Argo Group (ARGO) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Argo Group (NASDAQ:ARGO) from a hold rating to a sell rating in a report released on Thursday.

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. “

ARGO has been the topic of several other research reports. Boenning Scattergood set a $72.00 price target on shares of Argo Group and gave the stock a buy rating in a research report on Tuesday, November 6th. Raymond James reduced their price target on shares of Argo Group from $72.00 to $70.00 and set a strong-buy rating on the stock in a research report on Friday, October 19th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Argo Group to $69.00 and gave the stock an outperform rating in a research report on Tuesday, August 7th.

NASDAQ:ARGO traded up $0.45 on Thursday, reaching $67.45. The stock had a trading volume of 307 shares, compared to its average volume of 117,767. Argo Group has a 12-month low of $50.53 and a 12-month high of $69.77.

Argo Group (NASDAQ:ARGO) last posted its quarterly earnings data on Monday, November 5th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.19. The firm had revenue of $484.70 million during the quarter, compared to analysts’ expectations of $462.83 million.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, November 29th. This represents a $1.08 annualized dividend and a dividend yield of 1.60%.

In related news, Director John R. Power, Jr. sold 5,355 shares of the stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $63.24, for a total transaction of $338,650.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jay Stanley Bullock sold 12,323 shares of the stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $63.43, for a total transaction of $781,647.89. The disclosure for this sale can be found here. Insiders have sold 32,445 shares of company stock worth $2,107,389 in the last ninety days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARGO. Bank of Montreal Can acquired a new stake in Argo Group during the second quarter worth about $3,383,000. Boston Advisors LLC acquired a new stake in shares of Argo Group in the second quarter valued at approximately $272,000. Finally, Amalgamated Bank acquired a new stake in shares of Argo Group in the second quarter valued at approximately $256,000.

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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