Argo Group (ARGO) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Argo Group (NASDAQ:ARGO) from a hold rating to a sell rating in a report published on Wednesday 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. “

Several other research analysts have also recently commented on the company. Boenning Scattergood set a $72.00 price target on Argo Group and gave the stock a buy rating in a research note on Tuesday. Raymond James cut their price target on Argo Group from $72.00 to $70.00 and set a strong-buy rating on the stock in a research note on Friday, October 19th. Finally, Keefe, Bruyette & Woods boosted their price target on Argo Group to $69.00 and gave the stock an outperform rating in a research note on Tuesday, August 7th.

Shares of NASDAQ:ARGO traded down $2.98 during trading on Wednesday, hitting $66.69. The company’s stock had a trading volume of 89,548 shares, compared to its average volume of 117,459. Argo Group has a fifty-two week low of $50.53 and a fifty-two week high of $69.77.

Argo Group (NASDAQ:ARGO) last released its quarterly earnings results on Monday, November 5th. The company reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.19. The business had revenue of $484.70 million during the quarter, compared to analyst estimates of $462.83 million.

In other news, Director Thomas A. Bradley acquired 2,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average cost of $61.72 per share, with a total value of $123,440.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jay Stanley Bullock sold 12,323 shares of the business’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $63.43, for a total value of $781,647.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 64,190 shares of company stock valued at $4,064,250.

Institutional investors have recently made changes to their positions in the stock. Dubuque Bank & Trust Co. bought a new stake in Argo Group in the second quarter valued at about $212,000. Amalgamated Bank bought a new position in shares of Argo Group during the second quarter valued at approximately $256,000. Boston Advisors LLC bought a new position in shares of Argo Group during the second quarter valued at approximately $272,000. Diversified Trust Co bought a new position in shares of Argo Group during the second quarter valued at approximately $313,000. Finally, First National Bank of Omaha bought a new position in shares of Argo Group during the second quarter valued at approximately $1,328,000.

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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