The CEO of a major insurer/reinsurer has sold the vast majority of his shares of his company’s stock on the open market.
Arch Capital Group CEO Constantine Iordanou sold the shares in a transaction on Monday.
The sale saw him dispose of nearly 95% of the shares he held for a total value of $5,931,000. Following the transaction, the chief executive officer now directly owns 6,000 shares in the company valued at approximately $355,860. The transaction was disclosed in a filing with the SEC.
Arch Capital Group Ltd. (ACGL) writes insurance and reinsurance on a worldwide basis, operating in two underwriting segments: insurance and reinsurance. Its insurance operations are conducted in Canada, the United States, Bermuda, Europe, Australia and South Africa.
In the U.S. market, Arch Insurance provides a wide range of property, casualty and specialty insurance for corporations, professional firms and financial institutions.
The U.S. group consists of Arch Insurance Company, Arch Specialty Insurance Company, Arch Excess & Surplus Insurance Company and Arch Indemnity Insurance Company. Arch Insurance Group's executive offices are located at One Liberty Plaza in New York City, with regional offices located in New York City (Northeast Region), Atlanta (Southeast Region), Chicago (Central Region) and San Francisco (Western Region).
In addition, a number of other offices throughout the U.S. have been established, with the operations center based in Jersey City, New Jersey.
ACGL has figured prominently in a number of recent research reports. Analysts at Keefe, Bruyette & Woods set a $60 price target on shares of Arch Capital Group and gave the company a “hold” rating in a research note on February 12.
Analysts at RBC Capital raised their price target on shares of Arch Capital Group from $63.00 to $66.00 and gave the company an “outperform” rating in a research note on February 12. Analysts at Deutsche Bank reiterated a “hold” rating and set a $61.00 price target (up previously from $60.00) on shares of Arch Capital Group in a research note on February 6. (continued.)
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Finally, analysts at Macquarie upgraded shares of Arch Capital Group from a “neutral” rating to an “outperform” rating in a research note on January 14. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Arch Capital Group has a consensus rating of “Buy” and a consensus target price of $63.32.
Shares of Arch Capital Group traded down 0.27 per cent during mid-day trading on Tuesday, hitting $59.48. The stock had a trading volume of 504,954 shares.Arch Capital Group has a 52-week low of $52.51 and a 52-week high of $61.38. The stock’s 50-day moving average is $59.4 and its 200-day moving average is $57.15. The company has a market cap of $7.459 billion and a P/E ratio of 9.91.
ACGL’s quarterly earnings data released on February 10 show the company reported $1.15 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.94 by $0.21.
During the same quarter last year, the company posted $1.12 earnings per share.
On average, analysts predict that Arch Capital Group will post $3.89 earnings per share for the current fiscal year.
