Bank of America Securities Sticks to Its Buy Rating for Arch Capital Group (ACGL)

In a report released today, Joshua Shanker from Bank of America Securities maintained a Buy rating on Arch Capital Group, with a price target of $120.00.

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Shanker covers the Financial sector, focusing on stocks such as Progressive, American International Group, and Brown & Brown. According to TipRanks, Shanker has an average return of 8.0% and a 60.48% success rate on recommended stocks.

In addition to Bank of America Securities, Arch Capital Group also received a Buy from Cantor Fitzgerald’s Ryan Tunis in a report issued on January 14. However, on January 8, Barclays maintained a Hold rating on Arch Capital Group (NASDAQ: ACGL).

Based on Arch Capital Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $4.98 billion and a net profit of $1.35 billion. In comparison, last year the company earned a revenue of $4.48 billion and had a net profit of $988 million

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ACGL in relation to earlier this year. Last month, John Pasquesi, a Director at ACGL sold 212,666.00 shares for a total of $19,968,738.80.