Chase Investment Counsel Corp Sells 5,226 Shares of Arch Capital Group Ltd. (NASDAQ:ACGL)

Chase Investment Counsel Corp trimmed its position in Arch Capital Group Ltd. (NASDAQ:ACGL - Free Report) by 10.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,724 shares of the insurance provider's stock after selling 5,226 shares during the quarter. Arch Capital Group accounts for 1.3% of Chase Investment Counsel Corp's holdings, making the stock its 21st largest holding. Chase Investment Counsel Corp's holdings in Arch Capital Group were worth $4,475,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Baldwin Brothers LLC MA increased its stake in Arch Capital Group by 50.7% in the second quarter. Baldwin Brothers LLC MA now owns 309 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 104 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Arch Capital Group by 0.4% in the first quarter. Assenagon Asset Management S.A. now owns 33,283 shares of the insurance provider's stock valued at $3,077,000 after buying an additional 117 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Arch Capital Group by 1.8% in the first quarter. Sunbelt Securities Inc. now owns 6,679 shares of the insurance provider's stock valued at $617,000 after buying an additional 117 shares in the last quarter. Resonant Capital Advisors LLC boosted its position in Arch Capital Group by 2.1% in the first quarter. Resonant Capital Advisors LLC now owns 5,802 shares of the insurance provider's stock valued at $536,000 after buying an additional 118 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in Arch Capital Group by 40.3% in the second quarter. Versant Capital Management Inc now owns 456 shares of the insurance provider's stock valued at $46,000 after buying an additional 131 shares in the last quarter. 89.07% of the stock is owned by institutional investors.

Insider Buying and Selling at Arch Capital Group

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 completion of the sale, 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 legal filing with the SEC, which is available at the SEC website. Insiders own 4.20% of the company's stock.

Arch Capital Group Trading Down 1.0 %

ACGL stock traded down $1.13 during midday trading on Thursday, hitting $112.19. The stock had a trading volume of 1,551,545 shares, compared to its average volume of 1,630,030. The firm has a market cap of $42.13 billion, a P/E ratio of 8.85, a price-to-earnings-growth ratio of 2.05 and a beta of 0.60. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.16. Arch Capital Group Ltd. has a 1-year low of $72.85 and a 1-year high of $114.65. The business has a fifty day moving average price of $101.17 and a two-hundred day moving average price of $96.97.

Arch Capital Group (NASDAQ:ACGL - Get Free Report) last released its earnings results on Tuesday, July 30th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.36. The business had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.89 billion. Arch Capital Group had a net margin of 35.19% and a return on equity of 21.42%. Arch Capital Group's revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.92 earnings per share. On average, sell-side analysts predict that Arch Capital Group Ltd. will post 9.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JMP Securities raised their target price on shares of 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. Barclays assumed coverage on shares of Arch Capital Group in a research report on Wednesday. They issued an "equal weight" rating and a $120.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Arch Capital Group from $111.00 to $110.00 and set an "overweight" rating on the stock in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Arch Capital Group from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, July 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of Arch Capital Group from $106.00 to $108.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.44.

Arch Capital Group 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.