$1.14 Billion in Sales Expected for Arch Capital Group Ltd. (ACGL) This Quarter
Equities analysts expect that Arch Capital Group Ltd. (NASDAQ:ACGL) will report $1.14 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Arch Capital Group’s earnings. The highest sales estimate is $1.14 billion and the lowest is $1.13 billion. Arch Capital Group reported sales of $1.08 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.6%. The company is scheduled to announce its next earnings report on Wednesday, October 25th.
On average, analysts expect that Arch Capital Group will report full-year sales of $1.14 billion for the current financial year, with estimates ranging from $4.54 billion to $5.03 billion. For the next fiscal year, analysts expect that the firm will post sales of $4.67 billion per share, with estimates ranging from $4.61 billion to $4.73 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Arch Capital Group.
Arch Capital Group (NASDAQ:ACGL) last announced its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.28 billion. Arch Capital Group had a net margin of 14.46% and a return on equity of 9.70%. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 EPS.
ACGL has been the subject of several research reports. Wells Fargo & Company restated a “hold” rating on shares of Arch Capital Group in a report on Wednesday, June 14th. Morgan Stanley upped their price objective on shares of Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Friday, April 28th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $95.00 price objective on shares of Arch Capital Group in a report on Tuesday, July 4th. BidaskClub upgraded shares of Arch Capital Group from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Finally, Zacks Investment Research lowered shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. Arch Capital Group has an average rating of “Hold” and a consensus target price of $93.10.
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In related news, Director John D. Vollaro sold 10,000 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $97.31, for a total value of $973,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Constantine Iordanou sold 62,832 shares of the stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $95.02, for a total transaction of $5,970,296.64. Following the completion of the transaction, the chief executive officer now owns 108,851 shares of the company’s stock, valued at $10,343,022.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 143,598 shares of company stock valued at $13,820,641. 6.60% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in ACGL. Creative Planning raised its stake in Arch Capital Group by 0.6% in the first quarter. Creative Planning now owns 3,404 shares of the insurance provider’s stock worth $323,000 after buying an additional 19 shares in the last quarter. Capstone Asset Management Co. raised its stake in Arch Capital Group by 6.5% in the first quarter. Capstone Asset Management Co. now owns 3,298 shares of the insurance provider’s stock worth $313,000 after buying an additional 200 shares in the last quarter. DnB Asset Management AS raised its stake in Arch Capital Group by 18.9% in the first quarter. DnB Asset Management AS now owns 13,866 shares of the insurance provider’s stock worth $1,314,000 after buying an additional 2,200 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in Arch Capital Group by 5.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,272 shares of the insurance provider’s stock worth $290,000 after buying an additional 157 shares in the last quarter. Finally, Korea Investment CORP raised its stake in Arch Capital Group by 101.8% in the first quarter. Korea Investment CORP now owns 42,071 shares of the insurance provider’s stock worth $3,987,000 after buying an additional 21,226 shares in the last quarter. Institutional investors and hedge funds own 72.95% of the company’s stock.
Arch Capital Group (ACGL) opened at 97.41 on Friday. Arch Capital Group has a 52 week low of $76.47 and a 52 week high of $99.47. The company has a 50-day moving average of $96.93 and a 200-day moving average of $95.33. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of 17.72 and a beta of 0.67.
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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