CIBC World Markets Inc. Buys Shares of 2,228 Arch Capital Group Ltd. (ACGL)
CIBC World Markets Inc. bought a new position in Arch Capital Group Ltd. (NASDAQ:ACGL) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,228 shares of the insurance provider’s stock, valued at approximately $208,000.
A number of other institutional investors have also recently modified their holdings of the stock. Profund Advisors LLC purchased a new stake in Arch Capital Group in the 1st quarter worth $232,000. US Bancorp DE lifted its stake in Arch Capital Group by 7.5% in the 1st quarter. US Bancorp DE now owns 9,998 shares of the insurance provider’s stock worth $948,000 after purchasing an additional 696 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Arch Capital Group by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 581,508 shares of the insurance provider’s stock worth $55,109,000 after purchasing an additional 45,059 shares in the last quarter. Comerica Bank lifted its stake in Arch Capital Group by 2.7% in the 1st quarter. Comerica Bank now owns 5,310 shares of the insurance provider’s stock worth $519,000 after purchasing an additional 139 shares in the last quarter. Finally, World Asset Management Inc lifted its stake in Arch Capital Group by 2.2% in the 1st quarter. World Asset Management Inc now owns 4,885 shares of the insurance provider’s stock worth $463,000 after purchasing an additional 104 shares in the last quarter. 76.91% of the stock is owned by institutional investors.
Shares of Arch Capital Group Ltd. (NASDAQ ACGL) opened at 98.10 on Friday. Arch Capital Group Ltd. has a 12 month low of $76.47 and a 12 month high of $99.47. The stock has a market capitalization of $13.19 billion, a PE ratio of 17.84 and a beta of 0.67. The stock’s 50 day moving average is $96.62 and its 200 day moving average is $95.63.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. Arch Capital Group had a net margin of 15.65% and a return on equity of 8.76%. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period last year, the firm posted $1.13 earnings per share. Analysts anticipate that Arch Capital Group Ltd. will post $5.37 earnings per share for the current fiscal year.
In other news, CEO Andrew Rippert sold 3,500 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $94.25, for a total value of $329,875.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicolas Papadopoulo sold 38,918 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $97.23, for a total transaction of $3,783,997.14. Following the completion of the transaction, the chief executive officer now directly owns 182,035 shares in the company, valued at $17,699,263.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,579 shares of company stock worth $18,756,983. Insiders own 6.60% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: This report was originally reported by Daily Political and is the property of of Daily Political. If you are viewing this report on another publication, it was illegally stolen and republished in violation of international copyright & trademark law. The correct version of this report can be viewed at https://www.dailypolitical.com/2017/09/24/cibc-world-markets-inc-buys-shares-of-2228-arch-capital-group-ltd-acgl.html.
ACGL has been the topic of several research analyst reports. Wells Fargo & Company reiterated a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 14th. UBS AG decreased 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 note on Tuesday, September 19th. Keefe, Bruyette & Woods set a $100.00 price target on shares of Arch Capital Group and gave the stock a “hold” rating in a research note on Friday, August 11th. Zacks Investment Research cut shares of Arch Capital Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Buckingham Research initiated coverage on shares of Arch Capital Group in a research note on Monday, September 11th. They issued a “buy” rating and a $106.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $97.22.
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.
Receive News & Ratings for Arch Capital Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arch Capital Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.