Argo Group (NASDAQ:ARGO) Stock Rating Lowered by Zacks Investment Research

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Argo Group (NASDAQ:ARGO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, 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. “

Several other research firms also recently issued reports on ARGO. Boenning Scattergood reissued a “buy” rating and issued a $74.00 target price on shares of Argo Group in a research report on Tuesday, April 30th. William Blair lowered shares of WABCO from an “outperform” rating to a “market perform” rating in a report on Friday, April 26th. Finally, Compass Point raised shares of Argo Group from a “neutral” rating to a “buy” rating and set a $68.10 price target on the stock in a report on Tuesday, March 19th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Argo Group presently has an average rating of “Buy” and an average price target of $73.70.

Shares of NASDAQ ARGO traded down $0.42 during mid-day trading on Tuesday, hitting $74.31. The stock had a trading volume of 4,403 shares, compared to its average volume of 130,521. The stock’s 50 day moving average price is $73.27. Argo Group has a twelve month low of $58.42 and a twelve month high of $78.57.

Argo Group (NASDAQ:ARGO) last released its earnings results on Monday, April 29th. The company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.30. The firm had revenue of $456.70 million during the quarter, compared to analyst estimates of $488.65 million.

In other news, Director Kathleen Nealon sold 1,210 shares of the stock in a transaction dated 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kevin James Rehnberg sold 6,442 shares of the stock in a transaction dated 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.

Hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. acquired a new stake in shares of Argo Group during the fourth quarter valued at about $274,000. First Trust Advisors LP acquired a new stake in shares of Argo Group during the fourth quarter valued at about $580,000. PNC Financial Services Group Inc. acquired a new stake in shares of Argo Group during the fourth quarter valued at about $133,000. California Public Employees Retirement System acquired a new stake in shares of Argo Group during the fourth quarter valued at about $7,141,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Argo Group during the fourth quarter valued at about $2,139,000.

Argo Group Company Profile

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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Analyst Recommendations for Argo Group (NASDAQ:ARGO)

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