Lazard Asset Management LLC decreased its stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 15.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 288,788 shares of the insurance provider’s stock after selling 54,435 shares during the period. Lazard Asset Management LLC’s holdings in Arch Capital Group were worth $9,333,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Barings LLC bought a new stake in shares of Arch Capital Group during the 1st quarter worth about $617,000. Worldquant Millennium Quantitative Strategies LLC boosted its holdings in shares of Arch Capital Group by 24.0% during the 4th quarter. Worldquant Millennium Quantitative Strategies LLC now owns 52,952 shares of the insurance provider’s stock worth $1,415,000 after buying an additional 10,265 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Arch Capital Group by 8.1% during the 4th quarter. Prudential Financial Inc. now owns 21,280 shares of the insurance provider’s stock worth $569,000 after buying an additional 1,600 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Arch Capital Group by 0.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 506,097 shares of the insurance provider’s stock worth $16,357,000 after buying an additional 2,720 shares during the period. Finally, Vanguard Group Inc boosted its holdings in Arch Capital Group by 0.4% in the 3rd quarter. Vanguard Group Inc now owns 33,874,589 shares of the insurance provider’s stock valued at $1,009,802,000 after purchasing an additional 144,152 shares during the period. 80.04% of the stock is owned by institutional investors and hedge funds.
In other news, Director John D. Vollaro sold 11,500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $34.15, for a total transaction of $392,725.00. Following the completion of the sale, the director now owns 91,800 shares of the company’s stock, valued at approximately $3,134,970. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman John M. Pasquesi sold 299,741 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $33.99, for a total transaction of $10,188,196.59. Following the sale, the insider now directly owns 2,832 shares of the company’s stock, valued at approximately $96,259.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 498,343 shares of company stock valued at $16,927,360. 5.20% of the stock is currently owned by insiders.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.05. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.28 billion. Arch Capital Group had a net margin of 17.93% and a return on equity of 10.24%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.69 EPS. On average, research analysts forecast that Arch Capital Group Ltd. will post 2.63 EPS for the current fiscal year.
A number of research firms have issued reports on ACGL. BidaskClub raised shares of Arch Capital Group from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Wells Fargo & Co reissued a “hold” rating and issued a $32.00 price objective on shares of Arch Capital Group in a report on Tuesday, April 30th. Morgan Stanley set a $32.00 price objective on shares of Arch Capital Group and gave the company a “hold” rating in a report on Friday, May 17th. Zacks Investment Research downgraded shares of Arch Capital Group from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Finally, JMP Securities reissued a “hold” rating on shares of Arch Capital Group in a report on Sunday, February 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.67.
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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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