Fmr LLC boosted its stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 6,288,406 shares of the insurance provider’s stock after purchasing an additional 26,380 shares during the quarter. Fmr LLC’s holdings in Arch Capital Group were worth $187,457,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Zions Bancorporation boosted its stake in Arch Capital Group by 29.6% during the second quarter. Zions Bancorporation now owns 7,824 shares of the insurance provider’s stock worth $207,000 after buying an additional 1,788 shares during the last quarter. Prudential Financial Inc. raised its position in Arch Capital Group by 10.1% in the third quarter. Prudential Financial Inc. now owns 19,680 shares of the insurance provider’s stock valued at $587,000 after purchasing an additional 1,800 shares during the period. Commonwealth Bank of Australia raised its position in Arch Capital Group by 5.4% in the third quarter. Commonwealth Bank of Australia now owns 37,375 shares of the insurance provider’s stock valued at $1,107,000 after purchasing an additional 1,900 shares during the period. GSA Capital Partners LLP raised its position in Arch Capital Group by 17.3% in the second quarter. GSA Capital Partners LLP now owns 14,735 shares of the insurance provider’s stock valued at $390,000 after purchasing an additional 2,176 shares during the period. Finally, Alps Advisors Inc. purchased a new stake in Arch Capital Group in the second quarter valued at $203,000. 80.63% of the stock is currently owned by institutional investors.
NASDAQ:ACGL opened at $27.75 on Friday. Arch Capital Group Ltd. has a 52 week low of $25.71 and a 52 week high of $31.59. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $11.31 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 1.15 and a beta of 0.67.
Arch Capital Group (NASDAQ:ACGL) last posted its earnings results on Tuesday, October 30th. The insurance provider reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.07. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.19 billion. Arch Capital Group had a return on equity of 10.30% and a net margin of 15.15%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) earnings per share. On average, research analysts predict that Arch Capital Group Ltd. will post 2.22 EPS for the current fiscal year.
In related news, SVP W Preston Hutchings sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $30.00, for a total value of $450,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Andrew Rippert sold 3,593 shares of the business’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $27.83, for a total value of $99,993.19. The disclosure for this sale can be found here. Insiders sold a total of 47,666 shares of company stock worth $1,410,330 in the last quarter. Company insiders own 5.10% of the company’s stock.
A number of research firms have commented on ACGL. BidaskClub downgraded Arch Capital Group from a “buy” rating to a “hold” rating in a research report on Friday, August 31st. Zacks Investment Research downgraded Arch Capital Group from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Finally, Morgan Stanley set a $22.00 target price on Arch Capital Group and gave the company a “hold” rating in a research report on Wednesday, November 14th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $29.60.
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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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