGL) Issues Earnings Results
Arch Capital Group Ltd. (NASDAQ:ACGL) posted its earnings results on Wednesday. The insurance provider reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.01, Briefing.com reports. Arch Capital Group had a return on equity of 8.85% and a net margin of 16.92%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. The company’s quarterly revenue was up 22.0% compared to the same quarter last year.
Shares of Arch Capital Group (NASDAQ:ACGL) traded down 4.86% during mid-day trading on Thursday, reaching $94.22. The company’s stock had a trading volume of 560,974 shares. Arch Capital Group has a 12-month low of $70.85 and a 12-month high of $99.47. The stock has a market capitalization of $12.63 billion, a P/E ratio of 15.97 and a beta of 0.66. The company’s 50-day moving average price is $95.24 and its 200-day moving average price is $94.04.
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In other Arch Capital Group news, Director John D. Vollaro sold 2,911 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $97.26, for a total transaction of $283,123.86. Following the completion of the transaction, the director now owns 37,650 shares in the company, valued at approximately $3,661,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nicolas Papadopoulo sold 15,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $96.67, for a total value of $1,498,385.00. Following the transaction, the chief executive officer now owns 244,436 shares of the company’s stock, valued at approximately $23,629,628.12. The disclosure for this sale can be found here. Insiders have sold a total of 166,700 shares of company stock worth $15,923,004 in the last three months. 6.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in ACGL. Vanguard Group Inc. boosted its position in Arch Capital Group by 4.6% in the first quarter. Vanguard Group Inc. now owns 9,588,852 shares of the insurance provider’s stock valued at $908,736,000 after buying an additional 418,229 shares in the last quarter. BlackRock Inc. boosted its position in Arch Capital Group by 3,410.5% in the first quarter. BlackRock Inc. now owns 8,769,351 shares of the insurance provider’s stock valued at $831,073,000 after buying an additional 8,519,546 shares in the last quarter. State Street Corp boosted its position in Arch Capital Group by 1.4% in the first quarter. State Street Corp now owns 2,915,052 shares of the insurance provider’s stock valued at $276,253,000 after buying an additional 40,737 shares in the last quarter. Principal Financial Group Inc. boosted its position in Arch Capital Group by 0.7% in the first quarter. Principal Financial Group Inc. now owns 1,819,732 shares of the insurance provider’s stock valued at $172,456,000 after buying an additional 12,071 shares in the last quarter. Finally, APG Asset Management N.V. boosted its position in Arch Capital Group by 1.3% in the second quarter. APG Asset Management N.V. now owns 1,080,515 shares of the insurance provider’s stock valued at $100,801,000 after buying an additional 13,700 shares in the last quarter. Institutional investors and hedge funds own 73.09% of the company’s stock.
ACGL has been the subject of several recent analyst reports. Wells Fargo & Company reissued a “hold” rating on shares of Arch Capital Group in a report on Wednesday, June 14th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $95.00 price objective on shares of Arch Capital Group in a report on Tuesday, July 4th. Morgan Stanley boosted their price objective on Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Friday, April 28th. Deutsche Bank AG boosted their price objective on Arch Capital Group from $78.00 to $87.00 and gave the stock a “hold” rating in a report on Thursday, March 30th. Finally, BidaskClub raised Arch Capital Group from a “sell” rating to a “hold” rating in a report on Friday, June 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Arch Capital Group has a consensus rating of “Hold” and a consensus target price of $92.09.
About Arch Capital Group
Arch Capital Group Ltd. provides insurance, reinsurance and mortgage insurance. The Company provides a range of property, casualty and mortgage insurance and reinsurance lines. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. 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.
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