Arch Capital Group Ltd. (ACGL) Shares Bought by Verition Fund Management LLC
Verition Fund Management LLC lifted its stake in Arch Capital Group Ltd. (NASDAQ:ACGL) by 43.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,420 shares of the insurance provider’s stock after purchasing an additional 1,332 shares during the period. Verition Fund Management LLC’s holdings in Arch Capital Group were worth $412,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of ACGL. Comerica Bank grew its holdings in shares of Arch Capital Group by 2.7% in the first quarter. Comerica Bank now owns 5,310 shares of the insurance provider’s stock worth $519,000 after purchasing an additional 139 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Arch Capital Group by 3.1% in the first quarter. Ameriprise Financial Inc. now owns 7,340 shares of the insurance provider’s stock worth $695,000 after purchasing an additional 218 shares during the last quarter. United Services Automobile Association bought a new position in shares of Arch Capital Group in the first quarter worth about $397,000. Teachers Advisors LLC grew its holdings in shares of Arch Capital Group by 5.5% in the first quarter. Teachers Advisors LLC now owns 383,749 shares of the insurance provider’s stock worth $36,368,000 after purchasing an additional 19,995 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new position in shares of Arch Capital Group in the first quarter worth about $500,000. Hedge funds and other institutional investors own 76.89% of the company’s stock.
In related news, CFO Mark Donald Lyons sold 9,967 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $97.31, for a total value of $969,888.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Constantine Iordanou sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $97.88, for a total value of $4,894,000.00. Following the completion of the transaction, the chief executive officer now directly owns 171,901 shares of the company’s stock, valued at $16,825,669.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,579 shares of company stock valued at $18,756,983. Corporate insiders own 6.60% of the company’s stock.
A number of research analysts have recently commented on ACGL shares. UBS AG cut their price target on shares of Arch Capital Group from $114.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 19th. Buckingham Research started coverage on shares of Arch Capital Group in a report on Monday, September 11th. They issued a “buy” rating and a $106.00 price target on the stock. Barclays PLC upped their price target on shares of Arch Capital Group from $91.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 16th. Keefe, Bruyette & Woods set a $100.00 price target on shares of Arch Capital Group and gave the stock a “hold” rating in a report on Friday, August 11th. Finally, Wells Fargo & Company restated a “hold” rating on shares of Arch Capital Group in a report on Wednesday, July 26th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $99.25.
Arch Capital Group Ltd. (NASDAQ ACGL) opened at 102.15 on Friday. Arch Capital Group Ltd. has a one year low of $76.47 and a one year high of $102.26. The firm’s 50-day moving average is $98.10 and its 200 day moving average is $96.39. The company has a market capitalization of $13.74 billion, a PE ratio of 18.58 and a beta of 0.66.
Arch Capital Group (NASDAQ:ACGL) last released its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.01. Arch Capital Group had a return on equity of 8.76% and a net margin of 15.65%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the company posted $1.13 EPS. Arch Capital Group’s revenue was up 22.0% compared to the same quarter last year. On average, equities analysts expect that Arch Capital Group Ltd. will post $3.63 EPS for the current fiscal year.
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About Arch Capital Group
Arch Capital Group Ltd. provides insurance, reinsurance and mortgage insurance. The Company provides a range of property, casualty and mortgage insurance and reinsurance lines. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other.
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