Bank of Nova Scotia Buys 37,618 Shares of Arch Capital Group Ltd. $ACGL

Bank of Nova Scotia boosted its stake in Arch Capital Group Ltd. (NASDAQ:ACGL) by 88.3% in the second quarter, HoldingsChannel reports. The firm owned 80,228 shares of the insurance provider’s stock after acquiring an additional 37,618 shares during the period. Bank of Nova Scotia’s holdings in Arch Capital Group were worth $7,305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ACGL. Zions Bancorporation National Association UT purchased a new position in shares of Arch Capital Group in the 1st quarter worth $37,000. Public Sector Pension Investment Board lifted its holdings in Arch Capital Group by 3.1% in the first quarter. Public Sector Pension Investment Board now owns 100,214 shares of the insurance provider’s stock valued at $9,639,000 after acquiring an additional 2,986 shares during the period. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in Arch Capital Group in the first quarter worth about $287,000. Resona Asset Management Co. Ltd. grew its stake in shares of Arch Capital Group by 6.9% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 152,475 shares of the insurance provider’s stock valued at $14,643,000 after purchasing an additional 9,876 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Arch Capital Group by 12.8% during the 1st quarter. Russell Investments Group Ltd. now owns 298,735 shares of the insurance provider’s stock valued at $28,683,000 after purchasing an additional 33,956 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Francois Morin sold 8,000 shares of Arch Capital Group stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $94.62, for a total transaction of $756,960.00. Following the sale, the chief financial officer owned 266,681 shares of the company’s stock, valued at approximately $25,233,356.22. This trade represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.20% of the company’s stock.

Arch Capital Group Stock Down 0.2%

ACGL opened at $91.77 on Thursday. The stock has a market cap of $33.28 billion, a price-to-earnings ratio of 8.58, a price-to-earnings-growth ratio of 2.14 and a beta of 0.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.55 and a current ratio of 0.55. The firm’s fifty day moving average is $90.29 and its 200 day moving average is $90.34. Arch Capital Group Ltd. has a fifty-two week low of $82.44 and a fifty-two week high of $97.40.

Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Monday, October 27th. The insurance provider reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $1.01. Arch Capital Group had a return on equity of 16.38% and a net margin of 20.96%.The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm earned $1.99 earnings per share. On average, sell-side analysts forecast that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Arch Capital Group from $102.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arch Capital Group in a research report on Wednesday, October 8th. Barclays set a $99.00 price objective on shares of Arch Capital Group and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Wolfe Research assumed coverage on Arch Capital Group in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $98.00 target price on shares of Arch Capital Group in a research report on Tuesday, October 28th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Arch Capital Group has a consensus rating of “Hold” and an average target price of $106.85.

Arch Capital Group Company Profile

Arch Capital Group Ltd., together with its subsidiaries, provides insurance, reinsurance, and mortgage insurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; directors' and officers' liability, errors and omissions liability, employment practices and fiduciary liability, crime, professional indemnity, and other financial related coverages; medical professional and general liability insurance coverages; and workers' compensation and umbrella liability, as well as commercial automobile and inland marine products.