Argo Group (NASDAQ:ARGO) issued its earnings results on Monday. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.19, Morningstar.com reports. The firm had revenue of $484.70 million during the quarter, compared to the consensus estimate of $462.83 million.
Shares of ARGO traded up $1.50 during midday trading on Tuesday, hitting $62.74. 3,613 shares of the company traded hands, compared to its average volume of 117,830. Argo Group has a 52 week low of $50.53 and a 52 week high of $65.90.
In other Argo Group news, insider Kevin James Rehnberg sold 16,850 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $61.28, for a total transaction of $1,032,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas A. Bradley acquired 2,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were bought at an average cost of $61.72 per share, with a total value of $123,440.00. The disclosure for this purchase can be found here. Insiders have sold a total of 54,880 shares of company stock valued at $3,439,177 in the last three months.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Dubuque Bank & Trust Co. purchased a new stake in shares of Argo Group during the 2nd quarter valued at about $212,000. Amalgamated Bank purchased a new stake in shares of Argo Group during the 2nd quarter valued at about $256,000. Boston Advisors LLC purchased a new stake in shares of Argo Group during the 2nd quarter valued at about $272,000. Diversified Trust Co purchased a new stake in shares of Argo Group during the 2nd quarter valued at about $313,000. Finally, First National Bank of Omaha purchased a new stake in shares of Argo Group during the 2nd quarter valued at about $1,328,000.
Several brokerages recently weighed in on ARGO. Raymond James dropped their target price on shares of Argo Group from $72.00 to $70.00 and set a “strong-buy” rating for the company in a report on Friday, October 19th. Boenning Scattergood set a $72.00 price objective on shares of Argo Group and gave the company an “outperform” rating in a report on Tuesday, October 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Argo Group to $69.00 and gave the company an “outperform” rating in a report on Tuesday, August 7th. Finally, Zacks Investment Research downgraded shares of Argo Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 10th.
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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