CIBC Asset Management Inc grew its stake in Arch Capital Group Ltd. (NASDAQ:ACGL) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,853 shares of the insurance provider’s stock after acquiring an additional 1,953 shares during the quarter. CIBC Asset Management Inc’s holdings in Arch Capital Group were worth $1,126,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in ACGL. Norges Bank purchased a new position in shares of Arch Capital Group in the 4th quarter valued at $90,777,000. BlackRock Inc. increased its holdings in shares of Arch Capital Group by 4.0% in the 4th quarter. BlackRock Inc. now owns 27,775,928 shares of the insurance provider’s stock valued at $742,173,000 after acquiring an additional 1,058,345 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of Arch Capital Group by 876.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,134,453 shares of the insurance provider’s stock valued at $36,666,000 after acquiring an additional 1,018,319 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in shares of Arch Capital Group by 885.3% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 645,596 shares of the insurance provider’s stock valued at $20,862,000 after acquiring an additional 580,071 shares during the period. Finally, California Public Employees Retirement System increased its holdings in shares of Arch Capital Group by 40.9% in the 4th quarter. California Public Employees Retirement System now owns 1,954,606 shares of the insurance provider’s stock valued at $52,227,000 after acquiring an additional 567,170 shares during the period. Institutional investors and hedge funds own 80.09% of the company’s stock.
In related news, CEO Marc Grandisson sold 55,408 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.86, for a total transaction of $1,876,114.88. Following the transaction, the chief executive officer now directly owns 115,487 shares in the company, valued at approximately $3,910,389.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Yiorgos Lillikas sold 2,000 shares of the business’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $32.30, for a total value of $64,600.00. Following the transaction, the director now owns 51,214 shares in the company, valued at $1,654,212.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,602 shares of company stock worth $8,105,388. 5.20% of the stock is owned by company insiders.
Arch Capital Group (NASDAQ:ACGL) last announced its earnings results on Tuesday, April 30th. The insurance provider reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.05. Arch Capital Group had a return on equity of 10.24% and a net margin of 17.93%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business earned $1.69 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities research analysts forecast that Arch Capital Group Ltd. will post 2.63 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on ACGL shares. ValuEngine upgraded Arch Capital Group from a “strong sell” rating to a “sell” rating in a report on Saturday, February 2nd. JMP Securities reiterated a “hold” rating on shares of Arch Capital Group in a report on Sunday, February 17th. Zacks Investment Research downgraded Arch Capital Group from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. BidaskClub downgraded Arch Capital Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 13th. Finally, Morgan Stanley set a $32.00 price target on Arch Capital Group and gave the company a “hold” rating in a report on Friday, May 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Arch Capital Group has an average rating of “Hold” and a consensus price target of $32.67.
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Arch Capital Group Company Profile
Arch Capital Group Ltd., together with its subsidiaries, provides property, casualty, and mortgage insurance and reinsurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; collateral protection, debt cancellation, and service contract reimbursement products; directors' and officers' liability, errors and omissions liability, employment practices and fiduciary liability, crime, professional indemnity, and other financial related coverages; medical professional and general liability insurance coverages; and workers' compensation and umbrella liability, as well as commercial automobile and inland marine products.
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