PNC Financial Services Group Inc. Purchases 6,521 Shares of Arch Capital Group Ltd. (NASDAQ:ACGL)

PNC Financial Services Group Inc. increased its position in shares of Arch Capital Group Ltd. (NASDAQ:ACGL) by 10.0% in the third quarter, Holdings Channel reports. The institutional investor owned 71,721 shares of the insurance provider’s stock after buying an additional 6,521 shares during the period. PNC Financial Services Group Inc.’s holdings in Arch Capital Group were worth $8,024,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACGL. Principal Financial Group Inc. grew its stake in shares of Arch Capital Group by 4.8% during the 3rd quarter. Principal Financial Group Inc. now owns 7,438,738 shares of the insurance provider’s stock worth $832,246,000 after acquiring an additional 337,786 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Arch Capital Group by 1.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,124,251 shares of the insurance provider’s stock worth $573,301,000 after purchasing an additional 49,426 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Arch Capital Group by 6.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,925,288 shares of the insurance provider’s stock valued at $396,026,000 after purchasing an additional 244,285 shares in the last quarter. Legal & General Group Plc increased its stake in Arch Capital Group by 10.1% in the 2nd quarter. Legal & General Group Plc now owns 3,455,949 shares of the insurance provider’s stock valued at $348,671,000 after buying an additional 316,070 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Arch Capital Group by 1.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,882,387 shares of the insurance provider’s stock worth $189,914,000 after buying an additional 32,115 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ACGL. JPMorgan Chase & Co. raised their price objective on Arch Capital Group from $108.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Royal Bank of Canada decreased their price target on Arch Capital Group from $128.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Jefferies Financial Group upped their price objective on Arch Capital Group from $114.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. TD Cowen raised their target price on shares of Arch Capital Group from $116.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Arch Capital Group from $120.00 to $121.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.38.

Arch Capital Group Trading Up 1.1 %

Shares of NASDAQ:ACGL opened at $99.69 on Friday. Arch Capital Group Ltd. has a 12-month low of $72.85 and a 12-month high of $116.47. The business has a 50 day moving average of $106.67 and a 200-day moving average of $103.32. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.17. The stock has a market cap of $37.51 billion, a PE ratio of 6.69, a P/E/G ratio of 1.52 and a beta of 0.61.

Arch Capital Group (NASDAQ:ACGL) last issued its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.05. Arch Capital Group had a return on equity of 18.94% and a net margin of 33.86%. The firm had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same period in the prior year, the firm posted $2.31 EPS. As a group, equities research analysts forecast that Arch Capital Group Ltd. will post 9.01 earnings per share for the current year.

Arch Capital Group Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 18th will be paid a $5.00 dividend. The ex-dividend date is Monday, November 18th.

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.