Arch Capital Group Ltd. (ACGL) Sees Large Volume Increase
Arch Capital Group Ltd. (NASDAQ:ACGL) shares saw unusually-strong trading volume on Thursday . Approximately 661,988 shares traded hands during 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.
A number of equities analysts recently commented on ACGL shares. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 15th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $75.00 price objective (down from $76.00) on shares of Arch Capital Group in a research note on Tuesday, May 10th. Morgan Stanley reaffirmed a “hold” rating and issued a $75.00 price objective on shares of Arch Capital Group in a research note on Friday, April 29th. Keefe, Bruyette & Woods lifted their price objective on Arch Capital Group from $74.00 to $76.00 and gave the stock a “market perform” rating in a research note on Monday, July 11th. Finally, Zacks Investment Research raised Arch Capital Group from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research note on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $74.83.
The company’s 50 day moving average is $70.64 and its 200-day moving average is $69.72. The stock has a market capitalization of $8.43 billion and a PE ratio of 22.59.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.10 by $0.07. The firm had revenue of $977.10 million for the quarter, compared to the consensus estimate of $1.08 billion. Arch Capital Group’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.16 earnings per share. Analysts expect that Arch Capital Group Ltd. will post $4.14 EPS for the current year.
In related news, CEO Constantine Iordanou sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $71.58, for a total transaction of $2,863,200.00. Following the transaction, the chief executive officer now directly owns 293,030 shares in the company, valued at approximately $20,975,087.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Donald Lyons sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $71.81, for a total value of $502,670.00. Following the transaction, the chief financial officer now owns 201,830 shares in the company, valued at $14,493,412.30. The disclosure for this sale can be found here.
Other institutional investors recently bought and sold shares of the company. ProShare Advisors LLC raised its position in Arch Capital Group by 4.9% in the fourth quarter. ProShare Advisors LLC now owns 20,138 shares of the company’s stock valued at $1,405,000 after buying an additional 941 shares during the last quarter. Rhumbline Advisers raised its position in Arch Capital Group by 2.5% in the fourth quarter. Rhumbline Advisers now owns 91,761 shares of the company’s stock valued at $6,400,000 after buying an additional 2,199 shares during the last quarter. Eagle Asset Management Inc. bought a new position in Arch Capital Group during the fourth quarter valued at about $2,260,000. Quantitative Investment Management LLC bought a new position in Arch Capital Group during the fourth quarter valued at about $2,329,000. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position 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 valued at $1,071,000 after buying an additional 875 shares during 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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