Allspring Global Investments Holdings LLC Sells 280,896 Shares of Arch Capital Group Ltd. (NASDAQ:ACGL)

Allspring Global Investments Holdings LLC trimmed its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 5.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,069,972 shares of the insurance provider's stock after selling 280,896 shares during the quarter. Arch Capital Group comprises 0.8% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 11th biggest holding. Allspring Global Investments Holdings LLC owned about 1.35% of Arch Capital Group worth $487,427,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ACGL. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Arch Capital Group by 14.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,804 shares of the insurance provider's stock valued at $4,924,000 after acquiring an additional 6,406 shares during the period. Bartlett & CO. Wealth Management LLC acquired a new position in Arch Capital Group in the first quarter valued at about $27,000. Illinois Municipal Retirement Fund grew its position in shares of Arch Capital Group by 20.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 119,970 shares of the insurance provider's stock worth $11,539,000 after buying an additional 20,638 shares during the period. Diversified Trust Co bought a new stake in shares of Arch Capital Group in the 1st quarter valued at about $435,000. Finally, KG&L Capital Management LLC grew its holdings in Arch Capital Group by 4.3% during the first quarter. KG&L Capital Management LLC now owns 11,797 shares of the insurance provider's stock valued at $1,135,000 after purchasing an additional 490 shares during the period. Institutional investors and hedge funds own 89.07% of the company's stock.

Arch Capital Group Stock Up 0.5%

Shares of NASDAQ:ACGL traded up $0.45 during midday trading on Tuesday, hitting $91.50. The stock had a trading volume of 2,712,242 shares, compared to its average volume of 1,743,325. The company has a market cap of $34.29 billion, a P/E ratio of 9.38, a PEG ratio of 6.24 and a beta of 0.53. Arch Capital Group Ltd. has a 12 month low of $82.49 and a 12 month high of $116.47. The business's 50-day simple moving average is $92.41 and its 200-day simple moving average is $92.15. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.16.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The insurance provider reported $1.54 EPS for the quarter, missing analysts' consensus estimates of $1.59 by ($0.05). The firm had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.75 billion. Arch Capital Group had a net margin of 20.72% and a return on equity of 15.79%. The business's revenue was up 10.5% on a year-over-year basis. During the same period last year, the business earned $2.45 EPS. On average, sell-side analysts forecast that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Nicolas Papadopoulo sold 7,636 shares of Arch Capital Group stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $92.48, for a total transaction of $706,177.28. Following the completion of the transaction, the chief executive officer directly owned 795,718 shares in the company, valued at approximately $73,588,000.64. The trade was a 0.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Francois Morin sold 12,630 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $94.58, for a total value of $1,194,545.40. Following the transaction, the chief financial officer directly owned 274,681 shares in the company, valued at $25,979,328.98. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,976 shares of company stock valued at $10,531,038. Company insiders own 4.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ACGL. Keefe, Bruyette & Woods boosted their price objective on Arch Capital Group from $104.00 to $113.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Barclays lowered their price objective on shares of Arch Capital Group from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Friday, April 11th. Wells Fargo & Company boosted their price objective on shares of Arch Capital Group from $106.00 to $108.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Morgan Stanley set a $110.00 target price on shares of Arch Capital Group and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, JMP Securities restated a "market outperform" rating and issued a $125.00 price target on shares of Arch Capital Group in a report on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $114.63.

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.