Patton Fund Management Inc. purchased a new stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL – Free Report) during the second quarter, Holdings Channel.com reports. The fund purchased 44,871 shares of the insurance provider’s stock, valued at approximately $3,359,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State of Michigan Retirement System lifted its position in shares of Arch Capital Group by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 101,600 shares of the insurance provider’s stock worth $6,896,000 after buying an additional 1,100 shares in the last quarter. Moors & Cabot Inc. lifted its holdings in Arch Capital Group by 9.7% during the first quarter. Moors & Cabot Inc. now owns 4,642 shares of the insurance provider’s stock worth $315,000 after acquiring an additional 410 shares during the period. Czech National Bank lifted its holdings in Arch Capital Group by 1.2% during the second quarter. Czech National Bank now owns 44,087 shares of the insurance provider’s stock worth $3,300,000 after acquiring an additional 514 shares during the period. D.A. Davidson & CO. boosted its position in Arch Capital Group by 8.5% in the first quarter. D.A. Davidson & CO. now owns 32,223 shares of the insurance provider’s stock worth $2,187,000 after purchasing an additional 2,534 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Arch Capital Group by 16.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,217 shares of the insurance provider’s stock valued at $10,874,000 after purchasing an additional 22,222 shares during the period. 87.21% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on ACGL shares. StockNews.com lowered shares of Arch Capital Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Morgan Stanley started coverage on shares of Arch Capital Group in a research report on Tuesday, June 20th. They set an “overweight” rating and a $92.00 target price for the company. Barclays lifted their price target on shares of Arch Capital Group from $83.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. JPMorgan Chase & Co. increased their price objective on Arch Capital Group from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, July 27th. Finally, Wells Fargo & Company upped their price target on Arch Capital Group from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $82.55.
Arch Capital Group Price Performance
ACGL traded up $0.11 during trading on Tuesday, reaching $80.68. 55,412 shares of the company were exchanged, compared to its average volume of 1,939,640. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.24. The company has a market cap of $30.09 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.17 and a beta of 0.72. Arch Capital Group Ltd. has a 12-month low of $41.05 and a 12-month high of $84.83. The company’s 50-day moving average is $77.61 and its two-hundred day moving average is $73.45.
Arch Capital Group (NASDAQ:ACGL – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The insurance provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.27. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.19 billion. Arch Capital Group had a net margin of 19.31% and a return on equity of 18.57%. Arch Capital Group’s revenue was up 27.7% compared to the same quarter last year. During the same period last year, the business earned $1.34 earnings per share. Research analysts forecast that Arch Capital Group Ltd. will post 6.73 earnings per share for the current fiscal year.
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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