Arch Capital Group Ltd. $ACGL Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Arch Capital Group stake by 49.4% in the third quarter, selling 24,756 shares and retaining 25,317 shares valued at approximately $2.34 million. Institutional investors collectively own 89.07% of ACGL.
• Other major investors increased their positions, including First Trust Advisors, HSBC Holdings, and Arrowstreet Capital. Separately, Arch Capital’s CFO sold 11,010 shares, while insiders retain a 3.30% ownership stake.
• Analyst sentiment is mixed, with six Buy, seven Hold, and one Sell rating; the consensus rating is Hold with an average price target of $108.39. ACGL recently traded near $100.28 after reporting quarterly EPS and revenue above analyst expectations.

Assenagon Asset Management S.A. cut its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 49.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,317 shares of the insurance provider's stock after selling 24,756 shares during the period. Assenagon Asset Management S.A.'s holdings in Arch Capital Group were worth $2,338,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Madison Asset Management LLC acquired a new position in shares of Arch Capital Group in the 2nd quarter valued at approximately $368,808,000. First Trust Advisors LP lifted its position in Arch Capital Group by 319.5% in the 1st quarter. First Trust Advisors LP now owns 2,626,148 shares of the insurance provider's stock valued at $252,084,000 after acquiring an additional 2,000,162 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Arch Capital Group by 230.0% in the 1st quarter. Hsbc Holdings PLC now owns 1,286,178 shares of the insurance provider's stock worth $123,354,000 after purchasing an additional 896,480 shares during the period. Davis Asset Management L.P. acquired a new position in Arch Capital Group in the 2nd quarter worth $63,089,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Arch Capital Group by 50.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,910,063 shares of the insurance provider's stock worth $183,347,000 after purchasing an additional 641,462 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Arch Capital Group news, CFO Francois Morin sold 11,010 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $99.32, for a total transaction of $1,093,513.20. Following the transaction, the chief financial officer owned 184,826 shares of the company's stock, valued at $18,356,918.32. The trade was a 5.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ACGL shares. UBS Group reaffirmed a "buy" rating and set a $120.00 price target (up from $114.00) on shares of Arch Capital Group in a research report on Wednesday, July 8th. Weiss Ratings upgraded shares of Arch Capital Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, October 9th. Morgan Stanley set a $100.00 price objective on shares of Arch Capital Group and gave the stock an "equal weight" rating in a research report on Tuesday, October 13th. Citigroup restated a "market outperform" rating on shares of Arch Capital Group in a report on Wednesday, July 29th. Finally, Atlantic Securities set a $126.00 target price on shares of Arch Capital Group in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $108.39.

Arch Capital Group Trading Down 1.0%

NASDAQ ACGL opened at $100.28 on Thursday. The company has a market cap of $34.22 billion, a PE ratio of 7.84, a PEG ratio of 3.05 and a beta of 0.28. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.23. Arch Capital Group Ltd. has a 12 month low of $82.44 and a 12 month high of $107.08. The stock has a 50 day moving average of $97.33 and a 200-day moving average of $96.82.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.09. Arch Capital Group had a net margin of 24.40% and a return on equity of 17.06%. The firm had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.36 billion. During the same period in the prior year, the firm posted $2.58 earnings per share. On average, equities research analysts anticipate that Arch Capital Group Ltd. will post 9.70 EPS for the current fiscal year.

Arch Capital Group Company Profile

Arch Capital Group Ltd. is a Bermuda-based insurance, reinsurance and mortgage insurance company whose shares trade on the Nasdaq under the symbol ACGL. The company was established in 1995 and has developed into a global provider of specialty risk-management products and services.

Through its insurance operations, Arch offers property, casualty, specialty, and accident and health coverage to businesses and other policyholders. Its reinsurance operations provide coverage and risk-transfer solutions to insurance companies across a range of property and casualty lines.

Want to see what other hedge funds are holding ACGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.