Argo Group International (NYSE:ARGO) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Argo Group International (NYSE:ARGO) from a hold rating to a sell rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “PXRE Group Ltd. provides reinsurance products and services to a worldwide marketplace. They primarily emphasize commercial and personal property and casualty reinsurance risks, and offer both broker-based and direct-writing distribution capabilities. PXRE also provides marine and aerospace reinsurance products and services. “

ARGO has been the topic of several other reports. Raymond James increased their price objective on shares of Argo Group International from $65.00 to $70.00 and gave the company a strong-buy rating in a report on Thursday, November 4th. Morgan Stanley raised shares of Argo Group International from an equal weight rating to an overweight rating and set a $12.00 price target on the stock in a research note on Monday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $43.85.

ARGO opened at $60.06 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 22.33 and a beta of 0.93. Argo Group International has a 52-week low of $39.74 and a 52-week high of $61.29. The firm’s fifty day simple moving average is $57.42 and its two-hundred day simple moving average is $54.65.

Argo Group International (NYSE:ARGO) last posted its quarterly earnings data on Tuesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.98. The business had revenue of $533.60 million for the quarter, compared to the consensus estimate of $504.85 million. Argo Group International had a net margin of 4.95% and a return on equity of 5.40%. During the same period last year, the firm posted ($0.34) earnings per share. On average, research analysts forecast that Argo Group International will post 3.92 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Tuesday, November 30th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, November 29th. Argo Group International’s dividend payout ratio is currently 46.10%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Mraz Amerine & Associates Inc. acquired a new stake in Argo Group International during the fourth quarter worth about $207,000. FourThought Financial LLC increased its position in Argo Group International by 344.8% during the fourth quarter. FourThought Financial LLC now owns 1,570 shares of the company’s stock worth $91,000 after purchasing an additional 1,217 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in Argo Group International during the third quarter worth about $686,000. Bank of New York Mellon Corp increased its position in Argo Group International by 5.7% during the third quarter. Bank of New York Mellon Corp now owns 136,912 shares of the company’s stock worth $7,150,000 after purchasing an additional 7,439 shares during the last quarter. Finally, Gyon Technologies Capital Management LP acquired a new stake in Argo Group International during the third quarter worth about $225,000. Hedge funds and other institutional investors own 89.02% of the company’s stock.

Argo Group International Company Profile

Argo Group International Holdings Ltd. engages in the provision of underwriting property and casualty insurance and reinsurance products. It operates through the following segments: U.S. Operations, International Operations, and Run-off Lines. The U.S. Operations segment include distribution through retail, wholesale, and managing general brokers/agents in the specialty insurance market.

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