Argo Group (NASDAQ:ARGO) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Argo Group (NASDAQ:ARGO) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

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 brokerages have also recently weighed in on ARGO. Boenning Scattergood reissued a buy rating and set a $74.00 price target on shares of Argo Group in a research report on Tuesday, April 30th. William Blair cut shares of Argo Group from an outperform rating to a market perform rating and set a $74.12 price target on the stock. in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $72.54.

Shares of Argo Group stock traded down $1.14 during trading hours on Wednesday, reaching $67.62. 118,755 shares of the company’s stock were exchanged, compared to its average volume of 131,086. Argo Group has a 1 year low of $58.42 and a 1 year high of $78.57. The firm has a fifty day moving average price of $73.00.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. Huntington National Bank acquired a new position in Argo Group in the second quarter valued at about $36,000. Steward Partners Investment Advisory LLC acquired a new position in Argo Group in the second quarter valued at about $46,000. Riggs Asset Managment Co. Inc. acquired a new position in Argo Group in the first quarter valued at about $52,000. Quadrant Capital Group LLC acquired a new position in Argo Group in the first quarter valued at about $53,000. Finally, Nisa Investment Advisors LLC lifted its position in Argo Group by 69.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,470 shares of the company’s stock valued at $104,000 after buying an additional 600 shares during the last quarter.

About Argo Group

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.

See Also: Intrinsic Value

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