Bank of New York Mellon Corp Cuts Position in Arch Capital Group Ltd. (NASDAQ:ACGL)

Bank of New York Mellon Corp decreased its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,324,180 shares of the insurance provider's stock after selling 38,072 shares during the period. Bank of New York Mellon Corp owned approximately 0.62% of Arch Capital Group worth $234,486,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Arch Capital Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 40,858,890 shares of the insurance provider's stock worth $3,776,996,000 after acquiring an additional 104,008 shares in the last quarter. Capital World Investors raised its holdings in Arch Capital Group by 0.6% during the 4th quarter. Capital World Investors now owns 10,611,092 shares of the insurance provider's stock valued at $788,086,000 after buying an additional 58,862 shares during the period. Principal Financial Group Inc. lifted its position in Arch Capital Group by 11.4% in the first quarter. Principal Financial Group Inc. now owns 6,800,236 shares of the insurance provider's stock worth $628,614,000 after buying an additional 693,608 shares during the last quarter. Davis Asset Management L.P. boosted its stake in Arch Capital Group by 441.7% during the fourth quarter. Davis Asset Management L.P. now owns 6,500,000 shares of the insurance provider's stock worth $482,755,000 after buying an additional 5,300,000 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Arch Capital Group by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,907,122 shares of the insurance provider's stock worth $546,054,000 after buying an additional 99,329 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Arch Capital Group Stock Up 0.4 %

NASDAQ ACGL traded up $0.47 during midday trading on Monday, hitting $109.49. 1,227,705 shares of the company traded hands, compared to its average volume of 1,632,281. Arch Capital Group Ltd. has a 52 week low of $72.85 and a 52 week high of $110.12. The company's 50-day simple moving average is $99.20 and its 200-day simple moving average is $95.39. The company has a market cap of $41.11 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 1.86 and a beta of 0.58. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.60 and a quick ratio of 0.60.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The insurance provider reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.36. Arch Capital Group had a return on equity of 21.42% and a net margin of 35.19%. The company had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter last year, the company earned $1.92 earnings per share. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities research analysts forecast that Arch Capital Group Ltd. will post 9 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Arch Capital Group from $111.00 to $110.00 and set an "overweight" rating for the company in a report on Monday, August 12th. Royal Bank of Canada boosted their target price on Arch Capital Group from $108.00 to $112.00 and gave the company an "outperform" rating in a research report on Thursday, August 1st. Evercore ISI increased their price target on Arch Capital Group from $100.00 to $104.00 and gave the stock an "in-line" rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods boosted their price objective on Arch Capital Group from $120.00 to $121.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Finally, JMP Securities upped their price objective on Arch Capital Group from $110.00 to $115.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $106.50.

Insider Activity

In other Arch Capital Group news, CFO Francois Morin sold 11,460 shares of Arch Capital Group stock in a transaction on Friday, August 16th. The shares were sold at an average price of $102.46, for a total value of $1,174,191.60. Following the transaction, the chief financial officer now directly owns 221,779 shares of the company's stock, valued at $22,723,476.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.20% of the company's stock.

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.