Bank of Nova Scotia Decreases Stock Position in Arch Capital Group Ltd. (NASDAQ:ACGL)

Key Points

• Bank of Nova Scotia decreased its stake in Arch Capital Group Ltd. by 57.7% during the first quarter, owning 42,610 shares after selling 58,123 shares, with the holdings valued at approximately $4.1 million.
• Analyst ratings for Arch Capital Group remain mixed, with an average rating of "Moderate Buy" and a price target between $93.00 and $125.00 according to multiple reports from equity analysts.
• Arch Capital Group recently reported earnings of $2.58 per share, exceeding expectations, along with a revenue of $4.35 billion for the quarter, contributing to a net margin of 19.49%.

Bank of Nova Scotia cut its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,610 shares of the insurance provider's stock after selling 58,123 shares during the period. Bank of Nova Scotia's holdings in Arch Capital Group were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Nuveen Asset Management LLC increased its holdings in Arch Capital Group by 1.9% during the 4th quarter. Nuveen Asset Management LLC now owns 4,888,997 shares of the insurance provider's stock worth $451,499,000 after purchasing an additional 93,226 shares in the last quarter. Northern Trust Corp lifted its stake in Arch Capital Group by 11.3% in the fourth quarter. Northern Trust Corp now owns 4,860,804 shares of the insurance provider's stock valued at $448,895,000 after purchasing an additional 495,262 shares during the last quarter. Madison Asset Management LLC lifted its stake 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. Egerton Capital UK LLP lifted its stake in Arch Capital Group by 8.5% in the first quarter. Egerton Capital UK LLP now owns 4,325,217 shares of the insurance provider's stock valued at $415,999,000 after purchasing an additional 337,245 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Arch Capital Group by 4.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,150,824 shares of the insurance provider's stock worth $383,320,000 after acquiring an additional 185,838 shares in the last quarter. 89.07% of the stock is owned by institutional investors.

Insider Activity at Arch Capital Group

In other Arch Capital Group news, insider John M. Pasquesi sold 75,060 shares of Arch Capital Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $94.01, for a total transaction of $7,056,390.60. Following the sale, the insider directly owned 579,218 shares of the company's stock, valued at approximately $54,452,284.18. The trade was a 11.47% decrease in their position. The transaction 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 Arch Capital Group stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $94.58, for a total transaction of $1,194,545.40. Following the transaction, the chief financial officer owned 274,681 shares of the company's stock, 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. Insiders own 4.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JMP Securities restated a "market outperform" rating and set a $125.00 target price on shares of Arch Capital Group in a research report on Wednesday, April 30th. Barclays decreased their price target on shares of Arch Capital Group from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Friday, April 11th. Jefferies Financial Group cut shares of Arch Capital Group from a "buy" rating to a "hold" rating and decreased their price target for the stock from $106.00 to $100.00 in a report on Tuesday, June 10th. Keefe, Bruyette & Woods upped their price target on shares of Arch Capital Group from $101.00 to $102.00 and gave the stock a "market perform" rating in a report on Tuesday. Finally, UBS Group reaffirmed a "buy" rating and issued a $118.00 price target (down previously from $124.00) on shares of Arch Capital Group in a report on Monday. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.07.

Arch Capital Group Trading Down 0.0%

NASDAQ ACGL traded down $0.04 during trading on Friday, hitting $88.82. 1,345,043 shares of the company's stock traded hands, compared to its average volume of 1,928,601. The stock has a fifty day moving average of $89.97 and a two-hundred day moving average of $91.44. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.56 and a quick ratio of 0.56. Arch Capital Group Ltd. has a 12-month low of $82.49 and a 12-month high of $116.47. The firm has a market cap of $33.29 billion, a P/E ratio of 9.17, a PEG ratio of 6.70 and a beta of 0.49.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last posted its earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.28. The company had revenue of $4.35 billion for the quarter, compared to analysts' expectations 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 period last year, the firm earned $2.57 earnings per share. As a group, sell-side analysts expect that Arch Capital Group Ltd. will post 8.42 EPS for the current year.

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.