Zacks Investment Research downgraded shares of Argo Group International (NASDAQ:AGII) from a hold rating to a sell rating in a research note published on Tuesday morning.
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. “
AGII has been the subject of a number of other research reports. BidaskClub cut shares of Argo Group International from a hold rating to a sell rating in a research report on Saturday, January 6th. Keefe, Bruyette & Woods upgraded shares of Argo Group International from a market perform rating to an outperform rating and increased their target price for the stock from $67.00 to $71.00 in a research report on Thursday, December 28th.
Argo Group International (NASDAQ:AGII) last announced its quarterly earnings data on Thursday, November 2nd. The insurance provider reported ($1.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($2.90). The business had revenue of $439.20 million during the quarter, compared to analyst estimates of $433.90 million. Argo Group International had a net margin of 3.15% and a return on equity of 1.36%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.12 EPS. sell-side analysts forecast that Argo Group International will post 0.87 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Thursday, November 30th. Argo Group International’s dividend payout ratio (DPR) is currently 63.53%.
In related news, CFO Jay Stanley Bullock sold 6,743 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $60.97, for a total transaction of $411,120.71. Following the completion of the sale, the chief financial officer now owns 85,767 shares in the company, valued at approximately $5,229,213.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin James Rehnberg sold 2,500 shares of the stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $59.74, for a total transaction of $149,350.00. Following the sale, the insider now owns 30,793 shares of the company’s stock, valued at approximately $1,839,573.82. The disclosure for this sale can be found here. Insiders have sold a total of 17,524 shares of company stock valued at $1,067,061 in the last quarter. 4.86% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of AGII. Quantbot Technologies LP acquired a new stake in Argo Group International in the 2nd quarter valued at about $195,000. Neuberger Berman Group LLC increased its position in Argo Group International by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,383 shares of the insurance provider’s stock valued at $205,000 after acquiring an additional 27 shares in the last quarter. Amalgamated Bank increased its position in Argo Group International by 1.4% in the 2nd quarter. Amalgamated Bank now owns 3,671 shares of the insurance provider’s stock valued at $222,000 after acquiring an additional 49 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Argo Group International in the 2nd quarter valued at about $271,000. Finally, BNP Paribas Arbitrage SA increased its position in Argo Group International by 210.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,569 shares of the insurance provider’s stock valued at $277,000 after acquiring an additional 3,098 shares in the last quarter. Hedge funds and other institutional investors own 86.92% of the company’s stock.
About Argo Group International
Argo Group International Holdings, Ltd. is an underwriter of specialty insurance and reinsurance products in the property and casualty market. The Company operates through four segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Excess and Surplus Lines segment carriers focus on risks that the standard (admitted) market is unwilling or unable to underwrite.
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