First Manhattan CO. LLC. Raises Position in Arch Capital Group Ltd. $ACGL

Key Points

• First Manhattan CO. LLC. increased its stake in Arch Capital Group Ltd. by 61.4% during the first quarter, owning a total of 9,456 shares valued at approximately $909,000.
• JPMorgan Chase & Co. also raised its holdings in Arch Capital by 30.5%, resulting in a total of 7,470,591 shares worth about $718.5 million.
• Arch Capital Group reported $2.58 EPS for the last quarter, exceeding analysts' estimates, with a market capitalization of $34.67 billion.

First Manhattan CO. LLC. lifted its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 61.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,456 shares of the insurance provider's stock after purchasing an additional 3,598 shares during the period. First Manhattan CO. LLC.'s holdings in Arch Capital Group were worth $909,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in 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 valued at $718,522,000 after purchasing an additional 1,743,945 shares during the period. Northern Trust Corp lifted 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 valued at $481,457,000 after purchasing an additional 144,986 shares in the last quarter. Nuveen Asset Management LLC lifted 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 valued at $451,499,000 after purchasing an additional 93,226 shares in the last quarter. Madison Asset Management LLC lifted 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 valued at $465,281,000 after purchasing an additional 397,857 shares in the last quarter. Finally, Egerton Capital UK LLP lifted 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 valued at $415,999,000 after purchasing an additional 337,245 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Maamoun Rajeh sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.15, for a total transaction of $941,500.00. Following the completion of the transaction, the insider owned 433,589 shares of the company's stock, valued at approximately $40,822,404.35. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company's stock.

Arch Capital Group Stock Performance

Shares of ACGL opened at $92.90 on Thursday. Arch Capital Group Ltd. has a 1 year low of $82.49 and a 1 year high of $116.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.56 and a current ratio of 0.56. The company's 50 day simple moving average is $89.64 and its 200 day simple moving average is $91.25. The company has a market capitalization of $34.67 billion, a price-to-earnings ratio of 9.59, a PEG ratio of 5.60 and a beta of 0.51.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last issued 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. Arch Capital Group had a net margin of 19.49% and a return on equity of 15.33%. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business posted $2.57 earnings per share. On average, sell-side analysts predict that Arch Capital Group Ltd. will post 8.42 EPS for the current year.

Analysts Set New Price Targets

ACGL has been the topic of several recent research reports. Cantor Fitzgerald raised shares of Arch Capital Group to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company reduced their price target on shares of 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 initiated coverage on shares of Arch Capital Group in a report on Wednesday, August 13th. They issued a "buy" rating and a $113.00 price target on the stock. Jefferies Financial Group downgraded shares of Arch Capital Group from a "buy" rating to a "hold" rating and reduced their price target for the company from $106.00 to $100.00 in a report on Tuesday, June 10th. Finally, Morgan Stanley set a $110.00 price target on shares of Arch Capital Group and gave the company an "overweight" rating in a report on Monday, May 19th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $111.27.

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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