State Street Corp raised its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,915,052 shares of the insurance provider’s stock after buying an additional 40,737 shares during the period. State Street Corp owned 2.17% of Arch Capital Group worth $276,253,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of ACGL. Creative Planning boosted 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. Cambridge Investment Research Advisors Inc. boosted its stake in Arch Capital Group by 0.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,618 shares of the insurance provider’s stock worth $248,000 after buying an additional 22 shares in the last quarter. Arthur M. Cohen & Associates LLC boosted its stake in Arch Capital Group by 0.3% in the first quarter. Arthur M. Cohen & Associates LLC now owns 11,875 shares of the insurance provider’s stock worth $1,125,000 after buying an additional 31 shares in the last quarter. World Asset Management Inc boosted its stake in Arch Capital Group by 2.2% in the first quarter. World Asset Management Inc now owns 4,885 shares of the insurance provider’s stock worth $463,000 after buying an additional 104 shares in the last quarter. Finally, Comerica Bank boosted its stake in Arch Capital Group by 2.7% in the first quarter. Comerica Bank now owns 5,310 shares of the insurance provider’s stock worth $519,000 after buying an additional 139 shares in the last quarter. 77.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arch Capital Group Ltd. (NASDAQ ACGL) traded down 0.88% during mid-day trading on Thursday, reaching $93.49. 146,999 shares of the company’s stock traded hands. Arch Capital Group Ltd. has a one year low of $67.50 and a one year high of $99.21. The firm’s 50-day moving average is $95.50 and its 200 day moving average is $92.44. The firm has a market cap of $12.53 billion, a price-to-earnings ratio of 15.85 and a beta of 0.66.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings results on Tuesday, April 25th. The insurance provider reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.09. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.19 billion. Arch Capital Group had a net margin of 16.92% and a return on equity of 8.85%. During the same period in the prior year, the firm posted $1.20 earnings per share. Analysts predict that Arch Capital Group Ltd. will post $5.42 earnings per share for the current year.
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A number of research firms have recently weighed in on ACGL. Wells Fargo & Company restated a “hold” rating on shares of Arch Capital Group in a report on Wednesday, June 14th. BidaskClub cut shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. Morgan Stanley raised their price target on shares of Arch Capital Group from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Friday, April 28th. Keefe, Bruyette & Woods set a $95.00 price target on shares of Arch Capital Group and gave the company a “hold” rating in a report on Thursday, April 6th. Finally, Deutsche Bank AG raised their price target on shares of Arch Capital Group from $78.00 to $87.00 and gave the company a “hold” rating in a report on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Arch Capital Group presently has an average rating of “Hold” and a consensus target price of $91.50.
In other news, CEO Constantine Iordanou sold 62,832 shares of the stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $95.02, for a total value of $5,970,296.64. Following the completion of the sale, the chief executive officer now directly owns 108,851 shares of the company’s stock, valued at $10,343,022.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John D. Vollaro sold 2,033 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $97.32, for a total value of $197,851.56. The disclosure for this sale can be found here. Insiders sold 166,700 shares of company stock valued at $15,923,004 over the last three months. 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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