Arch Capital Group Ltd. $ACGL Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Arch Capital Group by 8.0%, owning 126,074 shares valued at approximately $12.13 million.
• Wall Street analysts have shown a favorable outlook for Arch Capital Group, with several firms issuing a "buy" rating and an average price target of $112.13.
• Arch Capital Group reported earnings of $2.58 per share in its latest quarter, exceeding expectations and indicating a year-over-year increase.

State of New Jersey Common Pension Fund D reduced its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,074 shares of the insurance provider's stock after selling 10,897 shares during the period. State of New Jersey Common Pension Fund D's holdings in Arch Capital Group were worth $12,126,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Harbour Investments Inc. increased its stake in Arch Capital Group by 8.4% during the 1st quarter. Harbour Investments Inc. now owns 1,431 shares of the insurance provider's stock worth $138,000 after buying an additional 111 shares during the period. Resonant Capital Advisors LLC lifted its stake in shares of 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 worth $642,000 after acquiring an additional 113 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings 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. Hemington Wealth Management boosted its holdings in Arch Capital Group by 27.7% in the first quarter. Hemington Wealth Management now owns 548 shares of the insurance provider's stock valued at $52,000 after purchasing an additional 119 shares during the last quarter. Finally, Horizon Advisory Services Inc. grew its stake in Arch Capital Group by 4.2% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Arch Capital Group Stock Performance

NASDAQ:ACGL traded up $1.00 during midday trading on Wednesday, reaching $92.84. 1,190,167 shares of the company traded hands, compared to its average volume of 1,934,128. The firm has a market capitalization of $34.65 billion, a price-to-earnings ratio of 9.58, a price-to-earnings-growth ratio of 5.53 and a beta of 0.49. The company has a fifty day moving average price of $89.30 and a 200 day moving average price of $91.20. 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 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 earnings results on Tuesday, July 29th. The insurance provider reported $2.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the business posted $2.57 earnings per share. On average, analysts expect that Arch Capital Group Ltd. will post 8.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ACGL has been the topic of a number of recent analyst reports. Morgan Stanley set a $110.00 target price on Arch Capital Group and gave the company an "overweight" rating in a research report on Monday, May 19th. Wells Fargo & Company cut 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. Cantor Fitzgerald upgraded shares of Arch Capital Group to a "hold" rating in a research note on Wednesday, August 13th. JMP Securities reissued a "market outperform" rating and set a $125.00 price objective on shares of Arch Capital Group in a report on Wednesday, April 30th. Finally, Cowen restated a "buy" rating on shares of Arch Capital Group in a research note on Monday, August 4th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.