Argo Group (NASDAQ:ARGO) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Argo Group (NASDAQ:ARGO) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $84.00 price objective on the stock.

According to Zacks, “PXRE Group Ltd. provides reinsurance products and services to a worldwide marketplace. They primarily emphasize commercial and personal property and casualty reinsurance risks, and offer both broker-based and direct-writing distribution capabilities. PXRE also provides marine and aerospace reinsurance products and services. “

Several other equities analysts also recently weighed in on ARGO. William Blair downgraded shares of WABCO from an outperform rating to a market perform rating in a research note on Friday, April 26th. Boenning Scattergood reissued a buy rating and issued a $74.00 price target on shares of Argo Group in a research note on Tuesday, April 30th. Finally, Compass Point raised shares of Argo Group from a neutral rating to a buy rating and set a $68.10 price target on the stock in a research note on Tuesday, March 19th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Argo Group currently has a consensus rating of Buy and a consensus price target of $73.20.

Shares of NASDAQ ARGO traded down $0.01 during trading on Thursday, hitting $74.30. The company had a trading volume of 309 shares, compared to its average volume of 130,311. The firm’s fifty day simple moving average is $73.31. Argo Group has a fifty-two week low of $58.42 and a fifty-two week high of $78.57.

Argo Group (NASDAQ:ARGO) last announced its earnings results on Monday, April 29th. The company reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.30. The company had revenue of $456.70 million during the quarter, compared to analyst estimates of $488.65 million.

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Thursday, June 6th.

In other news, Director Kathleen Nealon sold 1,210 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $73.10, for a total value of $88,451.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kevin James Rehnberg sold 6,442 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $71.08, for a total transaction of $457,897.36. The disclosure for this sale can be found here.

Several hedge funds have recently made changes to their positions in ARGO. PNC Financial Services Group Inc. acquired a new position in Argo Group during the 4th quarter worth approximately $133,000. Quadrant Capital Group LLC acquired a new position in Argo Group during the 1st quarter worth approximately $53,000. Bronfman E.L. Rothschild L.P. acquired a new position in Argo Group during the 4th quarter worth approximately $647,000. Brandywine Global Investment Management LLC acquired a new position in Argo Group during the 4th quarter worth approximately $7,649,000. Finally, BlackRock Inc. acquired a new position in Argo Group during the 4th quarter worth approximately $161,071,000.

Argo Group Company Profile

Argo Group International Holdings Ltd. engages in underwriting property and casualty insurance and reinsurance. The company operates through following segments: Property, Liability, Professional and Specialty. The Property segment includes both property insurance and reinsurance products. The Liability segment includes a broad range of primary and excess casualty products.

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