Financial Advantage Inc. boosted its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 0.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,953 shares of the insurance provider’s stock after buying an additional 1,091 shares during the period. Arch Capital Group makes up about 3.0% of Financial Advantage Inc.’s portfolio, making the stock its 16th largest position. Financial Advantage Inc.’s holdings in Arch Capital Group were worth $4,410,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its holdings in shares of Arch Capital Group by 200.0% in the first quarter. Quadrant Capital Group LLC now owns 948 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 632 shares during the last quarter. Optimum Investment Advisors raised its holdings in shares of Arch Capital Group by 333.3% in the first quarter. Optimum Investment Advisors now owns 1,300 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 1,000 shares during the last quarter. Wakefield Asset Management LLLP purchased a new stake in shares of Arch Capital Group in the first quarter valued at about $152,000. ETF Managers Group LLC raised its holdings in shares of Arch Capital Group by 9.9% in the first quarter. ETF Managers Group LLC now owns 5,017 shares of the insurance provider’s stock valued at $162,000 after purchasing an additional 451 shares during the last quarter. Finally, Neville Rodie & Shaw Inc. purchased a new stake in shares of Arch Capital Group in the first quarter valued at about $224,000. Hedge funds and other institutional investors own 80.14% of the company’s stock.
Several analysts have recently commented on ACGL shares. Morgan Stanley set a $32.00 target price on shares of Arch Capital Group and gave the company a “hold” rating in a report on Friday, May 17th. BidaskClub downgraded shares of Arch Capital Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 19th. MKM Partners increased their target price on shares of Arch Capital Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday. Deutsche Bank upgraded shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $35.35 target price for the company in a report on Wednesday, June 26th. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $32.00 target price on shares of Arch Capital Group in a report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Arch Capital Group presently has an average rating of “Hold” and a consensus price target of $36.79.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.08. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.24 billion. Arch Capital Group had a net margin of 20.48% and a return on equity of 10.90%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. Equities analysts predict that Arch Capital Group Ltd. will post 2.8 EPS for the current year.
In related news, CEO Maamoun Rajeh sold 15,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $33.73, for a total transaction of $505,950.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman John M. Pasquesi sold 299,741 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $33.99, for a total transaction of $10,188,196.59. Following the transaction, the insider now owns 2,832 shares of the company’s stock, valued at approximately $96,259.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 486,843 shares of company stock valued at $16,534,635. 5.20% of the stock is owned by company insiders.
About Arch Capital Group
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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