Bamco Inc. NY Decreases Holdings in Arch Capital Group Ltd. $ACGL

Key Points

• Bamco Inc. NY trimmed its stake in Arch Capital Group by 4.9% in Q3, selling 967,575 shares and leaving it with 18,759,655 shares (about 5.17% of ACGL), making the stock its second-largest holding valued at roughly $1.70 billion.
• Insiders sold shares on March 10 — David Gansberg sold 5,907 shares and CEO Nicolas Papadopoulo sold 21,930 shares — and insiders sold 87,067 shares in the last quarter, with company insiders owning 4.20% of the stock.
• Strong quarterly results: ACGL reported EPS of $2.98 vs. $2.34 expected and revenue of $4.93 billion vs. $3.94 billion, leaving the company with a PE of 8.04 and an average analyst rating of "Hold" with a $109.20 target.

Bamco Inc. NY reduced its position in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 18,759,655 shares of the insurance provider's stock after selling 967,575 shares during the period. Arch Capital Group accounts for approximately 4.5% of Bamco Inc. NY's investment portfolio, making the stock its 2nd largest holding. Bamco Inc. NY owned approximately 5.17% of Arch Capital Group worth $1,702,063,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ACGL. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Arch Capital Group by 37.1% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 10,886 shares of the insurance provider's stock valued at $988,000 after acquiring an additional 2,947 shares during the period. Bank of Nova Scotia boosted its holdings in Arch Capital Group by 99.9% in the third quarter. Bank of Nova Scotia now owns 160,356 shares of the insurance provider's stock valued at $14,549,000 after acquiring an additional 80,128 shares during the last quarter. Boothbay Fund Management LLC acquired a new stake in Arch Capital Group in the third quarter worth about $311,000. Aquatic Capital Management LLC increased its position in Arch Capital Group by 20.7% in the third quarter. Aquatic Capital Management LLC now owns 90,101 shares of the insurance provider's stock worth $8,175,000 after purchasing an additional 15,479 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Arch Capital Group by 5.7% during the 3rd quarter. Alliancebernstein L.P. now owns 467,886 shares of the insurance provider's stock worth $42,451,000 after purchasing an additional 25,088 shares during the last quarter. Institutional investors own 89.07% of the company's stock.

Insider Buying and Selling

In other news, insider David Gansberg sold 5,907 shares of Arch Capital Group stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $96.37, for a total transaction of $569,257.59. Following the transaction, the insider directly owned 336,559 shares of the company's stock, valued at $32,434,190.83. This trade represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicolas Papadopoulo sold 21,930 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $96.31, for a total transaction of $2,112,078.30. Following the completion of the transaction, the chief executive officer directly owned 871,594 shares of the company's stock, valued at $83,943,218.14. This trade represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 87,067 shares of company stock valued at $8,120,333. 4.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ACGL shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $104.00 target price (up from $102.00) on shares of Arch Capital Group in a research report on Thursday, February 12th. Evercore set a $100.00 price target on shares of Arch Capital Group and gave the stock an "in-line" rating in a research report on Wednesday, January 7th. Morgan Stanley set a $125.00 price target on shares of Arch Capital Group in a research note on Friday, January 16th. Cantor Fitzgerald restated a "neutral" rating and issued a $100.00 price objective (up from $97.00) on shares of Arch Capital Group in a report on Tuesday, February 17th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Arch Capital Group from $111.00 to $117.00 and gave the company a "neutral" rating in a research note on Wednesday, January 7th. Nine equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $109.20.

Arch Capital Group Stock Performance

Shares of ACGL stock opened at $93.47 on Friday. The stock has a market cap of $33.26 billion, a PE ratio of 8.04, a price-to-earnings-growth ratio of 3.80 and a beta of 0.40. The stock has a 50-day moving average of $96.21 and a 200-day moving average of $93.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.53 and a quick ratio of 0.53. Arch Capital Group Ltd. has a one year low of $82.44 and a one year high of $103.39.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last released its quarterly earnings data on Monday, February 9th. The insurance provider reported $2.98 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.64. The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $3.94 billion. Arch Capital Group had a net margin of 22.07% and a return on equity of 16.73%. During the same quarter last year, the firm earned $2.26 EPS. As a group, sell-side analysts expect that Arch Capital Group Ltd. will post 8.42 earnings per share for the current year.

Arch Capital Group Profile

Arch Capital Group Ltd. NASDAQ: ACGL is a Bermuda-based insurance and reinsurance holding company that underwrites a broad range of property and casualty, mortgage, and specialty risk products. The company operates through a group of underwriting subsidiaries and platforms to provide insurance, reinsurance and related risk solutions tailored to commercial, institutional and individual clients.

Arch's product mix includes treaty and facultative reinsurance, primary casualty and property insurance, mortgage insurance and other specialty 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.