Bank of Nova Scotia Cuts Stock Holdings in Arch Capital Group Ltd. (NASDAQ:ACGL)

Bank of Nova Scotia decreased its stake in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 19.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,733 shares of the insurance provider's stock after selling 24,169 shares during the period. Bank of Nova Scotia's holdings in Arch Capital Group were worth $9,303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ACGL. Principal Financial Group Inc. raised its holdings in Arch Capital Group by 4.8% during the 3rd quarter. Principal Financial Group Inc. now owns 7,438,738 shares of the insurance provider's stock worth $832,246,000 after purchasing an additional 337,786 shares during the last quarter. XTX Topco Ltd bought a new position in Arch Capital Group during the third quarter worth $367,000. Orion Portfolio Solutions LLC lifted its holdings in Arch Capital Group by 27.4% in the third quarter. Orion Portfolio Solutions LLC now owns 12,510 shares of the insurance provider's stock valued at $1,400,000 after buying an additional 2,688 shares during the period. MML Investors Services LLC lifted its holdings in Arch Capital Group by 6.4% in the third quarter. MML Investors Services LLC now owns 34,920 shares of the insurance provider's stock valued at $3,907,000 after buying an additional 2,104 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its position in Arch Capital Group by 5.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 111,229 shares of the insurance provider's stock valued at $12,444,000 after acquiring an additional 5,614 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

ACGL has been the topic of a number of recent analyst reports. Barclays dropped their price objective 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. JMP Securities reissued a "market outperform" rating and issued a $125.00 price target on shares of Arch Capital Group in a research note on Tuesday, February 11th. Morgan Stanley reduced their price objective on shares of Arch Capital Group from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, February 14th. Keefe, Bruyette & Woods reduced their price objective on Arch Capital Group from $120.00 to $113.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Finally, Wells Fargo & Company lowered their price objective on Arch Capital Group from $107.00 to $106.00 and set an "overweight" rating for the company in a research note on Wednesday, February 12th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $114.88.

Insider Buying and Selling

In other news, insider Louis T. Petrillo sold 11,600 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $91.00, for a total transaction of $1,055,600.00. Following the completion of the transaction, the insider now owns 140,023 shares of the company's stock, valued at approximately $12,742,093. The trade was a 7.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.20% of the stock is owned by company insiders.

Arch Capital Group Stock Performance

Shares of Arch Capital Group stock traded down $0.43 during trading hours on Tuesday, reaching $92.44. The company had a trading volume of 777,891 shares, compared to its average volume of 1,735,595. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.54 and a quick ratio of 0.58. Arch Capital Group Ltd. has a one year low of $82.49 and a one year high of $116.47. The firm has a market cap of $34.73 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 2.31 and a beta of 0.36. The business has a fifty day simple moving average of $91.52 and a 200 day simple moving average of $96.26.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The insurance provider reported $2.26 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.36. Arch Capital Group had a return on equity of 17.96% and a net margin of 24.73%. During the same quarter in the previous year, the firm earned $2.45 EPS. On average, analysts anticipate that Arch Capital Group Ltd. will post 8.42 earnings per share for the current fiscal year.

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.