Argo Group (NASDAQ:ARGO) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Argo Group (NASDAQ:ARGO) from a sell rating to a hold rating in a report published on Monday morning, Zacks.com reports.

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. “

A number of other research firms have also recently issued reports on ARGO. William Blair cut shares of Argo Group from an outperform rating to a market perform rating and set a $74.12 price objective on the stock. in a research report on Friday, April 26th. Boenning Scattergood reissued a buy rating on shares of Argo Group in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Argo Group currently has a consensus rating of Buy and a consensus target price of $73.24.

Shares of Argo Group stock opened at $66.96 on Monday. The business has a 50-day moving average price of $71.01 and a two-hundred day moving average price of $71.40. Argo Group has a 1-year low of $58.42 and a 1-year high of $78.57.

Argo Group (NASDAQ:ARGO) last released its quarterly earnings data on Monday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.23. The company had revenue of $476.60 million for the quarter, compared to the consensus estimate of $478.43 million.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.31 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.24 annualized dividend and a yield of 1.85%.

In other Argo Group news, insider Kevin James Rehnberg sold 6,442 shares of Argo Group stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $71.08, for a total transaction of $457,897.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jay Stanley Bullock sold 14,623 shares of Argo Group stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $68.72, for a total transaction of $1,004,892.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,275 shares of company stock worth $1,551,241.

Several institutional investors have recently bought and sold shares of the business. Voloridge Investment Management LLC purchased a new position in Argo Group in the 2nd quarter valued at approximately $439,000. Waddell & Reed Financial Inc. grew its stake in Argo Group by 0.4% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 225,089 shares of the company’s stock valued at $16,668,000 after buying an additional 813 shares in the last quarter. Zacks Investment Management grew its stake in Argo Group by 42.6% in the 2nd quarter. Zacks Investment Management now owns 33,539 shares of the company’s stock valued at $2,484,000 after buying an additional 10,012 shares in the last quarter. Hillcrest Asset Management LLC grew its stake in Argo Group by 0.6% in the 2nd quarter. Hillcrest Asset Management LLC now owns 254,652 shares of the company’s stock valued at $18,857,000 after buying an additional 1,530 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Argo Group by 162.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 909,947 shares of the company’s stock valued at $67,382,000 after buying an additional 563,338 shares in the last quarter.

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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