Korea Investment CORP Has $4.82 Million Position in Arch Capital Group Ltd. (ACGL)
Korea Investment CORP increased its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 22.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,639 shares of the insurance provider’s stock after buying an additional 9,568 shares during the period. Korea Investment CORP’s holdings in Arch Capital Group were worth $4,817,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of ACGL. Vanguard Group Inc. raised its stake 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 worth $908,736,000 after buying an additional 418,229 shares during the last quarter. BlackRock Inc. raised its stake 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 worth $831,073,000 after buying an additional 8,519,546 shares during the last quarter. State Street Corp raised its stake 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 worth $276,253,000 after buying an additional 40,737 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 worth $172,456,000 after buying an additional 12,071 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake 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 worth $100,801,000 after buying an additional 13,700 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arch Capital Group Ltd. (NASDAQ:ACGL) opened at 96.14 on Friday. The firm has a market capitalization of $12.93 billion, a price-to-earnings ratio of 17.49 and a beta of 0.67. Arch Capital Group Ltd. has a 52 week low of $74.16 and a 52 week high of $99.47. The firm has a 50-day moving average price of $96.20 and a 200-day moving average price of $94.79.
Arch Capital Group (NASDAQ:ACGL) last issued its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. Arch Capital Group had a return on equity of 8.76% and a net margin of 15.65%. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. On average, equities analysts expect that Arch Capital Group Ltd. will post $5.35 earnings per share for the current fiscal year.
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A number of analysts recently commented on ACGL shares. Wells Fargo & Company reaffirmed a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $95.00 price objective on shares of Arch Capital Group in a research note on Tuesday, July 4th. Morgan Stanley raised their price target on Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Friday, April 28th. BidaskClub raised Arch Capital Group from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Finally, Zacks Investment Research lowered Arch Capital Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. Arch Capital Group has a consensus rating of “Hold” and a consensus target price of $92.55.
In other Arch Capital Group news, CEO Constantine Iordanou sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $97.88, for a total value of $4,894,000.00. Following the transaction, the chief executive officer now owns 171,901 shares in the company, valued at $16,825,669.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Donald Lyons sold 8,266 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $93.53, for a total value of $773,118.98. The disclosure for this sale can be found here. Insiders sold 203,756 shares of company stock worth $19,562,718 in the last 90 days. Corporate insiders own 6.60% of the company’s stock.
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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