Arch Capital Group Ltd. (ACGL) Sees Strong Trading Volume
Shares of Arch Capital Group Ltd. (NASDAQ:ACGL) saw unusually-high trading volume on Thursday . Approximately 661,988 shares were traded during mid-day trading, an increase of 90% from the previous session’s volume of 348,158 shares.The stock last traded at $70.25 and had previously closed at $70.43.
ACGL has been the topic of several research analyst reports. BMO Capital Markets restated a “market perform” rating and issued a $75.00 price objective (down previously from $76.00) on shares of Arch Capital Group in a research note on Tuesday, May 10th. Zacks Investment Research lowered Arch Capital Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. Wells Fargo & Co. reiterated a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 15th. Keefe, Bruyette & Woods increased their target price on Arch Capital Group from $74.00 to $76.00 and gave the stock a “market perform” rating in a research note on Monday. Finally, Morgan Stanley reiterated a “hold” rating and set a $75.00 target price on shares of Arch Capital Group in a research note on Friday, April 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $74.83.
The firm has a market cap of $8.46 billion and a PE ratio of 22.68. The firm’s 50 day moving average price is $70.70 and its 200 day moving average price is $69.72.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. During the same quarter in the previous year, the company earned $2.16 earnings per share. The business had revenue of $977.10 million for the quarter, compared to analysts’ expectations of $1.08 billion. The business’s quarterly revenue was up 3.7% on a year-over-year basis. On average, analysts expect that Arch Capital Group Ltd. will post $4.14 earnings per share for the current year.
In other news, CEO Constantine Iordanou sold 40,000 shares of the stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $71.58, for a total transaction of $2,863,200.00. Following the completion of the sale, the chief executive officer now directly owns 293,030 shares in the company, valued at $20,975,087.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Yiorgos Lillikas sold 1,570 shares of the stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $72.21, for a total transaction of $113,369.70. Following the sale, the director now owns 15,911 shares of the company’s stock, valued at $1,148,933.31. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Andra AP fonden raised its stake in Arch Capital Group by 1.3% in the fourth quarter. Andra AP fonden now owns 249,300 shares of the company’s stock worth $17,389,000 after buying an additional 3,300 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake in Arch Capital Group by 6.0% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 15,358 shares of the company’s stock worth $1,071,000 after buying an additional 875 shares in the last quarter. Bank of Montreal Can raised its stake in Arch Capital Group by 159.2% in the fourth quarter. Bank of Montreal Can now owns 97,491 shares of the company’s stock worth $6,800,000 after buying an additional 59,884 shares in the last quarter. Quantitative Investment Management LLC purchased a new stake in Arch Capital Group during the fourth quarter worth $2,329,000. Finally, Vanguard Group Inc. raised its stake in Arch Capital Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 8,012,012 shares of the company’s stock worth $558,838,000 after buying an additional 273,548 shares in the last quarter.
Arch Capital Group Ltd. (ACGL) writes insurance and reinsurance on an around the world basis. The Company operates in two underwriting segments: insurance and reinsurance and mortgage. 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 (consisting of alternative markets, excess workers’ compensation and surety business).
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