Renaissance Technologies LLC Purchases Shares of 41,300 Arch Capital Group Ltd. (NASDAQ:ACGL)

Renaissance Technologies LLC purchased a new stake in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 41,300 shares of the insurance provider’s stock, valued at approximately $4,167,000.

Other large investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Arch Capital Group by 5.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 49,588 shares of the insurance provider’s stock valued at $3,683,000 after buying an additional 2,551 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in shares of Arch Capital Group by 3.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 9,613 shares of the insurance provider’s stock valued at $741,000 after buying an additional 296 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Arch Capital Group by 53.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,837 shares of the insurance provider’s stock valued at $1,845,000 after buying an additional 8,663 shares during the period. TD Asset Management Inc lifted its holdings in shares of Arch Capital Group by 18.2% in the 4th quarter. TD Asset Management Inc now owns 136,811 shares of the insurance provider’s stock valued at $10,161,000 after buying an additional 21,081 shares during the period. Finally, Fiduciary Trust Co acquired a new position in shares of Arch Capital Group in the 4th quarter valued at about $208,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Arch Capital Group Price Performance

ACGL stock opened at $113.41 on Friday. 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 business has a 50 day simple moving average of $105.74 and a 200-day simple moving average of $99.82. The firm has a market capitalization of $42.58 billion, a PE ratio of 8.95, a price-to-earnings-growth ratio of 2.05 and a beta of 0.60. Arch Capital Group Ltd. has a 1 year low of $72.85 and a 1 year high of $114.69.

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

Insider Activity

In related news, CFO Francois Morin sold 11,460 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $102.46, for a total value of $1,174,191.60. Following the completion of the transaction, the chief financial officer now directly owns 221,779 shares in the company, valued at $22,723,476.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ACGL shares. Roth Mkm boosted their price objective on Arch Capital Group from $110.00 to $125.00 and gave the company a “buy” rating in a report on Friday, August 23rd. StockNews.com cut Arch Capital Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods upped their price target on Arch Capital Group from $120.00 to $121.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Barclays assumed coverage on Arch Capital Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $120.00 price target for the company. Finally, Citigroup upped their price target on Arch Capital Group from $105.00 to $114.00 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.73.

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.