Short Interest in Arch Capital Group Ltd. (ACGL) Rises By 23.2%

Arch Capital Group Ltd. (NASDAQ:ACGL) was the recipient of a large increase in short interest in July. As of July 31st, there was short interest totalling 1,311,072 shares, an increase of 23.2% from the July 14th total of 1,064,333 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily volume of 510,714 shares, the days-to-cover ratio is presently 2.6 days.

ACGL has been the subject of a number of recent research reports. Wells Fargo & Company reiterated a “hold” rating on shares of Arch Capital Group in a research report on Wednesday, June 14th. Morgan Stanley lifted their price objective on Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Friday, April 28th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $95.00 price objective on shares of Arch Capital Group in a research report on Tuesday, July 4th. BidaskClub upgraded Arch Capital Group from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Finally, Zacks Investment Research cut Arch Capital Group from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $92.55.

Shares of Arch Capital Group (ACGL) opened at 96.14 on Friday. The firm has a 50-day moving average price of $96.20 and a 200-day moving average price of $94.79. Arch Capital Group has a 52 week low of $74.16 and a 52 week high of $99.47. The firm has a market capitalization of $12.93 billion, a price-to-earnings ratio of 17.49 and a beta of 0.67.

Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.01. Arch Capital Group had a return on equity of 8.76% and a net margin of 15.65%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company earned $1.13 EPS. The company’s quarterly revenue was up 22.0% on a year-over-year basis. On average, equities analysts expect that Arch Capital Group will post $5.35 earnings per share for the current fiscal year.

In related news, CEO Constantine Iordanou sold 62,832 shares of Arch Capital Group stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $95.02, for a total transaction of $5,970,296.64. Following the completion of the sale, the chief executive officer now owns 108,851 shares in the company, valued at approximately $10,343,022.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John D. Vollaro sold 10,000 shares of Arch Capital Group stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $97.31, for a total value of $973,100.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 203,756 shares of company stock valued at $19,562,718. 6.60% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in ACGL. BlackRock Inc. boosted its position in shares of Arch Capital Group by 3,410.5% in the first quarter. BlackRock Inc. now owns 8,769,351 shares of the insurance provider’s stock worth $831,073,000 after buying an additional 8,519,546 shares during the last quarter. Citadel Advisors LLC boosted its position in shares of Arch Capital Group by 1,388.0% in the second quarter. Citadel Advisors LLC now owns 2,088,015 shares of the insurance provider’s stock worth $194,792,000 after buying an additional 1,947,691 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Arch Capital Group by 802.5% in the first quarter. JPMorgan Chase & Co. now owns 850,833 shares of the insurance provider’s stock worth $80,633,000 after buying an additional 756,556 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Arch Capital Group by 7.7% in the second quarter. Vanguard Group Inc. now owns 10,331,707 shares of the insurance provider’s stock worth $963,845,000 after buying an additional 742,855 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Arch Capital Group by 21.0% in the second quarter. FMR LLC now owns 2,294,852 shares of the insurance provider’s stock worth $214,087,000 after buying an additional 398,988 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

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About Arch Capital Group

Arch Capital Group Ltd. provides insurance, reinsurance and mortgage insurance. The Company provides a range of property, casualty and mortgage insurance and reinsurance lines. The Company operates in five segments: insurance, reinsurance, mortgage, other and corporate. The insurance segment’s product lines include construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other.

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