Raymond James & Associates Sells 10,619 Shares of Arch Capital Group Ltd. (ACGL)
Raymond James & Associates lessened its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL) by 4.2% during the 4th quarter, HoldingsChannel reports. The firm owned 244,289 shares of the insurance provider’s stock after selling 10,619 shares during the quarter. Raymond James & Associates’ holdings in Arch Capital Group were worth $6,527,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc lifted its holdings in shares of Arch Capital Group by 0.4% in the third quarter. Vanguard Group Inc now owns 33,874,589 shares of the insurance provider’s stock valued at $1,009,802,000 after purchasing an additional 144,152 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Arch Capital Group by 4.0% in the fourth quarter. BlackRock Inc. now owns 27,775,928 shares of the insurance provider’s stock valued at $742,173,000 after purchasing an additional 1,058,345 shares in the last quarter. Capital International Investors purchased a new stake in shares of Arch Capital Group in the third quarter valued at about $393,068,000. FMR LLC lifted its holdings in shares of Arch Capital Group by 0.4% in the third quarter. FMR LLC now owns 6,288,406 shares of the insurance provider’s stock valued at $187,457,000 after purchasing an additional 26,380 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Arch Capital Group by 3.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,657,575 shares of the insurance provider’s stock valued at $79,217,000 after purchasing an additional 83,779 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors.
In related news, CFO Francois Morin sold 2,648 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $32.14, for a total transaction of $85,106.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP W Preston Hutchings sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $32.40, for a total transaction of $81,000.00. Following the transaction, the senior vice president now directly owns 62,216 shares of the company’s stock, valued at approximately $2,015,798.40. The disclosure for this sale can be found here. Insiders have sold 7,148 shares of company stock worth $230,707 in the last three months. Insiders own 5.10% of the company’s stock.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings data on Tuesday, February 12th. The insurance provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.08. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. Arch Capital Group had a net margin of 13.91% and a return on equity of 10.09%. During the same quarter in the prior year, the firm posted $1.34 earnings per share. On average, equities analysts predict that Arch Capital Group Ltd. will post 2.55 EPS for the current year.
Several brokerages have issued reports on ACGL. Zacks Investment Research raised shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Thursday, February 14th. BidaskClub raised shares of Arch Capital Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 22nd. Wells Fargo & Co reissued a “hold” rating and set a $30.00 price objective on shares of Arch Capital Group in a research note on Thursday, December 13th. Finally, Barclays raised shares of Arch Capital Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $29.00 to $32.00 in a research note on Wednesday, January 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $30.67.
Arch Capital Group Profile
Arch Capital Group Ltd., together with its subsidiaries, provides property, casualty, and mortgage insurance and reinsurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; collateral protection, debt cancellation, and service contract reimbursement products; 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.
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