Argo Group (NASDAQ:ARGO) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Argo Group (NASDAQ:ARGO) from a hold rating to a buy rating in a research note published on Thursday, Zacks.com reports. The firm currently has $84.00 price target on the stock.
According to Zacks, “PXRE Group Ltd. provides reinsurance products and services to a worldwide marketplace. They primarily emphasize commercial and personal property and casualty reinsurance risks, and offer both broker-based and direct-writing distribution capabilities. PXRE also provides marine and aerospace reinsurance products and services. “
Other equities analysts also recently issued research reports about the stock. Compass Point upgraded shares of Argo Group from a neutral rating to a buy rating and set a $68.10 price objective for the company in a research report on Tuesday, March 19th. Boenning Scattergood restated a buy rating and set a $74.00 price objective on shares of Argo Group in a research report on Tuesday, April 30th. Finally, William Blair downgraded shares of WABCO from an outperform rating to a market perform rating in a research report on Friday, April 26th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $73.20.
Argo Group (NASDAQ:ARGO) last announced its quarterly earnings data on Monday, April 29th. The company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.30. The firm had revenue of $456.70 million for the quarter, compared to analysts’ expectations of $488.65 million.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a dividend of $0.31 per share. The ex-dividend date was Thursday, June 6th. This represents a $1.24 dividend on an annualized basis and a yield of 1.67%.
In other news, Director Kathleen Nealon sold 1,210 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $73.10, for a total transaction of $88,451.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kevin James Rehnberg sold 6,442 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $71.08, for a total transaction of $457,897.36. The disclosure for this sale can be found here.
Several large investors have recently bought and sold shares of the company. Rhumbline Advisers grew its stake in Argo Group by 0.3% in the 1st quarter. Rhumbline Advisers now owns 53,609 shares of the company’s stock valued at $3,788,000 after acquiring an additional 142 shares during the last quarter. GAM Holding AG grew its stake in Argo Group by 9.2% in the 1st quarter. GAM Holding AG now owns 5,755 shares of the company’s stock valued at $407,000 after acquiring an additional 484 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Argo Group by 69.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,470 shares of the company’s stock valued at $104,000 after acquiring an additional 600 shares during the last quarter. Riggs Asset Managment Co. Inc. acquired a new stake in Argo Group in the 1st quarter valued at about $52,000. Finally, Quadrant Capital Group LLC acquired a new stake in Argo Group in the 1st quarter valued at about $53,000.
About Argo Group
Argo Group International Holdings Ltd. engages in underwriting property and casualty insurance and reinsurance. The company operates through following segments: Property, Liability, Professional and Specialty. The Property segment includes both property insurance and reinsurance products. The Liability segment includes a broad range of primary and excess casualty products.
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