Summit Global Investments Boosts Holdings in Arch Capital Group Ltd. (NASDAQ:ACGL)

Summit Global Investments lifted its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 646.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 77,739 shares of the insurance provider's stock after purchasing an additional 67,329 shares during the period. Summit Global Investments' holdings in Arch Capital Group were worth $8,697,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ACGL. UMB Bank n.a. acquired a new stake in Arch Capital Group during the 2nd quarter worth $30,000. Baldwin Brothers LLC MA lifted its holdings in shares of Arch Capital Group by 50.7% in the 2nd quarter. Baldwin Brothers LLC MA now owns 309 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 104 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Arch Capital Group in the 2nd quarter valued at about $35,000. LRI Investments LLC purchased a new position in Arch Capital Group during the 1st quarter worth approximately $38,000. Finally, Versant Capital Management Inc increased its position in Arch Capital Group by 40.3% during the second quarter. Versant Capital Management Inc now owns 456 shares of the insurance provider's stock worth $46,000 after buying an additional 131 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACGL. Roth Mkm raised their target price on shares of Arch Capital Group from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. upped their target price on shares of Arch Capital Group from $108.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday, October 10th. Jefferies Financial Group raised their price target on Arch Capital Group from $114.00 to $134.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective on Arch Capital Group from $120.00 to $121.00 and gave the company an "outperform" rating in a research note on Wednesday, August 7th. Finally, Evercore ISI increased their price objective on Arch Capital Group from $104.00 to $107.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.88.

Arch Capital Group Price Performance

ACGL stock traded up $1.97 during midday trading on Friday, hitting $101.77. 997,615 shares of the stock were exchanged, compared to its average volume of 1,659,678. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.60 and a current ratio of 0.58. The stock has a market cap of $38.27 billion, a price-to-earnings ratio of 6.88, a PEG ratio of 1.47 and a beta of 0.61. Arch Capital Group Ltd. has a fifty-two week low of $72.85 and a fifty-two week high of $116.47. The stock's 50-day moving average price is $109.41 and its 200-day moving average price is $102.89.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $1.99 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.05. Arch Capital Group had a net margin of 33.86% and a return on equity of 18.94%. The firm had revenue of $4.72 billion for the quarter, compared to analysts' expectations of $4.05 billion. During the same period in the prior year, the company earned $2.31 EPS. Research analysts predict that Arch Capital Group Ltd. will post 9 earnings per share for the current year.

Arch Capital Group Announces Dividend

The business also recently declared a special dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 18th will be given a dividend of $5.00 per share.

Insider Transactions at Arch Capital Group

In related news, CFO Francois Morin sold 11,460 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $102.46, for a total transaction of $1,174,191.60. Following the sale, the chief financial officer now owns 221,779 shares of the company's stock, valued at $22,723,476.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.20% of the company's stock.

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.