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

Chase Investment Counsel Corp trimmed its holdings in Arch Capital Group Ltd. (NASDAQ:ACGL) by 10.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,724 shares of the insurance provider’s stock after selling 5,226 shares during the quarter. Arch Capital Group makes up approximately 1.3% of Chase Investment Counsel Corp’s holdings, making the stock its 21st biggest position. Chase Investment Counsel Corp’s holdings in Arch Capital Group were worth $4,475,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ACGL. 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 worth $31,000 after purchasing an additional 104 shares during the period. Sunbelt Securities Inc. increased its stake 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 worth $617,000 after purchasing an additional 117 shares during the period. Assenagon Asset Management S.A. increased its stake 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 worth $3,077,000 after purchasing an additional 117 shares during the period. Resonant Capital Advisors LLC increased its stake 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 worth $536,000 after purchasing an additional 118 shares during the period. Finally, Versant Capital Management Inc increased its stake 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 worth $46,000 after purchasing an additional 131 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Arch Capital Group Stock Down 1.2 %

NASDAQ ACGL traded down $1.35 during trading on Thursday, hitting $111.97. The company’s stock had a trading volume of 219,972 shares, compared to its average volume of 1,622,243. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $42.11 billion, a PE ratio of 8.86, a P/E/G ratio of 2.05 and a beta of 0.59. The business’s 50 day simple moving average is $100.94 and its 200-day simple moving average is $96.86. Arch Capital Group Ltd. has a fifty-two week low of $72.85 and a fifty-two week high of $114.65.

Arch Capital Group (NASDAQ:ACGL) last released its earnings results on Tuesday, July 30th. The insurance provider reported $2.57 EPS for the quarter, topping 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 firm had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the previous year, the company posted $1.92 earnings per share. The company’s revenue was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that Arch Capital Group Ltd. will post 9.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on ACGL. Royal Bank of Canada increased their target price on Arch Capital Group from $108.00 to $112.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. JMP Securities raised their price target on Arch Capital Group from $110.00 to $115.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 31st. Evercore ISI raised their price target on Arch Capital Group from $100.00 to $104.00 and gave the company an “in-line” rating in a research note on Wednesday, July 31st. Wells Fargo & Company cut their price target on Arch Capital Group from $111.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, August 12th. Finally, Bank of America cut their price target on Arch Capital Group from $119.00 to $118.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $107.44.

Insider Buying and Selling

In related news, CFO Francois Morin sold 11,460 shares of Arch Capital Group stock in a transaction dated 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 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 at the SEC website. Corporate insiders own 4.20% of the company’s stock.

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.