Wells Fargo & Company MN lowered its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,166,957 shares of the insurance provider’s stock after selling 148,671 shares during the quarter. Wells Fargo & Company MN’s holdings in Arch Capital Group were worth $339,911,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ACGL. Quadrant Capital Group LLC raised its position in shares of Arch Capital Group by 200.0% during the first quarter. Quadrant Capital Group LLC now owns 948 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 632 shares during the last quarter. Optimum Investment Advisors increased its holdings in Arch Capital Group by 333.3% in the first quarter. Optimum Investment Advisors now owns 1,300 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 1,000 shares during the last quarter. Advisory Services Network LLC bought a new stake in Arch Capital Group in the second quarter valued at about $71,000. Wakefield Asset Management LLLP bought a new stake in Arch Capital Group in the first quarter valued at about $152,000. Finally, ETF Managers Group LLC increased its holdings in Arch Capital Group by 9.9% in the first quarter. ETF Managers Group LLC now owns 5,017 shares of the insurance provider’s stock valued at $162,000 after purchasing an additional 451 shares during the last quarter. Institutional investors own 79.16% of the company’s stock.
In other Arch Capital Group news, CEO Marc Grandisson sold 78,300 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $40.05, for a total value of $3,135,915.00. Following the completion of the transaction, the chief executive officer now directly owns 92,309 shares of the company’s stock, valued at $3,696,975.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John D. Vollaro sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $40.01, for a total value of $400,100.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 421,041 shares of company stock valued at $15,026,322. Insiders own 5.20% of the company’s stock.
NASDAQ ACGL traded down $0.96 on Friday, reaching $38.61. The company had a trading volume of 955,847 shares, compared to its average volume of 1,282,784. The stock’s 50 day moving average is $38.64 and its 200-day moving average is $34.74. The stock has a market cap of $16.03 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.40 and a beta of 0.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.27. Arch Capital Group Ltd. has a 52 week low of $24.79 and a 52 week high of $40.20.
Arch Capital Group (NASDAQ:ACGL) last posted its earnings results on Monday, July 29th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.08. Arch Capital Group had a return on equity of 10.58% and a net margin of 20.48%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. As a group, analysts forecast that Arch Capital Group Ltd. will post 2.82 EPS for the current year.
A number of equities research analysts recently commented on ACGL shares. Wells Fargo & Co reiterated a “hold” rating and issued a $32.00 price objective on shares of Arch Capital Group in a report on Tuesday, April 30th. Deutsche Bank upgraded Arch Capital Group from a “hold” rating to a “buy” rating and set a $35.35 price objective for the company in a report on Wednesday, June 26th. Buckingham Research downgraded Arch Capital Group from a “buy” rating to a “neutral” rating and set a $38.00 price objective for the company. in a report on Friday, July 19th. Morgan Stanley set a $32.00 price objective on Arch Capital Group and gave the company a “hold” rating in a report on Friday, May 17th. Finally, ValuEngine downgraded Arch Capital Group from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $37.91.
About Arch Capital Group
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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