Korea Investment CORP Raises Holdings in Arch Capital Group Ltd. $ACGL

Key Points

• Korea Investment CORP has significantly increased its stake in Arch Capital Group by 66.5% during the first quarter, acquiring a total of 332,634 shares valued at approximately $31.99 million.
• Arch Capital Group reported an EPS of $2.58 in its latest quarterly earnings, surpassing analysts' expectations of $2.30, with revenue hitting $4.35 billion.
• Research analysts have varied price targets for Arch Capital Group, with a consensus target of $112.13, indicating a general outlook of a "Moderate Buy" across multiple ratings.

Korea Investment CORP raised its stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 66.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 332,634 shares of the insurance provider's stock after buying an additional 132,887 shares during the period. Korea Investment CORP owned about 0.09% of Arch Capital Group worth $31,993,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Capital A Wealth Management LLC purchased a new stake in Arch Capital Group during the 4th quarter valued at $25,000. Meeder Asset Management Inc. increased its stake in shares of Arch Capital Group by 116.3% in the 1st quarter. Meeder Asset Management Inc. now owns 279 shares of the insurance provider's stock worth $27,000 after purchasing an additional 150 shares in the last quarter. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of Arch Capital Group in the 1st quarter worth $27,000. Wayfinding Financial LLC purchased a new stake in shares of Arch Capital Group in the 1st quarter worth $31,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Arch Capital Group in the 1st quarter worth $37,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACGL has been the subject of several analyst reports. Morgan Stanley set a $110.00 price objective on Arch Capital Group and gave the stock an "overweight" rating in a research note on Monday, May 19th. Keefe, Bruyette & Woods upped their price objective on Arch Capital Group from $102.00 to $103.00 and gave the stock a "market perform" rating in a research note on Thursday, August 14th. Cowen restated a "buy" rating on shares of Arch Capital Group in a research note on Monday, August 4th. Wells Fargo & Company reduced their price objective on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Finally, JMP Securities restated a "market outperform" rating and issued a $125.00 price objective on shares of Arch Capital Group in a research note on Wednesday, April 30th. Nine 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.com, Arch Capital Group currently has an average rating of "Moderate Buy" and an average price target of $111.27.

Arch Capital Group Price Performance

Arch Capital Group stock traded down $1.39 during mid-day trading on Monday, hitting $92.02. The stock had a trading volume of 153,755 shares, compared to its average volume of 1,920,079. The firm has a market capitalization of $34.34 billion, a P/E ratio of 9.50, a P/E/G ratio of 5.72 and a beta of 0.49. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.16. The firm's 50 day moving average is $89.45 and its 200 day moving average is $91.19. Arch Capital Group Ltd. has a one year low of $82.49 and a one year high of $116.47.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last issued its earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share 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 the consensus estimate of $4.29 billion. Arch Capital Group had a net margin of 19.49% and a return on equity of 15.33%. During the same quarter in the prior year, the firm posted $2.57 EPS. On average, sell-side analysts forecast that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

Arch Capital Group Company 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.