Connecticut Wealth Management LLC Makes New Investment in Arch Capital Group Ltd. $ACGL

Key Points

• Connecticut Wealth Management LLC has invested $6.17 million into Arch Capital Group Ltd., acquiring 64,178 shares during the first quarter.
• Institutional investors, including JPMorgan Chase & Co. and Northern Trust Corp, have significantly increased their holdings in Arch Capital Group, with hedge funds owning 89.07% of the stock.
• Analysts maintain a consensus rating of "Moderate Buy" for Arch Capital Group, with a target price averaging $111.27 per share.

Connecticut Wealth Management LLC bought a new position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 64,178 shares of the insurance provider's stock, valued at approximately $6,173,000.

A number of other institutional investors also recently bought and sold shares of ACGL. JPMorgan Chase & Co. raised its holdings in shares of Arch Capital Group by 30.5% in the first quarter. JPMorgan Chase & Co. now owns 7,470,591 shares of the insurance provider's stock worth $718,522,000 after acquiring an additional 1,743,945 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Arch Capital Group by 3.0% in the first quarter. Northern Trust Corp now owns 5,005,790 shares of the insurance provider's stock worth $481,457,000 after acquiring an additional 144,986 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of 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 worth $451,499,000 after acquiring an additional 93,226 shares during the last quarter. Madison Asset Management LLC raised its holdings in shares of 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 worth $465,281,000 after acquiring an additional 397,857 shares during the last quarter. Finally, Egerton Capital UK LLP raised its holdings in shares of 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 worth $415,999,000 after acquiring an additional 337,245 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald raised Arch Capital Group to a "hold" rating in a report on Wednesday, August 13th. Citigroup assumed coverage on Arch Capital Group in a report on Wednesday, August 13th. They issued a "buy" rating and a $113.00 price target for the company. Wells Fargo & Company cut their price target on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Cowen reissued a "buy" rating on shares of Arch Capital Group in a report on Monday, August 4th. Finally, Jefferies Financial Group cut Arch Capital Group from a "buy" rating to a "hold" rating and cut their price target for the stock from $106.00 to $100.00 in a report on Tuesday, June 10th. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Arch Capital Group presently has a consensus rating of "Moderate Buy" and an average target price of $111.27.

Arch Capital Group Stock Performance

Shares of NASDAQ:ACGL opened at $91.53 on Friday. The firm has a market capitalization of $34.16 billion, a PE ratio of 9.45, a P/E/G ratio of 5.58 and a beta of 0.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50-day moving average of $89.56 and a two-hundred day moving average of $91.19. Arch Capital Group Ltd. has a 12 month low of $82.49 and a 12 month high of $116.47.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.30 by $0.28. The company 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 period in the prior year, the firm posted $2.57 earnings per share. As a group, research analysts forecast that Arch Capital Group Ltd. will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In other Arch Capital Group news, insider Maamoun Rajeh sold 10,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $94.15, for a total transaction of $941,500.00. Following the completion of the sale, the insider directly owned 433,589 shares in the company, valued at $40,822,404.35. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.20% of the stock is owned by corporate insiders.

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.

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