California State Teachers Retirement System increased its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL – Free Report) by 9,977.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 47,698,002 shares of the insurance provider’s stock after acquiring an additional 47,224,669 shares during the period. California State Teachers Retirement System owned 0.14% of Arch Capital Group worth $4,629,568,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Arch Capital Group during the fourth quarter worth about $463,208,000. Morgan Stanley lifted its position in shares of Arch Capital Group by 0.8% during the fourth quarter. Morgan Stanley now owns 4,289,082 shares of the insurance provider’s stock worth $411,409,000 after purchasing an additional 33,132 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Arch Capital Group by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,173,885 shares of the insurance provider’s stock valued at $400,643,000 after purchasing an additional 117,929 shares during the period. Madison Asset Management LLC purchased a new position in shares of Arch Capital Group in the second quarter valued at approximately $368,808,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Arch Capital Group by 5.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,949,978 shares of the insurance provider’s stock valued at $282,962,000 after purchasing an additional 160,326 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on ACGL. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Arch Capital Group in a research note on Thursday, August 13th. Cantor Fitzgerald boosted their price target on shares of Arch Capital Group from $102.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Morgan Stanley upped their price objective on Arch Capital Group from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. UBS Group reiterated a “buy” rating and issued a $120.00 price objective (up from $114.00) on shares of Arch Capital Group in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company lifted their target price on Arch Capital Group from $114.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $111.11.
Arch Capital Group Stock Up 0.4%
Shares of NASDAQ:ACGL opened at $96.11 on Thursday. The firm’s 50 day moving average price is $100.08 and its 200 day moving average price is $96.74. The stock has a market cap of $32.80 billion, a price-to-earnings ratio of 7.51, a price-to-earnings-growth ratio of 4.71 and a beta of 0.30. Arch Capital Group Ltd. has a fifty-two week low of $82.44 and a fifty-two week high of $107.08. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.23.
Arch Capital Group (NASDAQ:ACGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.09. Arch Capital Group had a net margin of 24.40% and a return on equity of 17.06%. The company had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.36 billion. During the same quarter in the previous year, the firm earned $2.58 earnings per share. As a group, equities research analysts predict that Arch Capital Group Ltd. will post 9.44 earnings per share for the current fiscal year.
Insider Buying and Selling at Arch Capital Group
In other news, CFO Francois Morin sold 11,010 shares of Arch Capital Group stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $99.32, for a total transaction of $1,093,513.20. Following the completion of the sale, the chief financial officer directly owned 184,826 shares of the company’s stock, valued at approximately $18,356,918.32. The trade was a 5.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.
Arch Capital Group Company Profile
Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that operates through a global network of subsidiaries. Listed on the Nasdaq under the symbol ACGL, the company provides specialty insurance, reinsurance and mortgage insurance products to businesses, institutions and individuals.
Arch’s insurance operations offer coverage across property, casualty and specialty lines, including professional liability, marine, aviation, energy, construction, accident and health, and other complex or customized risks.
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