State of Alaska Department of Revenue raised its position in Arch Capital Group Ltd. (NASDAQ:ACGL) by 111.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 224,189 shares of the insurance provider’s stock after buying an additional 118,163 shares during the period. State of Alaska Department of Revenue’s holdings in Arch Capital Group were worth $9,411,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. CSat Investment Advisory L.P. acquired a new stake in Arch Capital Group in the second quarter valued at approximately $26,000. Advisory Services Network LLC purchased a new position in shares of Arch Capital Group in the 2nd quarter worth about $71,000. Capital Bank & Trust Co boosted its holdings in shares of Arch Capital Group by 74.4% in the 2nd quarter. Capital Bank & Trust Co now owns 1,915 shares of the insurance provider’s stock worth $71,000 after purchasing an additional 817 shares in the last quarter. Beacon Investment Advisory Services Inc. purchased a new position in shares of Arch Capital Group in the 2nd quarter worth about $200,000. Finally, Hancock Whitney Corp purchased a new position in shares of Arch Capital Group in the 2nd quarter worth about $217,000. Hedge funds and other institutional investors own 79.67% of the company’s stock.
In other news, CEO Maamoun Rajeh sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.08, for a total value of $781,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Grandisson sold 78,300 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $40.05, for a total value of $3,135,915.00. Following the completion of the sale, the chief executive officer now directly owns 92,309 shares of the company’s stock, valued at approximately $3,696,975.45. The disclosure for this sale can be found here. In the last three months, insiders sold 141,300 shares of company stock valued at $5,619,725. 5.20% of the stock is currently owned by corporate insiders.
Arch Capital Group (NASDAQ:ACGL) last released its earnings results on Monday, July 29th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.08. Arch Capital Group had a return on equity of 10.58% and a net margin of 20.48%. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $0.59 EPS. Arch Capital Group’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts expect that Arch Capital Group Ltd. will post 2.82 EPS for the current year.
A number of equities analysts have recently issued reports on the company. Barclays set a $47.00 price objective on Arch Capital Group and gave the stock a “buy” rating in a report on Monday, August 12th. ValuEngine cut Arch Capital Group from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. BidaskClub upgraded Arch Capital Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 27th. MKM Partners upped their price objective on Arch Capital Group from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Buckingham Research upped their price objective on Arch Capital Group from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. One 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 company has a consensus rating of “Hold” and an average price target of $39.04.
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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