Lord Abbett & CO. LLC Buys 65,118 Shares of Arch Capital Group Ltd. $ACGL

Key Points

• Lord Abbett & CO. LLC increased its stake in Arch Capital Group Ltd. by 7.7% during Q1, owning 909,859 shares valued at approximately $87.5 million.
• Wall Street analysts have issued a consensus rating of "Moderate Buy" for Arch Capital Group, with a price target averaging around $112.06.
• Arch Capital Group reported earnings of $2.58 per share for the last quarter, exceeding expectations by $0.28, and had a revenue of $4.35 billion compared to the anticipated $4.29 billion.

Lord Abbett & CO. LLC lifted its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 909,859 shares of the insurance provider's stock after buying an additional 65,118 shares during the period. Lord Abbett & CO. LLC owned about 0.24% of Arch Capital Group worth $87,510,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital A Wealth Management LLC acquired a new position in Arch Capital Group during the fourth quarter valued at approximately $25,000. Bartlett & CO. Wealth Management LLC acquired a new position in shares of Arch Capital Group during the 1st quarter worth approximately $27,000. Meeder Asset Management Inc. raised its stake in shares of Arch Capital Group by 116.3% during 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. Wayfinding Financial LLC acquired a new stake in shares of Arch Capital Group in the 1st quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Arch Capital Group in the first quarter valued at $37,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Arch Capital Group Price Performance

Arch Capital Group stock traded up $0.9520 during trading hours on Tuesday, reaching $91.3020. 236,251 shares of the stock were exchanged, compared to its average volume of 1,931,773. The stock has a 50 day moving average of $89.26 and a two-hundred day moving average of $91.20. The company has a market cap of $34.08 billion, a P/E ratio of 9.42, a price-to-earnings-growth ratio of 5.56 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. Arch Capital Group Ltd. has a twelve month low of $82.49 and a twelve month high of $116.47.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last posted its quarterly 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. Arch Capital Group had a net margin of 19.49% and a return on equity of 15.33%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the business posted $2.57 EPS. Equities analysts expect that Arch Capital Group Ltd. will post 8.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup began coverage on shares of Arch Capital Group in a research report on Wednesday, August 13th. They set a "buy" rating and a $113.00 price target on the stock. UBS Group reaffirmed a "buy" rating and issued a $118.00 target price (down from $124.00) on shares of Arch Capital Group in a report on Monday, August 4th. Jefferies Financial Group cut Arch Capital Group from a "buy" rating to a "hold" rating and reduced their price target for the stock from $106.00 to $100.00 in a report on Tuesday, June 10th. Cantor Fitzgerald upgraded Arch Capital Group to a "hold" rating in a research note on Wednesday, August 13th. Finally, JMP Securities reiterated a "market outperform" rating and set a $125.00 target price on shares of Arch Capital Group in a research note on Wednesday, April 30th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $112.13.

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.