Arch Capital Group Ltd. (ACGL) Stake Increased by Arrowstreet Capital Limited Partnership
Arrowstreet Capital Limited Partnership raised its position in Arch Capital Group Ltd. (NASDAQ:ACGL) by 41.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 508,248 shares of the insurance provider’s stock after acquiring an additional 149,803 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.38% of Arch Capital Group worth $47,414,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC lifted its stake in shares of Arch Capital Group by 1,390.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 12,568 shares of the insurance provider’s stock worth $1,172,000 after acquiring an additional 11,725 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in shares of Arch Capital Group in the 2nd quarter worth $4,952,000. Lenox Wealth Management Inc. acquired a new stake in shares of Arch Capital Group in the 2nd quarter worth $402,000. Janus Henderson Group PLC lifted its stake in shares of Arch Capital Group by 5,723.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,074,932 shares of the insurance provider’s stock worth $100,280,000 after acquiring an additional 1,056,473 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in shares of Arch Capital Group by 387.5% in the 2nd quarter. Macquarie Group Ltd. now owns 3,900 shares of the insurance provider’s stock worth $364,000 after acquiring an additional 3,100 shares during the period. Institutional investors own 76.91% of the company’s stock.
Several research firms have recently commented on ACGL. Keefe, Bruyette & Woods restated a “hold” rating and issued a $100.00 target price on shares of Arch Capital Group in a research note on Thursday, September 21st. Wells Fargo & Company restated a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, July 26th. UBS AG reduced their target price on shares of Arch Capital Group from $114.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 19th. Buckingham Research began coverage on shares of Arch Capital Group in a report on Monday, September 11th. They issued a “buy” rating and a $106.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $98.13.
In other Arch Capital Group news, CEO Nicolas Papadopoulo sold 80,694 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $93.80, for a total value of $7,569,097.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Constantine Iordanou sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $97.88, for a total transaction of $4,894,000.00. Following the completion of the sale, the chief executive officer now directly owns 171,901 shares of the company’s stock, valued at $16,825,669.88. The disclosure for this sale can be found here. Insiders sold 195,579 shares of company stock valued at $18,756,983 in the last ninety days. Corporate insiders own 6.60% of the company’s stock.
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Shares of Arch Capital Group Ltd. (NASDAQ:ACGL) traded down 0.21% during trading on Monday, hitting $99.73. 24,097 shares of the stock were exchanged. The stock has a market cap of $13.41 billion, a P/E ratio of 18.14 and a beta of 0.66. Arch Capital Group Ltd. has a 12-month low of $76.47 and a 12-month high of $100.91. The stock has a 50-day moving average of $97.28 and a 200 day moving average of $95.99.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Arch Capital Group had a net margin of 15.65% and a return on equity of 8.76%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.13 earnings per share. Equities analysts predict that Arch Capital Group Ltd. will post $4.66 earnings per share for the current fiscal year.
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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