Argo Group (NASDAQ:ARGO) Downgraded by Zacks Investment Research to Sell

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

Separately, Boenning Scattergood reaffirmed a “buy” rating on shares of Argo Group in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Argo Group has a consensus rating of “Hold” and a consensus price target of $74.06.

Shares of ARGO stock traded down $0.05 during trading hours on Wednesday, reaching $68.58. 91,637 shares of the stock were exchanged, compared to its average volume of 123,261. Argo Group has a 12-month low of $59.81 and a 12-month high of $78.57. The company’s 50-day moving average price is $68.08 and its 200-day moving average price is $70.89.

Argo Group (NASDAQ:ARGO) last released its quarterly earnings results on Monday, August 5th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.23. The firm had revenue of $476.60 million for the quarter, compared to analysts’ expectations of $478.43 million.

In related news, CFO Jay Stanley Bullock sold 14,623 shares of Argo Group stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $68.72, for a total transaction of $1,004,892.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

A number of institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in Argo Group by 16.5% in the 2nd quarter. Janus Henderson Group PLC now owns 1,050,105 shares of the company’s stock valued at $77,760,000 after buying an additional 148,719 shares during the period. Nuveen Asset Management LLC boosted its position in Argo Group by 162.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 909,947 shares of the company’s stock valued at $67,382,000 after buying an additional 563,338 shares during the period. Northern Trust Corp boosted its position in Argo Group by 12.0% in the 2nd quarter. Northern Trust Corp now owns 608,920 shares of the company’s stock valued at $45,091,000 after buying an additional 65,240 shares during the period. Westwood Holdings Group Inc. purchased a new stake in Argo Group in the 2nd quarter valued at about $30,739,000. Finally, Investment Counselors of Maryland LLC boosted its position in Argo Group by 1.2% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 366,151 shares of the company’s stock valued at $27,113,000 after buying an additional 4,513 shares during the period.

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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