Argo Group (NASDAQ:ARGO) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Argo Group (NASDAQ:ARGO) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “PXRE Group Ltd. provides reinsurance products and services to a worldwide marketplace. They primarily emphasize commercial and personal property and casualty reinsurance risks, and offer both broker-based and direct-writing distribution capabilities. PXRE also provides marine and aerospace reinsurance products and services. “

A number of other research firms have also weighed in on ARGO. Boenning Scattergood reissued a buy rating and set a $74.00 price objective on shares of Argo Group in a research note on Tuesday, April 30th. William Blair lowered WABCO from an outperform rating to a market perform rating in a research note on Friday, April 26th. Finally, Compass Point raised Argo Group from a neutral rating to a buy rating and set a $68.10 price objective for the company in a research note on Tuesday, March 19th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $73.20.



NASDAQ:ARGO opened at $74.43 on Tuesday. Argo Group has a fifty-two week low of $58.42 and a fifty-two week high of $78.57. The company’s 50 day moving average is $73.37.

Argo Group (NASDAQ:ARGO) last released its quarterly earnings data on Monday, April 29th. The company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.30. The company had revenue of $456.70 million for the quarter, compared to analysts’ expectations of $488.65 million.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Thursday, June 6th.

In related news, Director Kathleen Nealon sold 1,210 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin James Rehnberg sold 6,442 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $71.08, for a total value of $457,897.36. The disclosure for this sale can be found here.

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers lifted its stake in Argo Group by 0.3% in the first quarter. Rhumbline Advisers now owns 53,609 shares of the company’s stock worth $3,788,000 after acquiring an additional 142 shares during the period. GAM Holding AG lifted its stake in Argo Group by 9.2% in the first quarter. GAM Holding AG now owns 5,755 shares of the company’s stock worth $407,000 after acquiring an additional 484 shares during the period. Nisa Investment Advisors LLC lifted its stake in Argo Group by 69.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,470 shares of the company’s stock worth $104,000 after acquiring an additional 600 shares during the period. Riggs Asset Managment Co. Inc. purchased a new stake in Argo Group in the first quarter worth $52,000. Finally, Quadrant Capital Group LLC purchased a new stake in Argo Group in the first quarter worth $53,000.

Argo Group Company Profile

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.

See Also: Technical Analysis of Stocks, How Can It Help

Get a free copy of the Zacks research report on Argo Group (ARGO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Argo Group (NASDAQ:ARGO)

Receive News & Ratings for Argo Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Argo Group and related companies with MarketBeat.com's FREE daily email newsletter.