Forsta AP Fonden Cuts Position in Arch Capital Group Ltd. (NASDAQ:ACGL)

Key Points

• Forsta AP Fonden has reduced its stake in Arch Capital Group Ltd. by 43.3%, now holding 70,700 shares worth approximately $6.8 million.
• Citigroup Inc. significantly increased its investment in Arch Capital by 86.2%, bringing its total holdings to 654,783 shares valued at around $62.98 million.
• Analysts have mixed opinions on ACGL, with a consensus rating of "Moderate Buy" and a target price averaging $113.07 despite recent downgrades by some firms.

Forsta AP Fonden trimmed its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,700 shares of the insurance provider's stock after selling 54,100 shares during the quarter. Forsta AP Fonden's holdings in Arch Capital Group were worth $6,800,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Citigroup Inc. raised its holdings in shares of Arch Capital Group by 86.2% in the first quarter. Citigroup Inc. now owns 654,783 shares of the insurance provider's stock worth $62,977,000 after buying an additional 303,104 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Arch Capital Group by 9.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 658,813 shares of the insurance provider's stock worth $63,365,000 after buying an additional 57,297 shares during the period. Y.D. More Investments Ltd increased its holdings in Arch Capital Group by 74.5% during the 1st quarter. Y.D. More Investments Ltd now owns 815 shares of the insurance provider's stock worth $78,000 after purchasing an additional 348 shares during the period. ASR Vermogensbeheer N.V. purchased a new position in Arch Capital Group during the 1st quarter worth $6,564,000. Finally, Hemington Wealth Management increased its holdings in Arch Capital Group by 27.7% during the 1st quarter. Hemington Wealth Management now owns 548 shares of the insurance provider's stock worth $52,000 after purchasing an additional 119 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ACGL. Cantor Fitzgerald upgraded Arch Capital Group to a "hold" rating in a report on Wednesday. Wells Fargo & Company reduced their price objective on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Citigroup started coverage on Arch Capital Group in a report on Wednesday. They set a "buy" rating and a $113.00 price objective on the stock. Cowen reiterated a "buy" rating on shares of Arch Capital Group in a report on Monday, August 4th. Finally, UBS Group reissued a "buy" rating and issued a $118.00 price objective (down previously from $124.00) on shares of Arch Capital Group in a research report on Monday, August 4th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $112.13.

Arch Capital Group Stock Performance

Shares of NASDAQ ACGL traded down $0.07 during trading on Friday, reaching $91.40. 753,436 shares of the company traded hands, compared to its average volume of 1,927,141. The firm's fifty day simple moving average is $89.40 and its 200 day simple moving average is $91.29. The stock has a market cap of $34.11 billion, a P/E ratio of 9.43, a PEG ratio of 5.52 and a beta of 0.49. Arch Capital Group Ltd. has a 12-month low of $82.49 and a 12-month high of $116.47. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.16.

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

About Arch Capital Group

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.