Summit Financial LLC Invests $327,000 in Arch Capital Group Ltd. $ACGL

Key Points

• Summit Financial LLC has acquired a new position in Arch Capital Group, purchasing 3,399 shares worth approximately $327,000 in the first quarter.
• Institutional investors collectively own 89.07% of Arch Capital Group's stock, indicating strong institutional interest in the company.
• Arch Capital Group reported $2.58 earnings per share for the last quarter, surpassing analysts' expectations of $2.30 EPS and achieving a revenue of $4.35 billion.

Summit Financial LLC purchased a new position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,399 shares of the insurance provider's stock, valued at approximately $327,000.

Several other hedge funds have also made changes to their positions in ACGL. Kovitz Investment Group Partners LLC acquired a new stake in shares of Arch Capital Group during the fourth quarter worth about $221,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Arch Capital Group during the fourth quarter worth about $1,598,000. Aquatic Capital Management LLC acquired a new stake in shares of Arch Capital Group during the fourth quarter worth about $2,896,000. Quarry LP acquired a new stake in shares of Arch Capital Group during the fourth quarter worth about $58,000. Finally, Northern Trust Corp lifted its position in shares of Arch Capital Group by 11.3% during the fourth quarter. Northern Trust Corp now owns 4,860,804 shares of the insurance provider's stock worth $448,895,000 after purchasing an additional 495,262 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Arch Capital Group Stock Up 0.4%

Arch Capital Group stock traded up $0.33 during mid-day trading on Friday, hitting $91.53. The company had a trading volume of 1,562,940 shares, compared to its average volume of 1,922,613. The stock has a market cap of $34.16 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 5.62 and a beta of 0.49. Arch Capital Group Ltd. has a 1 year low of $82.49 and a 1 year 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. The business has a fifty day moving average of $89.53 and a 200 day moving average of $91.18.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The insurance provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.30 by $0.28. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $2.57 earnings per share. On average, sell-side analysts expect that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ACGL shares. Cowen reissued a "buy" rating on shares of Arch Capital Group in a research report on Monday, August 4th. Citigroup assumed coverage on shares of Arch Capital Group in a report on Wednesday, August 13th. They issued a "buy" rating and a $113.00 target price on the stock. UBS Group reaffirmed a "buy" rating and issued a $118.00 target price (down previously from $124.00) on shares of Arch Capital Group in a report on Monday, August 4th. Jefferies Financial Group cut shares of Arch Capital Group from a "buy" rating to a "hold" rating and reduced their target price for the company from $106.00 to $100.00 in a report on Tuesday, June 10th. Finally, Wells Fargo & Company reduced their target price 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. Nine analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $111.27.

Insider Buying and Selling

In other news, insider Maamoun Rajeh sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.15, for a total transaction of $941,500.00. Following the transaction, the insider directly owned 433,589 shares in the company, valued at approximately $40,822,404.35. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 4.20% of the stock is owned by corporate insiders.

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.