United Services Automobile Association grew its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL) by 216.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 202,904 shares of the insurance provider’s stock after purchasing an additional 138,808 shares during the quarter. United Services Automobile Association owned approximately 0.05% of Arch Capital Group worth $7,524,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of ACGL. JPMorgan Chase & Co. boosted its stake in shares of Arch Capital Group by 43.0% in the 1st quarter. JPMorgan Chase & Co. now owns 313,694 shares of the insurance provider’s stock valued at $10,139,000 after purchasing an additional 94,323 shares during the last quarter. CIBC World Markets Inc. boosted its stake in Arch Capital Group by 46.1% during the 1st quarter. CIBC World Markets Inc. now owns 24,270 shares of the insurance provider’s stock worth $784,000 after acquiring an additional 7,658 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Arch Capital Group by 61.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 46,324 shares of the insurance provider’s stock worth $1,497,000 after acquiring an additional 17,563 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Arch Capital Group by 46.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 146,986 shares of the insurance provider’s stock worth $4,751,000 after acquiring an additional 46,738 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new position in Arch Capital Group during the 1st quarter worth approximately $505,000. 79.67% of the stock is currently owned by institutional investors.
ACGL stock traded up $0.18 during mid-day trading on Thursday, hitting $41.03. 32,086 shares of the company were exchanged, compared to its average volume of 1,436,617. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $17.00 billion, a P/E ratio of 18.66, a P/E/G ratio of 1.49 and a beta of 0.64. The firm’s 50 day simple moving average is $40.38 and its 200 day simple moving average is $36.46. Arch Capital Group Ltd. has a 1-year low of $24.79 and a 1-year high of $42.86.
Several research firms recently weighed in on ACGL. Deutsche Bank raised shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $35.35 price objective on the stock in a research note on Wednesday, June 26th. BidaskClub raised shares of Arch Capital Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 27th. ValuEngine lowered shares of Arch Capital Group from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. UBS Group lifted their price objective on shares of Arch Capital Group from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Buckingham Research lifted their price objective on shares of Arch Capital Group from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $39.04.
In other Arch Capital Group news, CEO Maamoun Rajeh sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.08, for a total transaction of $781,600.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Francois Morin sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $39.42, for a total transaction of $315,360.00. Following the sale, the chief financial officer now owns 37,815 shares in the company, valued at $1,490,667.30. The disclosure for this sale can be found here. Insiders have sold a total of 141,300 shares of company stock worth $5,619,725 over the last 90 days. Corporate insiders own 5.20% of the company’s stock.
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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