Mackenzie Financial Corp Increases Stock Holdings in Arch Capital Group Ltd. (NASDAQ:ACGL)

Key Points

• Mackenzie Financial Corp increased its stake in Arch Capital Group Ltd. by 6% in Q1, now owning 76,035 shares valued at approximately $7.31 million.
• Arch Capital Group reported $2.58 earnings per share for the quarter, beating expectations of $2.30, with total revenue reaching $4.35 billion.
• Analysts have mixed ratings on Arch Capital Group, with a consensus target price of $113.40, reflecting a "Moderate Buy" sentiment among investors.

Mackenzie Financial Corp raised its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,035 shares of the insurance provider's stock after purchasing an additional 4,291 shares during the quarter. Mackenzie Financial Corp's holdings in Arch Capital Group were worth $7,313,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Resonant Capital Advisors LLC grew its stake in Arch Capital Group by 1.7% in the first quarter. Resonant Capital Advisors LLC now owns 6,672 shares of the insurance provider's stock valued at $642,000 after purchasing an additional 113 shares during the last quarter. Venturi Wealth Management LLC grew its stake in Arch Capital Group by 0.9% in the first quarter. Venturi Wealth Management LLC now owns 13,228 shares of the insurance provider's stock valued at $1,272,000 after purchasing an additional 115 shares during the last quarter. Horizon Advisory Services Inc. grew its stake in Arch Capital Group by 4.2% in the first quarter. Horizon Advisory Services Inc. now owns 2,996 shares of the insurance provider's stock valued at $288,000 after purchasing an additional 120 shares during the last quarter. Cim LLC grew its stake in Arch Capital Group by 1.1% in the fourth quarter. Cim LLC now owns 11,194 shares of the insurance provider's stock valued at $1,034,000 after purchasing an additional 124 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its stake in Arch Capital Group by 4.9% in the fourth quarter. CreativeOne Wealth LLC now owns 2,682 shares of the insurance provider's stock valued at $248,000 after purchasing an additional 126 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Louis T. Petrillo sold 16,650 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $94.53, for a total transaction of $1,573,924.50. Following the completion of the transaction, the insider directly owned 140,023 shares in the company, valued at approximately $13,236,374.19. This represents a 10.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Francois Morin sold 12,630 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $94.58, for a total value of $1,194,545.40. Following the transaction, the chief financial officer owned 274,681 shares of the company's stock, valued at approximately $25,979,328.98. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 104,340 shares of company stock valued at $9,824,861 in the last three months. 4.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays dropped their price target on Arch Capital Group from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Friday, April 11th. Morgan Stanley set a $110.00 price target on Arch Capital Group and gave the stock an "overweight" rating in a research note on Monday, May 19th. Wells Fargo & Company dropped their price target on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating on the stock in a research note on Thursday. Jefferies Financial Group lowered Arch Capital Group from a "buy" rating to a "hold" rating and dropped their price target for the stock from $106.00 to $100.00 in a research note on Tuesday, June 10th. Finally, JMP Securities restated a "market outperform" rating and set a $125.00 price target on shares of Arch Capital Group in a research note on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.00.

Arch Capital Group Price Performance

NASDAQ ACGL traded up $0.35 during mid-day trading on Monday, hitting $88.35. The stock had a trading volume of 663,357 shares, compared to its average volume of 1,917,409. Arch Capital Group Ltd. has a twelve month low of $82.49 and a twelve month high of $116.47. The stock has a market capitalization of $33.11 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 6.68 and a beta of 0.49. The firm's 50 day moving average is $90.33 and its 200 day moving average is $91.57. 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 (NASDAQ:ACGL - Get Free Report) last issued its earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.28. Arch Capital Group had a return on equity of 15.33% and a net margin of 19.49%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period last year, the company earned $2.57 EPS. Equities research analysts forecast that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

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.