Argo Group (NASDAQ:ARGO) Rating Increased to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Argo Group (NASDAQ:ARGO) from a hold rating to a buy rating in a research report report published on Thursday, Zacks.com reports. They currently have $84.00 price objective on the stock.

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 analysts have also recently weighed in on ARGO. Compass Point raised shares of Argo Group from a neutral rating to a buy rating and set a $68.10 target price on the stock in a research note on Tuesday, March 19th. Boenning Scattergood reissued a buy rating and issued a $74.00 target price on shares of Argo Group in a research note on Tuesday, April 30th. Finally, William Blair cut shares of WABCO from an outperform rating to a market perform rating in a research note on Friday, April 26th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $73.20.

NASDAQ ARGO opened at $74.43 on Thursday. The company has a 50-day simple moving average of $73.37. Argo Group has a twelve month low of $58.42 and a twelve month high of $78.57.

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

The company also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a $0.31 dividend. The ex-dividend date was Thursday, June 6th. This represents a $1.24 dividend on an annualized basis and a yield of 1.67%.

In other Argo Group news, Director Kathleen Nealon sold 1,210 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $73.10, for a total value of $88,451.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kevin James Rehnberg sold 6,442 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were 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.

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP acquired a new position in Argo Group in the fourth quarter valued at about $190,291,000. BlackRock Inc. acquired a new position in shares of Argo Group during the fourth quarter worth approximately $161,071,000. Champlain Investment Partners LLC lifted its position in shares of Argo Group by 1.8% during the first quarter. Champlain Investment Partners LLC now owns 1,580,413 shares of the company’s stock worth $111,672,000 after purchasing an additional 27,850 shares in the last quarter. Voce Capital Management LLC acquired a new position in shares of Argo Group during the fourth quarter worth approximately $102,840,000. Finally, Frontier Capital Management Co. LLC lifted its position in shares of Argo Group by 2.1% during the first quarter. Frontier Capital Management Co. LLC now owns 1,397,552 shares of the company’s stock worth $98,751,000 after purchasing an additional 28,560 shares in the last quarter.

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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