Summit Global Investments Cuts Stock Position in Arch Capital Group Ltd. (NASDAQ:ACGL)

Summit Global Investments trimmed its position in Arch Capital Group Ltd. (NASDAQ:ACGL) by 96.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,448 shares of the insurance provider’s stock after selling 113,558 shares during the period. Summit Global Investments’ holdings in Arch Capital Group were worth $330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the company. Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Arch Capital Group during the fourth quarter worth about $27,000. Larson Financial Group LLC acquired a new stake in Arch Capital Group in the fourth quarter valued at about $30,000. CVA Family Office LLC purchased a new stake in Arch Capital Group in the 4th quarter valued at approximately $47,000. Covestor Ltd increased its position in Arch Capital Group by 342.9% during the 3rd quarter. Covestor Ltd now owns 899 shares of the insurance provider’s stock worth $72,000 after purchasing an additional 696 shares during the period. Finally, Operose Advisors LLC purchased a new position in shares of Arch Capital Group during the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Arch Capital Group Trading Down 0.8 %

Shares of ACGL opened at $94.41 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.59 and a quick ratio of 0.57. Arch Capital Group Ltd. has a 1-year low of $69.05 and a 1-year high of $96.58. The stock has a market cap of $35.42 billion, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 1.12 and a beta of 0.57. The firm has a 50 day simple moving average of $91.15 and a 200-day simple moving average of $84.76.

Arch Capital Group (NASDAQ:ACGL) last released its quarterly earnings results on Monday, April 29th. The insurance provider reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.39. Arch Capital Group had a return on equity of 21.85% and a net margin of 33.65%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter last year, the business posted $1.73 earnings per share. Arch Capital Group’s revenue was up 19.3% compared to the same quarter last year. Equities analysts forecast that Arch Capital Group Ltd. will post 8.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicolas Papadopoulo sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $87.52, for a total value of $5,251,200.00. Following the completion of the transaction, the insider now owns 651,931 shares of the company’s stock, valued at $57,057,001.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Arch Capital Group news, CEO Maamoun Rajeh sold 50,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $87.48, for a total transaction of $4,374,000.00. Following the transaction, the chief executive officer now owns 336,170 shares of the company’s stock, valued at approximately $29,408,151.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicolas Papadopoulo sold 60,000 shares of Arch Capital Group stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $87.52, for a total value of $5,251,200.00. Following the completion of the sale, the insider now directly owns 651,931 shares of the company’s stock, valued at approximately $57,057,001.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,689 shares of company stock worth $11,872,217. 4.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ACGL. JMP Securities lifted their price target on Arch Capital Group from $100.00 to $110.00 and gave the company a “market outperform” rating in a research note on Tuesday, April 30th. Roth Mkm restated a “buy” rating and set a $110.00 target price on shares of Arch Capital Group in a research report on Tuesday, April 30th. Morgan Stanley increased their price target on shares of Arch Capital Group from $104.00 to $109.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Arch Capital Group from $103.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Evercore ISI upped their target price on shares of Arch Capital Group from $98.00 to $100.00 and gave the stock an “in-line” rating in a research report on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.67.

Arch Capital Group Company Profile

Arch Capital Group Ltd., together with its subsidiaries, provides insurance, reinsurance, and mortgage insurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; 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.