Contravisory Investment Management Inc. Purchases New Shares in Arch Capital Group Ltd. (NASDAQ:ACGL)

by · The Cerbat Gem

Contravisory Investment Management Inc. purchased a new stake in Arch Capital Group Ltd. (NASDAQ:ACGLFree Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,395 shares of the insurance provider’s stock, valued at approximately $191,000.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Arch Capital Group by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 34,253,429 shares of the insurance provider’s stock valued at $1,658,551,000 after purchasing an additional 846,179 shares during the period. BlackRock Inc. boosted its stake in Arch Capital Group by 1.8% in the 2nd quarter. BlackRock Inc. now owns 26,522,329 shares of the insurance provider’s stock valued at $1,985,196,000 after purchasing an additional 463,055 shares during the period. State Street Corp lifted its position in shares of Arch Capital Group by 2.9% during the 2nd quarter. State Street Corp now owns 15,144,346 shares of the insurance provider’s stock valued at $1,133,554,000 after acquiring an additional 423,093 shares during the period. WCM Investment Management LLC lifted its position in shares of Arch Capital Group by 7.7% during the 2nd quarter. WCM Investment Management LLC now owns 13,752,406 shares of the insurance provider’s stock valued at $1,038,857,000 after acquiring an additional 983,146 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Arch Capital Group by 3.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,150,670 shares of the insurance provider’s stock valued at $608,564,000 after acquiring an additional 248,170 shares during the period. 87.21% of the stock is currently owned by institutional investors.

Arch Capital Group Stock Down 1.7 %

Shares of NASDAQ:ACGL opened at $73.42 on Friday. The business’s 50 day simple moving average is $83.33 and its two-hundred day simple moving average is $78.70. The firm has a market cap of $27.40 billion, a P/E ratio of 9.46, a PEG ratio of 1.02 and a beta of 0.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.57 and a current ratio of 0.57. Arch Capital Group Ltd. has a 52-week low of $59.96 and a 52-week high of $90.65.

Arch Capital Group (NASDAQ:ACGLGet Free Report) last announced its quarterly earnings results on Tuesday, October 31st. The insurance provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.77. The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.46 billion. Arch Capital Group had a return on equity of 23.06% and a net margin of 23.46%. During the same quarter in the prior year, the company earned $0.28 earnings per share. As a group, research analysts forecast that Arch Capital Group Ltd. will post 7.7 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Gansberg sold 7,350 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $89.49, for a total value of $657,751.50. Following the transaction, the chief executive officer now owns 208,368 shares in the company, valued at $18,646,852.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arch Capital Group news, CEO Marc Grandisson sold 103,028 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $85.01, for a total value of $8,758,410.28. Following the completion of the sale, the chief executive officer now directly owns 1,937,157 shares of the company’s stock, valued at $164,677,716.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Gansberg sold 7,350 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $89.49, for a total value of $657,751.50. Following the completion of the sale, the chief executive officer now directly owns 208,368 shares of the company’s stock, valued at $18,646,852.32. The disclosure for this sale can be found here. Insiders have sold 170,378 shares of company stock worth $14,564,162 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ACGL has been the subject of a number of recent analyst reports. Morgan Stanley upped their target price on Arch Capital Group from $100.00 to $103.00 and gave the company an “overweight” rating in a research report on Tuesday, October 31st. Barclays upped their target price on Arch Capital Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. JPMorgan Chase & Co. upped their target price on Arch Capital Group from $82.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. Citigroup assumed coverage on Arch Capital Group in a report on Wednesday, November 22nd. They issued a “neutral” rating and a $91.00 target price for the company. Finally, StockNews.com assumed coverage on Arch Capital Group in a report on Thursday, October 5th. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.07.

Get Our Latest Report on Arch Capital Group

Arch Capital Group Profile

(Free Report)

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; 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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