Argo Group (NASDAQ:ARGO)‘s stock had its “buy” rating reaffirmed by stock analysts at Boenning Scattergood in a research report issued on Tuesday, AnalystRatings.com reports.
The analysts wrote, “We compare ARGO to a peer group of 10 specialty insurers. The peer group is trading at a higher price-to-book multiple than ARGO (1.5x vs. 1.2x), but peers have also generated stronger returns. Relative to expected ROE, ARGO’s shares appear to be undervalued (see chart below). We are maintaining our Outperform rating and our target price of $81.00, which is 1.4 times our 12-months forward BVPS estimate of $58.49.””
A number of other research firms have also recently commented on ARGO. William Blair cut Argo Group from an “outperform” rating to a “market perform” rating and set a $74.12 target price on the stock. in a research report on Friday, April 26th. Zacks Investment Research cut Argo Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Argo Group has an average rating of “Buy” and an average price target of $72.54.
Argo Group (NASDAQ:ARGO) last posted its earnings results on Monday, August 5th. The company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.23. The business had revenue of $476.60 million for the quarter, compared to analyst estimates of $478.43 million.
In related news, Director Kathleen Nealon sold 1,210 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $73.10, for a total value of $88,451.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kevin James Rehnberg sold 6,442 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $71.08, for a total transaction of $457,897.36. The disclosure for this sale can be found here.
Institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its stake in Argo Group by 95.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 362 shares of the company’s stock valued at $27,000 after buying an additional 177 shares in the last quarter. Huntington National Bank purchased a new position in Argo Group in the 2nd quarter worth approximately $36,000. Steward Partners Investment Advisory LLC purchased a new position in Argo Group in the 2nd quarter worth approximately $46,000. Riggs Asset Managment Co. Inc. purchased a new position in Argo Group in the 1st quarter worth approximately $52,000. Finally, Quadrant Capital Group LLC purchased a new position in Argo Group in the 1st quarter worth approximately $53,000.
About Argo Group
Argo Group International Holdings Ltd. engages in underwriting property and casualty insurance and reinsurance. The company operates through following segments: Property, Liability, Professional and Specialty. The Property segment includes both property insurance and reinsurance products. The Liability segment includes a broad range of primary and excess casualty products.
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