Argo Group International (NYSE:ARGO) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Argo Group International (NYSE:ARGO) from a hold rating to a sell rating in a research note issued 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 research firms have also recently weighed in on ARGO. Raymond James upped their price target on shares of Argo Group International from $65.00 to $70.00 and gave the stock a strong-buy rating in a report on Thursday, November 4th. Morgan Stanley raised shares of Argo Group International from an equal weight rating to an overweight rating and set a $12.00 price target on the stock in a report on Monday, October 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Argo Group International has a consensus rating of Buy and an average price target of $43.85.

NYSE:ARGO opened at $60.06 on Wednesday. The company has a market cap of $2.09 billion, a P/E ratio of 22.33 and a beta of 0.93. The stock’s fifty day moving average price is $57.42 and its two-hundred day moving average price is $54.65. Argo Group International has a 1 year low of $39.74 and a 1 year high of $61.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.54 and a quick ratio of 0.54.

Argo Group International (NYSE:ARGO) last posted its earnings results on Tuesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.98. The firm had revenue of $533.60 million for the quarter, compared to the consensus estimate of $504.85 million. Argo Group International had a return on equity of 5.40% and a net margin of 4.95%. During the same quarter in the prior year, the business posted ($0.34) earnings per share. On average, analysts expect that Argo Group International will post 3.92 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Tuesday, November 30th were issued a dividend of $0.31 per share. The ex-dividend date was Monday, November 29th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.06%. Argo Group International’s dividend payout ratio is currently 46.10%.

Several hedge funds and other institutional investors have recently made changes to their positions in ARGO. Mraz Amerine & Associates Inc. bought a new stake in shares of Argo Group International during the fourth quarter valued at approximately $207,000. FourThought Financial LLC lifted its stake in Argo Group International by 344.8% in the 4th quarter. FourThought Financial LLC now owns 1,570 shares of the company’s stock worth $91,000 after purchasing an additional 1,217 shares in the last quarter. Balyasny Asset Management LLC purchased a new stake in Argo Group International in the 3rd quarter worth $686,000. Bank of New York Mellon Corp lifted its stake in Argo Group International by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 136,912 shares of the company’s stock worth $7,150,000 after purchasing an additional 7,439 shares in the last quarter. Finally, Gyon Technologies Capital Management LP purchased a new stake in Argo Group International in the 3rd quarter worth $225,000. 89.02% of the stock is owned by institutional investors and hedge funds.

Argo Group International Company Profile

Argo Group International Holdings Ltd. engages in the provision of underwriting property and casualty insurance and reinsurance products. It operates through the following segments: U.S. Operations, International Operations, and Run-off Lines. The U.S. Operations segment include distribution through retail, wholesale, and managing general brokers/agents in the specialty insurance market.

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