Clearstead Advisors LLC Trims Stake in Arch Capital Group Ltd. (NASDAQ:ACGL)

Posted by MarketBeat News on Mar 15th, 2023

Clearstead Advisors LLC reduced its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL – Get Rating) by 4.5% in the third quarter, Holdings Channel reports. The institutional investor owned 9,864 shares of the insurance provider’s stock after selling 470 shares during the period. Clearstead Advisors LLC’s holdings in Arch Capital Group were worth $449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fred Alger Management LLC increased its stake in shares of Arch Capital Group by 45.0% in the third quarter. Fred Alger Management LLC now owns 1,283 shares of the insurance provider’s stock worth $58,000 after purchasing an additional 398 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of Arch Capital Group by 4.6% in the third quarter. Neuberger Berman Group LLC now owns 130,190 shares of the insurance provider’s stock worth $5,929,000 after purchasing an additional 5,775 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Arch Capital Group by 6.7% in the third quarter. Alliancebernstein L.P. now owns 240,094 shares of the insurance provider’s stock worth $10,934,000 after purchasing an additional 15,054 shares in the last quarter. State Street Corp increased its stake in shares of Arch Capital Group by 0.8% in the third quarter. State Street Corp now owns 8,149,909 shares of the insurance provider’s stock worth $371,147,000 after purchasing an additional 64,171 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in shares of Arch Capital Group by 2.3% in the third quarter. Verdence Capital Advisors LLC now owns 8,332 shares of the insurance provider’s stock worth $379,000 after purchasing an additional 189 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ACGL has been the subject of a number of research reports. Morgan Stanley upped their target price on shares of Arch Capital Group from $52.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 22nd. Wells Fargo & Company upped their target price on shares of Arch Capital Group from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 15th. JMP Securities upped their target price on shares of Arch Capital Group from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 14th. Roth Capital restated a “buy” rating on shares of Arch Capital Group in a research report on Tuesday, February 14th. Finally, StockNews.com upgraded shares of Arch Capital Group from a “hold” rating to a “buy” rating in a research report on Wednesday, February 15th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Insider Activity

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In other news, insider John M. Pasquesi sold 26,329 shares of the stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $67.01, for a total value of $1,764,306.29. Following the sale, the insider now owns 756,635 shares of the company’s stock, valued at $50,702,111.35. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Francois Morin sold 15,814 shares of the stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $67.61, for a total value of $1,069,184.54. Following the sale, the chief financial officer now owns 185,869 shares of the company’s stock, valued at $12,566,603.09. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John M. Pasquesi sold 26,329 shares of the stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $67.01, for a total transaction of $1,764,306.29. Following the completion of the sale, the insider now directly owns 756,635 shares in the company, valued at approximately $50,702,111.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,143 shares of company stock valued at $4,938,291. 4.20% of the stock is currently owned by company insiders.

Arch Capital Group Price Performance

ACGL stock opened at $67.34 on Wednesday. Arch Capital Group Ltd. has a 52 week low of $41.05 and a 52 week high of $72.28. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $65.59 and a two-hundred day simple moving average of $57.51. The firm has a market capitalization of $25.00 billion, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 1.09 and a beta of 0.74.

Arch Capital Group (NASDAQ:ACGL – Get Rating) last released its quarterly earnings data on Tuesday, February 14th. The insurance provider reported $2.14 EPS for the quarter, beating the consensus estimate of $1.34 by $0.80. Arch Capital Group had a net margin of 15.34% and a return on equity of 15.93%. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.68 billion. During the same quarter last year, the business earned $1.27 earnings per share. Analysts anticipate that Arch Capital Group Ltd. will post 6.11 earnings per share for the current fiscal year.

Arch Capital Group Company Profile

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Arch Capital Group Ltd. engages in the provision of property and casualty insurance and reinsurance lines. It operates through the following segments: Insurance, Reinsurance, Mortgage, Corporate, and Other. The Insurance segment consists of insurance underwriting units which offer specialty product lines like construction and national accounts, excess and surplus casualty, lenders products, professional lines, and programs.