Sumitomo Life Insurance Co. purchased a new stake in Arch Capital Group Ltd. (NASDAQ:ACGL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,965 shares of the insurance provider’s stock, valued at approximately $1,396,000.
Other institutional investors have also modified their holdings of the company. Legal & General Group Plc boosted its position in shares of Arch Capital Group by 7.7% in the first quarter. Legal & General Group Plc now owns 677,060 shares of the insurance provider’s stock valued at $64,162,000 after buying an additional 48,635 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Arch Capital Group by 151.7% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 11,604 shares of the insurance provider’s stock valued at $1,100,000 after buying an additional 6,994 shares in the last quarter. Eagle Asset Management Inc. boosted its position in shares of Arch Capital Group by 87.0% in the first quarter. Eagle Asset Management Inc. now owns 114,756 shares of the insurance provider’s stock valued at $9,383,000 after buying an additional 53,384 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Arch Capital Group by 0.7% in the first quarter. Principal Financial Group Inc. now owns 1,819,732 shares of the insurance provider’s stock valued at $172,456,000 after buying an additional 12,071 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Arch Capital Group by 33.5% in the first quarter. Nomura Asset Management Co. Ltd. now owns 75,053 shares of the insurance provider’s stock valued at $7,113,000 after buying an additional 18,822 shares in the last quarter. 73.13% of the stock is owned by institutional investors.
Shares of Arch Capital Group Ltd. (NASDAQ:ACGL) opened at 97.26 on Tuesday. The firm has a market cap of $13.08 billion, a P/E ratio of 17.69 and a beta of 0.66. The stock has a 50 day moving average price of $95.39 and a 200 day moving average price of $94.31. Arch Capital Group Ltd. has a 12-month low of $71.96 and a 12-month high of $99.47.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.01. Arch Capital Group had a return on equity of 9.09% and a net margin of 15.65%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company posted $1.13 earnings per share. 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 $5.36 earnings per share for the current year.
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ACGL has been the subject of several research reports. Wells Fargo & Company reaffirmed a “hold” rating on shares of Arch Capital Group in a research note on Wednesday, June 14th. 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. Keefe, Bruyette & Woods set a $95.00 price target on shares of Arch Capital Group and gave the stock a “hold” rating in a research note on Thursday, April 6th. BidaskClub cut shares of Arch Capital Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. Finally, Morgan Stanley raised their price target on shares of Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Friday, April 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $92.09.
In related news, CEO Nicolas Papadopoulo sold 15,500 shares of the company’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $96.67, for a total transaction of $1,498,385.00. Following the completion of the sale, the chief executive officer now owns 244,436 shares in the company, valued at $23,629,628.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Constantine Iordanou sold 37,168 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $95.52, for a total value of $3,550,287.36. Following the sale, the chief executive officer now owns 178,072 shares of the company’s stock, valued at approximately $17,009,437.44. The disclosure for this sale can be found here. Insiders have sold 163,789 shares of company stock valued at $15,639,880 in the last quarter. 6.60% of the stock is currently owned by corporate insiders.
Arch Capital Group Company 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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