Wells Fargo Sticks to Their Hold Rating for Arch Capital Group Ltd

By Austin Angelo

Wells Fargo analyst Elyse Greenspan reiterated a Hold rating on Arch Capital Group Ltd (NASDAQ: ACGL) yesterday. The company’s shares closed yesterday at $97.14, close to its 52-week high of $99.21.

Greenspan observed:

“We await more details from the company to determine whether this will potentially lead to additional reserve charges across the industry.”

According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 3.0% and a 63.6% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

Currently, the analyst consensus on Arch Capital Group Ltd is Moderate Buy and the average price target is $102, representing a 5.0% upside.

In a report issued on May 29, KBW also reiterated a Hold rating on the stock with a $100 price target.

Based on Arch Capital Group Ltd’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.23 billion and quarterly net profit of $253 million. In comparison, last year the company earned revenue of $1.09 billion and had a net profit of $155 million.

Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Arch Capital Group Ltd. provides property and casualty insurance and reinsurance lines. It operates through the following segments: Insurance, Reinsurance, Mortgage, Corporate (Non-Underwriting), and Other. The Insurance segment consists of insurance underwriting units which offer specialty product lines on a worldwide basis. The Reinsurance segment provides reinsurance underwriting units which offer specialty product lines on a worldwide basis. The Mortgage segment includes the results of Arch MI U.S. and Arch MI Europe, providers of mortgage insurance products and services to the U.S. and European markets. The Corporate (Non-Underwriting) segment includes net investment income, other income (loss), other expenses incurred. The Other segment is measured based on net income or loss. The company was founded by Clements Robert in September 2000 and is headquartered in Hamilton, Bermuda.