Panagora Asset Management Inc. Sells 35,465 Shares of Arch Capital Group Ltd. $ACGL

Key Points

• Panagora Asset Management Inc. has reduced its stake in Arch Capital Group Ltd. by 69.4%, selling 35,465 shares during the first quarter and now holds 15,660 shares valued at approximately $1.5 million.
• Insider Maamoun Rajeh sold 10,000 shares of Arch Capital Group, representing a 2.25% decrease in ownership, with total shares now valued at over $40 million.
• Arch Capital Group reported earnings of $2.58 per share in its latest quarter, surpassing analyst expectations and contributing to the company's robust market presence, with a current market cap of $34.67 billion.

Panagora Asset Management Inc. lessened its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 69.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,660 shares of the insurance provider's stock after selling 35,465 shares during the period. Panagora Asset Management Inc.'s holdings in Arch Capital Group were worth $1,506,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of Arch Capital Group by 30.5% in the 1st quarter. JPMorgan Chase & Co. now owns 7,470,591 shares of the insurance provider's stock worth $718,522,000 after purchasing an additional 1,743,945 shares during the period. Northern Trust Corp raised its holdings in Arch Capital Group by 3.0% in the 1st quarter. Northern Trust Corp now owns 5,005,790 shares of the insurance provider's stock valued at $481,457,000 after buying an additional 144,986 shares during the period. Nuveen Asset Management LLC lifted its stake in Arch Capital Group by 1.9% in the fourth quarter. Nuveen Asset Management LLC now owns 4,888,997 shares of the insurance provider's stock valued at $451,499,000 after buying an additional 93,226 shares during the last quarter. Madison Asset Management LLC grew its holdings in Arch Capital Group by 9.0% in the first quarter. Madison Asset Management LLC now owns 4,837,602 shares of the insurance provider's stock valued at $465,281,000 after purchasing an additional 397,857 shares during the last quarter. Finally, Egerton Capital UK LLP boosted its stake in Arch Capital Group by 8.5% in the 1st quarter. Egerton Capital UK LLP now owns 4,325,217 shares of the insurance provider's stock worth $415,999,000 after buying an additional 337,245 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company's stock.

Arch Capital Group Stock Performance

Arch Capital Group stock traded down $0.33 during trading hours on Monday, reaching $90.96. 1,033,198 shares of the stock were exchanged, compared to its average volume of 1,914,969. The stock has a market cap of $33.95 billion, a P/E ratio of 9.39, a P/E/G ratio of 5.59 and a beta of 0.51. Arch Capital Group Ltd. has a 52-week low of $82.49 and a 52-week high of $116.47. The firm's 50 day moving average is $89.70 and its 200 day moving average is $91.34. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.56 and a current ratio of 0.56.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.28. Arch Capital Group had a net margin of 19.49% and a return on equity of 15.33%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the company earned $2.57 earnings per share. Analysts predict that Arch Capital Group Ltd. will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling at Arch Capital Group

In other news, insider Maamoun Rajeh sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $94.15, for a total transaction of $941,500.00. Following the sale, the insider owned 433,589 shares in the company, valued at $40,822,404.35. This represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 4.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACGL. Wells Fargo & Company cut their target price on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Citigroup initiated coverage on Arch Capital Group in a research note on Wednesday, August 13th. They issued a "buy" rating and a $113.00 price objective on the stock. Cantor Fitzgerald upgraded Arch Capital Group to a "hold" rating in a report on Wednesday, August 13th. Jefferies Financial Group lowered Arch Capital Group from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $106.00 to $100.00 in a report on Tuesday, June 10th. Finally, Cowen reaffirmed a "buy" rating on shares of Arch Capital Group in a research note on Monday, August 4th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $111.27.

Arch Capital Group 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.