Arch Capital Group (NASDAQ:ACGL) Given New $67.00 Price Target at Wells Fargo & Company

Arch Capital Group (NASDAQ:ACGL – Get Rating) had its price target hoisted by Wells Fargo & Company from $58.00 to $67.00 in a research note published on Tuesday, Marketbeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

A number of other research firms have also recently commented on ACGL. Morgan Stanley upped their price objective on Arch Capital Group from $52.00 to $56.00 and gave the company an equal weight rating in a research report on Tuesday, November 22nd. StockNews.com downgraded shares of Arch Capital Group from a buy rating to a hold rating in a report on Friday, November 4th. Royal Bank of Canada boosted their target price on shares of Arch Capital Group from $57.00 to $60.00 and gave the company an outperform rating in a research report on Friday, October 28th. Barclays increased their price target on shares of Arch Capital Group from $55.00 to $57.00 and gave the stock an overweight rating in a research report on Friday, October 28th. Finally, Jefferies Financial Group cut their price objective on shares of Arch Capital Group from $57.00 to $56.00 and set a buy rating for the company in a research report on Friday, October 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $57.88.

Arch Capital Group Stock Performance

Shares of NASDAQ ACGL opened at $60.60 on Tuesday. The firm’s 50-day moving average price is $52.58 and its 200-day moving average price is $47.87. Arch Capital Group has a 52-week low of $41.05 and a 52-week high of $60.74. The company has a market cap of $22.41 billion, a PE ratio of 19.42, a PEG ratio of 1.49 and a beta of 0.79. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.26.

Arch Capital Group (NASDAQ:ACGL – Get Rating) last issued its earnings results on Wednesday, October 26th. The insurance provider reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.04. The company had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.45 billion. Arch Capital Group had a net margin of 13.89% and a return on equity of 13.16%. The firm’s quarterly revenue was up 31.2% on a year-over-year basis. During the same quarter last year, the company posted $0.74 earnings per share. As a group, analysts anticipate that Arch Capital Group will post 4.02 EPS for the current year.

Insider Activity

In other Arch Capital Group news, Director Brian S. Posner acquired 2,000 shares of the stock in a transaction dated Friday, October 28th. The shares were acquired at an average cost of $17.60 per share, for a total transaction of $35,200.00. Following the completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $70,400. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Brian S. Posner acquired 2,000 shares of Arch Capital Group stock in a transaction dated Friday, October 28th. The shares were purchased at an average price of $17.60 per share, for a total transaction of $35,200.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $70,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Maamoun Rajeh sold 50,000 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $57.09, for a total transaction of $2,854,500.00. Following the transaction, the chief executive officer now owns 362,990 shares of the company’s stock, valued at approximately $20,723,099.10. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACGL. Bank of America Corp DE grew its holdings in shares of Arch Capital Group by 26.5% in the first quarter. Bank of America Corp DE now owns 2,446,743 shares of the insurance provider’s stock valued at $118,470,000 after purchasing an additional 512,832 shares in the last quarter. Diversified Trust Co bought a new position in Arch Capital Group during the second quarter valued at $269,000. Edgestream Partners L.P. purchased a new position in shares of Arch Capital Group in the 2nd quarter worth $1,397,000. National Bank of Canada FI increased its holdings in shares of Arch Capital Group by 5,587.8% in the 1st quarter. National Bank of Canada FI now owns 69,903 shares of the insurance provider’s stock worth $3,490,000 after buying an additional 68,674 shares during the last quarter. Finally, Banque Cantonale Vaudoise raised its position in shares of Arch Capital Group by 169.0% during the 2nd quarter. Banque Cantonale Vaudoise now owns 18,306 shares of the insurance provider’s stock valued at $833,000 after buying an additional 11,500 shares in the last quarter. Hedge funds and other institutional investors own 87.61% of the company’s stock.

About Arch Capital Group

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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; 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.