Citigroup Inc. Raises Position in Arch Capital Group Ltd. (ACGL)
Citigroup Inc. boosted its stake in Arch Capital Group Ltd. (NASDAQ:ACGL) by 2,887.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,799 shares of the insurance provider’s stock after purchasing an additional 53,931 shares during the period. Citigroup Inc.’s holdings in Arch Capital Group were worth $5,206,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the stock. Parallel Advisors LLC increased its position in shares of Arch Capital Group by 0.4% during the second quarter. Parallel Advisors LLC now owns 1,356 shares of the insurance provider’s stock worth $132,000 after buying an additional 6 shares during the period. Capital One National Association boosted its stake in Arch Capital Group by 0.3% during the second quarter. Capital One National Association now owns 2,263 shares of the insurance provider’s stock worth $211,000 after acquiring an additional 7 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Arch Capital Group by 0.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,618 shares of the insurance provider’s stock worth $248,000 after acquiring an additional 22 shares in the last quarter. Gateway Investment Advisers LLC boosted its stake in Arch Capital Group by 0.9% during the second quarter. Gateway Investment Advisers LLC now owns 2,855 shares of the insurance provider’s stock worth $266,000 after acquiring an additional 26 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Arch Capital Group by 0.7% during the second quarter. CIBC Asset Management Inc now owns 10,799 shares of the insurance provider’s stock worth $1,007,000 after acquiring an additional 78 shares in the last quarter. 76.91% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have weighed in on ACGL shares. Wells Fargo & Company reaffirmed a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 14th. UBS AG dropped 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 research report on Tuesday. Keefe, Bruyette & Woods set a $100.00 price target on shares of Arch Capital Group and gave the company a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research downgraded shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, Buckingham Research began coverage on shares of Arch Capital Group in a report on Monday, September 11th. They set a “buy” rating and a $106.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $97.22.
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In other Arch Capital Group news, CEO Constantine Iordanou sold 50,000 shares of Arch Capital Group stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $97.88, for a total value of $4,894,000.00. Following the transaction, the chief executive officer now owns 171,901 shares in the company, valued at $16,825,669.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP W Preston Hutchings sold 12,500 shares of Arch Capital Group stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $96.81, for a total value of $1,210,125.00. Following the completion of the transaction, the senior vice president now owns 39,411 shares in the company, valued at approximately $3,815,378.91. The disclosure for this sale can be found here. Insiders sold 195,579 shares of company stock worth $18,756,983 in the last quarter. 6.60% of the stock is owned by insiders.
Shares of Arch Capital Group Ltd. (ACGL) opened at 98.10 on Friday. Arch Capital Group Ltd. has a 52-week low of $76.47 and a 52-week high of $99.47. The stock has a 50 day moving average of $96.62 and a 200-day moving average of $95.63. The stock has a market capitalization of $13.19 billion, a P/E ratio of 17.84 and a beta of 0.67.
Arch Capital Group (NASDAQ:ACGL) last posted its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. Analysts predict that Arch Capital Group Ltd. will post $5.37 EPS for the current fiscal year.
Arch Capital Group Profile
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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