PNC Financial Services Group Inc. boosted its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 28.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,227 shares of the insurance provider’s stock after purchasing an additional 5,751 shares during the period. PNC Financial Services Group Inc.’s holdings in Arch Capital Group were worth $782,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ACGL. Artisan Partners Limited Partnership grew its holdings in Arch Capital Group by 200.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 54,463,667 shares of the insurance provider’s stock valued at $1,441,109,000 after purchasing an additional 36,361,761 shares in the last quarter. BlackRock Inc. grew its holdings in Arch Capital Group by 195.1% during the 2nd quarter. BlackRock Inc. now owns 26,041,657 shares of the insurance provider’s stock valued at $689,063,000 after purchasing an additional 17,217,697 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Arch Capital Group by 200.9% during the 2nd quarter. Renaissance Technologies LLC now owns 6,255,400 shares of the insurance provider’s stock valued at $165,518,000 after purchasing an additional 4,176,300 shares in the last quarter. FMR LLC grew its holdings in Arch Capital Group by 182.3% during the 2nd quarter. FMR LLC now owns 6,262,026 shares of the insurance provider’s stock valued at $165,693,000 after purchasing an additional 4,043,479 shares in the last quarter. Finally, Marshfield Associates grew its holdings in Arch Capital Group by 215.4% during the 2nd quarter. Marshfield Associates now owns 4,551,811 shares of the insurance provider’s stock valued at $120,441,000 after purchasing an additional 3,108,441 shares in the last quarter. 80.61% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Andrew Rippert sold 3,593 shares of Arch Capital Group stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $27.83, for a total value of $99,993.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian S. Posner purchased 2,500 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was acquired at an average cost of $22.45 per share, with a total value of $56,125.00. Following the completion of the acquisition, the director now directly owns 2,500 shares in the company, valued at approximately $56,125. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 12,593 shares of company stock valued at $353,393. 5.10% of the stock is owned by company insiders.
Shares of ACGL stock opened at $26.86 on Friday. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.10 and a beta of 0.67. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.30. Arch Capital Group Ltd. has a 1-year low of $25.71 and a 1-year high of $31.59.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings data on Tuesday, October 30th. The insurance provider reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.07. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.19 billion. Arch Capital Group had a net margin of 15.15% and a return on equity of 10.30%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business earned ($0.13) EPS. Equities analysts forecast that Arch Capital Group Ltd. will post 2.22 earnings per share for the current fiscal year.
ACGL has been the subject of several recent analyst reports. BidaskClub lowered shares of Arch Capital Group from a “buy” rating to a “hold” rating in a report on Friday, August 31st. Zacks Investment Research raised shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Thursday, October 4th. Wells Fargo & Co reissued a “hold” rating and set a $30.00 price objective on shares of Arch Capital Group in a report on Wednesday, October 31st. Finally, Morgan Stanley set a $22.00 price objective on shares of Arch Capital Group and gave the stock a “hold” rating in a report on Wednesday, November 14th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price 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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