Arch Capital Group (NASDAQ:ACGL) Price Target Raised to $138.00 at TD Cowen

Arch Capital Group (NASDAQ:ACGL) had its price target hoisted by TD Cowen from $116.00 to $138.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. TD Cowen’s price objective would indicate a potential upside of 23.35% from the stock’s previous close.

A number of other brokerages have also recently commented on ACGL. JMP Securities increased their target price on Arch Capital Group from $110.00 to $115.00 and gave the company a “market outperform” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods increased 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. Barclays assumed coverage on Arch Capital Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $120.00 price objective for the company. Citigroup upped their target price on shares of Arch Capital Group from $105.00 to $114.00 and gave the company a “neutral” rating in a report on Tuesday, September 10th. Finally, Evercore ISI lifted their price target on shares of Arch Capital Group from $100.00 to $104.00 and gave the stock an “in-line” rating in a report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.73.

Arch Capital Group Price Performance

Shares of NASDAQ:ACGL traded up $0.46 during midday trading on Friday, hitting $111.88. 879,926 shares of the stock were exchanged, compared to its average volume of 1,604,646. Arch Capital Group has a twelve month low of $72.85 and a twelve month high of $114.69. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average price of $103.53 and a 200-day moving average price of $98.62. The stock has a market cap of $42.07 billion, a P/E ratio of 8.83, a PEG ratio of 2.07 and a beta of 0.60.

Arch Capital Group (NASDAQ:ACGL) last announced its earnings results on Tuesday, July 30th. The insurance provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.36. The company had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.89 billion. Arch Capital Group had a net margin of 35.19% and a return on equity of 21.42%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.92 earnings per share. On average, research analysts forecast that Arch Capital Group will post 9.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Francois Morin sold 11,460 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 221,779 shares in the company, valued at approximately $22,723,476.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arch Capital Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Baldwin Brothers LLC MA raised its holdings 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 buying an additional 104 shares during the period. Fidelis Capital Partners LLC lifted its holdings in shares of Arch Capital Group by 3.1% during the 2nd quarter. Fidelis Capital Partners LLC now owns 3,553 shares of the insurance provider’s stock valued at $344,000 after acquiring an additional 106 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Arch Capital Group by 1.8% during the 1st quarter. Sunbelt Securities Inc. now owns 6,679 shares of the insurance provider’s stock worth $617,000 after purchasing an additional 117 shares during the period. Resonant Capital Advisors LLC increased its holdings in Arch Capital Group by 2.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 5,802 shares of the insurance provider’s stock valued at $536,000 after purchasing an additional 118 shares in the last quarter. Finally, Versant Capital Management Inc raised 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 purchasing an additional 131 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

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.