State of New Jersey Common Pension Fund D continued to hold its stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 338,556 shares of the insurance provider’s stock at the end of the second quarter. State of New Jersey Common Pension Fund D’s holdings in Arch Capital Group were worth $31,584,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in ACGL. Proficio Capital Partners LLC increased its stake in shares of Arch Capital Group by 75.5% in the first quarter. Proficio Capital Partners LLC now owns 1,095 shares of the insurance provider’s stock worth $104,000 after buying an additional 471 shares during the period. Toronto Dominion Bank increased its stake in shares of Arch Capital Group by 26.5% in the first quarter. Toronto Dominion Bank now owns 1,343 shares of the insurance provider’s stock worth $127,000 after buying an additional 281 shares during the period. Parallel Advisors LLC increased its stake in shares of Arch Capital Group by 13.1% in the first quarter. Parallel Advisors LLC now owns 1,350 shares of the insurance provider’s stock worth $130,000 after buying an additional 156 shares during the period. Crow Point Partners LLC purchased a new stake in shares of Arch Capital Group during the second quarter worth about $174,000. Finally, Atria Investments LLC purchased a new stake in shares of Arch Capital Group during the second quarter worth about $203,000. 73.13% of the stock is currently owned by hedge funds and other institutional investors.
Arch Capital Group Ltd. (ACGL) opened at 98.05 on Friday. Arch Capital Group Ltd. has a 12-month low of $73.22 and a 12-month high of $99.47. The firm’s 50-day moving average is $95.50 and its 200 day moving average is $94.38. The stock has a market capitalization of $13.19 billion, a P/E ratio of 17.83 and a beta of 0.67.
Arch Capital Group (NASDAQ:ACGL) last issued its earnings results on Wednesday, July 26th. The insurance provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Arch Capital Group had a net margin of 15.65% and a return on equity of 9.09%. The business’s revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 EPS. Equities analysts expect that Arch Capital Group Ltd. will post $5.36 EPS for the current year.
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A number of brokerages recently issued reports on ACGL. Wells Fargo & Company reissued a “hold” rating on shares of Arch Capital Group in a report on Wednesday, July 26th. BidaskClub downgraded shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. Zacks Investment Research downgraded shares of Arch Capital Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $95.00 price target on shares of Arch Capital Group in a report on Tuesday, July 4th. Finally, Morgan Stanley increased their price target on shares of Arch Capital Group from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Friday, April 28th. 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 company. The stock presently has an average rating of “Hold” and an average target price of $92.09.
In other Arch Capital Group news, Director John D. Vollaro sold 2,033 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $97.32, for a total transaction of $197,851.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicolas Papadopoulo sold 20,000 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $95.39, for a total transaction of $1,907,800.00. Following the sale, the chief executive officer now owns 244,912 shares in the company, valued at $23,362,155.68. The disclosure for this sale can be found here. Insiders have sold a total of 193,289 shares of company stock worth $18,550,445 over the last 90 days. Insiders own 6.60% of the company’s stock.
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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