Wells Fargo analyst Elyse Greenspan maintained a Hold rating on Arch Capital Group Ltd (ACGL) today and set a price target of $30. The company’s shares closed yesterday at $27.18.
Greenspan commented:
“We sense ACGL is getting more excited about the reinsurance market than it has in some time, although management is not yet calling for a broad-based hard market and how firm the market gets will determine how much higher ACGL’s PML goes. We are not changing our EPS estimates or price target at this time and expect the ACGL shares to be largely unchanged after the meetings. While investors have tended to focus on stocks with a greater percentage of their business in reinsurance (RE, RNR and AXS) as they factor in the potential for a better reinsurance market, Arch can also benefit and ramp up its writings if the prices are there.”
According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 1.1% and a 50.5% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
Arch Capital Group Ltd has an analyst consensus of Moderate Buy, with a price target consensus of $28.33.
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Based on Arch Capital Group Ltd’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $227 million. In comparison, last year the company had a GAAP net loss of $40.39 million.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock.
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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.
