AdvisorNet Financial Inc Reduces Position in Arch Capital Group Ltd. (NASDAQ:ACGL)

AdvisorNet Financial Inc cut its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 6.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,034 shares of the insurance provider’s stock after selling 1,046 shares during the period. AdvisorNet Financial Inc’s holdings in Arch Capital Group were worth $1,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Asset Management L.P. increased its stake in shares of Arch Capital Group by 441.7% during the fourth quarter. Davis Asset Management L.P. now owns 6,500,000 shares of the insurance provider’s stock worth $482,755,000 after purchasing an additional 5,300,000 shares in the last quarter. Norges Bank purchased a new stake in Arch Capital Group during the fourth quarter worth about $309,496,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Arch Capital Group by 61.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,191,282 shares of the insurance provider’s stock worth $237,017,000 after purchasing an additional 1,216,080 shares during the period. Gladstone Capital Management LLP increased its stake in shares of Arch Capital Group by 52.8% during the fourth quarter. Gladstone Capital Management LLP now owns 1,385,307 shares of the insurance provider’s stock worth $102,887,000 after buying an additional 478,570 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Arch Capital Group during the fourth quarter worth approximately $295,440,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arch Capital Group news, CEO David Gansberg sold 10,000 shares of Arch Capital Group stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $96.64, for a total transaction of $966,400.00. Following the sale, the chief executive officer now directly owns 228,035 shares in the company, valued at approximately $22,037,302.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.00% of the stock is owned by company insiders.

Arch Capital Group Price Performance

ACGL stock opened at $102.43 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.17. Arch Capital Group Ltd. has a 52-week low of $70.53 and a 52-week high of $103.79. The stock’s 50 day moving average is $98.31 and its two-hundred day moving average is $88.88. The company has a market capitalization of $38.46 billion, a PE ratio of 8.08, a P/E/G ratio of 1.75 and a beta of 0.60.

Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings data on Monday, April 29th. The insurance provider reported $2.45 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the previous year, the business earned $1.73 EPS. Arch Capital Group’s revenue for the quarter was up 19.3% compared to the same quarter last year. Analysts predict that Arch Capital Group Ltd. will post 8.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on ACGL shares. Evercore ISI increased their price target on shares of Arch Capital Group from $98.00 to $100.00 and gave the company an “in-line” rating in a research note on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft raised their price target on Arch Capital Group from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their price objective on Arch Capital Group from $88.00 to $92.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Bank of America lifted their price objective on Arch Capital Group from $109.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Finally, Wells Fargo & Company raised their price target on Arch Capital Group from $109.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Arch Capital Group presently has a consensus rating of “Moderate Buy” and an average price target of $101.33.

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.