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

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

Several other research firms have also recently weighed in on ARGO. Compass Point upgraded shares of Argo Group from a neutral rating to a buy rating and set a $68.10 price objective on the stock in a research report on Tuesday, March 19th. Boenning Scattergood reissued a buy rating and set a $74.00 target price on shares of Argo Group in a research note on Tuesday, April 30th. Finally, William Blair lowered shares of WABCO from an outperform rating to a market perform rating in a research note on Friday, April 26th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Argo Group presently has an average rating of Buy and an average target price of $73.20.

NASDAQ ARGO opened at $74.43 on Thursday. Argo Group has a twelve month low of $58.42 and a twelve month high of $78.57. The business’s 50 day moving average price is $73.37.

Argo Group (NASDAQ:ARGO) last posted its quarterly earnings data on Monday, April 29th. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.30. The firm had revenue of $456.70 million for the quarter, compared to analysts’ expectations of $488.65 million.

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

In other Argo Group news, Director Kathleen Nealon sold 1,210 shares of Argo Group stock in a transaction on Monday, June 10th. The shares were sold at an average price of $73.10, for a total transaction of $88,451.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin James Rehnberg sold 6,442 shares of Argo Group stock in a transaction on 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.

Several large investors have recently modified their holdings of the business. Rhumbline Advisers boosted its stake in shares of Argo Group by 0.3% during the 1st quarter. Rhumbline Advisers now owns 53,609 shares of the company’s stock valued at $3,788,000 after buying an additional 142 shares during the period. GAM Holding AG lifted its stake in shares of Argo Group by 9.2% in the 1st quarter. GAM Holding AG now owns 5,755 shares of the company’s stock valued at $407,000 after purchasing an additional 484 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Argo Group by 69.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,470 shares of the company’s stock valued at $104,000 after purchasing an additional 600 shares during the last quarter. Riggs Asset Managment Co. Inc. acquired a new stake in shares of Argo Group in the 1st quarter valued at $52,000. Finally, Quadrant Capital Group LLC acquired a new stake in shares of Argo Group in the 1st quarter valued at $53,000.

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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