National Bank of Canada FI Sells 292,000 Shares of Arch Capital Group Ltd. (NASDAQ:ACGL)

Key Points

• National Bank of Canada FI reduced its holdings in Arch Capital Group Ltd. by 52.2% in the first quarter, now owning approximately 267,097 shares valued at $25.7 million.
• During the same period, several other hedge funds also adjusted their stakes in Arch Capital, with notable increases in ownership from companies such as Sterling Capital Management and Townsquare Capital.
• Arch Capital reported a quarterly earnings per share (EPS) of $2.58, exceeding analysts' expectations of $2.30, while the stock has a consensus rating of "Moderate Buy" with an average price target of $113.07.

National Bank of Canada FI decreased its holdings in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 52.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 267,097 shares of the insurance provider's stock after selling 292,000 shares during the quarter. National Bank of Canada FI owned 0.07% of Arch Capital Group worth $25,689,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new position in shares of Arch Capital Group in the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. increased its stake in shares of Arch Capital Group by 116.3% in the first quarter. Meeder Asset Management Inc. now owns 279 shares of the insurance provider's stock valued at $27,000 after buying an additional 150 shares during the period. Bartlett & CO. Wealth Management LLC acquired a new position in shares of Arch Capital Group in the first quarter valued at approximately $27,000. Wayfinding Financial LLC acquired a new position in shares of Arch Capital Group in the first quarter valued at approximately $31,000. Finally, Grove Bank & Trust bought a new stake in Arch Capital Group in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Arch Capital Group Stock Up 1.7%

NASDAQ ACGL traded up $1.54 on Thursday, reaching $91.49. The company had a trading volume of 1,655,377 shares, compared to its average volume of 1,931,676. The stock has a market capitalization of $34.14 billion, a P/E ratio of 9.44, a P/E/G ratio of 5.39 and a beta of 0.49. The company's fifty day moving average is $89.46 and its 200 day moving average is $91.32. Arch Capital Group Ltd. has a 52-week low of $82.49 and a 52-week high of $116.47. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.16.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last announced its earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the firm posted $2.57 EPS. Sell-side analysts anticipate that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACGL has been the topic of several analyst reports. Cantor Fitzgerald upgraded Arch Capital Group to a "hold" rating in a report on Wednesday. Citigroup assumed coverage on Arch Capital Group in a report on Wednesday. They issued a "buy" rating and a $113.00 target price on the stock. UBS Group restated a "buy" rating and set a $118.00 price target (down from $124.00) on shares of Arch Capital Group in a report on Monday, August 4th. Cowen restated a "buy" rating on shares of Arch Capital Group in a report on Monday, August 4th. Finally, Wells Fargo & Company cut their price target on Arch Capital Group from $110.00 to $107.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $112.13.

Insider Activity

In other news, 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 transaction of $1,194,545.40. Following the completion of the transaction, the chief financial officer owned 274,681 shares in the company, valued at approximately $25,979,328.98. This represents a 4.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.20% of the stock is currently 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.