abrdn plc reduced its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL – Get Rating) by 54.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,347 shares of the insurance provider’s stock after selling 38,032 shares during the quarter. abrdn plc’s holdings in Arch Capital Group were worth $1,535,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also made changes to their positions in ACGL. National Bank of Canada FI acquired a new position in shares of Arch Capital Group during the 4th quarter worth about $55,000. Janney Montgomery Scott LLC lifted its holdings in shares of Arch Capital Group by 11.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 91,482 shares of the insurance provider’s stock valued at $4,066,000 after purchasing an additional 9,033 shares during the last quarter. Desjardins Global Asset Management Inc. purchased a new stake in shares of Arch Capital Group in the 4th quarter valued at about $209,000. Yousif Capital Management LLC purchased a new stake in shares of Arch Capital Group in the 4th quarter valued at about $431,000. Finally, Dupont Capital Management Corp purchased a new stake in shares of Arch Capital Group in the 4th quarter valued at about $596,000. 88.16% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on ACGL shares. Barclays reduced their target price on Arch Capital Group from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. StockNews.com downgraded Arch Capital Group from a “buy” rating to a “hold” rating in a research note on Tuesday, April 12th. Finally, Morgan Stanley reduced their price objective on Arch Capital Group from $53.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, May 23rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Arch Capital Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.11.
Arch Capital Group Stock Performance
Arch Capital Group (NASDAQ:ACGL – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The insurance provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Arch Capital Group had a return on equity of 14.20% and a net margin of 19.06%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.00 EPS. On average, equities analysts forecast that Arch Capital Group Ltd. will post 4.48 EPS for the current year.
Insider Buying and Selling
In related news, CEO Maamoun Rajeh sold 12,237 shares of the company’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $47.06, for a total value of $575,873.22. Following the sale, the chief executive officer now owns 412,990 shares in the company, valued at approximately $19,435,309.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.20% of the company’s stock.
Arch Capital Group Company Profile
Arch Capital Group Ltd., together with its subsidiaries, provides insurance, reinsurance, and mortgage insurance 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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