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Shares of Arch Capital Group Ltd. ACGL closed at $110.26 on Thursday, near its 52-week high of $114.62, after having gained 48.5% year to date. Shares outperformed the industry, the Finance sector as well as the Zacks S&P 500 composite index in the same time frame. ACGL shares are trading well above the 50-day moving average, indicating a bullish trend.
Arch Capital Outperforms Industry, Sector & S&P YTD
This leading specialty P&C and mortgage insurer has the potential to retain the momentum, given new business opportunities, rate improvement, growth in existing accounts and a solid capital position.
Growth Projection for ACGL
The Zacks Consensus Estimate for 2024 earnings is pegged at $9.01 per share, suggesting an increase of 6.6% on 15.3% higher revenues of $15.6 billion. The consensus estimate for 2025 earnings per share is pegged at $9.23, suggesting an increase of 2.5% on 9.2% higher revenues of $17 billion.
The long-term earnings growth rate is expected to be 6.1%. We expect the 2026 bottom line to witness a three-year CAGR of 4.2%.
ACGL’s Northbound Estimate Revision
Six of eight analysts covering the stocks have raised estimates for 2024 while five have raised estimates for 2025.
The Zacks Consensus Estimate for 2024 and 2025 earnings has moved 5% and 1.5% north, respectively, in the past 60 days, reflecting analyst optimism.
ACGL’s Favorable Return on Capital
Return on equity in the trailing 12 months was 21.4%, better than the industry average of 8%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting ACGL’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 16.5%, better than the industry average of 6.1%.
ACGL’s Expensive Valuation
ACGL is currently expensive. It is trading at a P/B multiple of 2.09, higher than the industry average of 1.59.
It has a Value Score of B. This style score helps find the most attractive value stocks.
Back-tested results have shown that stocks with a Value Score of A or B combined with a Zacks Rank #1 (Strong Buy) or #2 (Buy) are the most attractive, and their returns are better.
Given its market-leading presence, growth prospects, rising estimates and better return on capital, its premium valuation is justified.
Shares of other insurers like Fidelity National Financial FNF and W.R. Berkley Corporation WRB are also trading at a multiple higher than the industry average. However, shares of CNA Financial Corporation CNA are trading at a multiple lower than the industry average.
What Makes Arch Capital a Buy?
Arch Capital is set to gain from its compelling product portfolio and widespread operations that also provide meaningful diversification and earnings stability. This insurer continues to undertake international expansion, enhance operations and diversify business at attractive risk-adjusted returns.
The diversification of its Mortgage Insurance business via strategic acquisitions complements the strength of the specialty insurance and reinsurance businesses.
Amid the high chances of an interest rate cut this September, investment income is poised to improve banking on a growing base of invested assets driven by improving cash flows.
Sufficient liquidity coupled with low leverage has helped ACGL strengthen its balance. It also shields it from market volatility and supports growth initiatives. While cash position improved, leverage too lowered and compared favorably with industry. A solid liquidity position should support Arch Capital in meeting any short-term obligation.
Notably, its free cash flow conversion has remained more than 85% over the last many quarters, reflecting its solid earnings.
Despite its premium valuation, all these positives make this Zacks Rank #2 stock a strong contender for addition to one’s portfolio. You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
Designed to provide broad exposure to the Mid Cap Value segment of the US equity market, the iShares S&P Mid-Cap 400 Value ETF is a passively managed exchange traded fund launched on 07/24/2000.
The fund is sponsored by Blackrock. It has amassed assets over $7.71 billion, making it one of the larger ETFs attempting to match the Mid Cap Value segment of the US equity market.
Why Mid Cap Value
Compared to large and small cap companies, mid cap businesses tend to have higher growth prospects and are less volatile, respectively, with market capitalization between $2 billion and $10 billion. Thus they have a nice balance of growth potential and stability.
Carrying lower than average price-to-earnings and price-to-book ratios, value stocks also have lower than average sales and earnings growth rates. While value stocks have outperformed growth stocks in nearly all markets when you consider long-term performance, growth stocks are more likely to outpace value stocks in strong bull markets.
Costs
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.18%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.64%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector--about 23.60% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, Illumina Inc accounts for about 1.44% of total assets, followed by Fidelity National Financial Inc and Tenet Healthcare Corp .
The top 10 holdings account for about 6.53% of total assets under management.
Performance and Risk
IJJ seeks to match the performance of the S&P MidCap 400 Value Index before fees and expenses. The S&P MidCap 400 Value Index measures the performance of the mid-capitalization value sector of the U.S. equity market. It is a subset of the S&P MidCap 400 and consists of those stocks in the S&P MidCap 400 exhibiting the strongest value characteristics.
The ETF has gained about 7.71% so far this year and it's up approximately 15.50% in the last one year (as of 08/30/2024). In the past 52-week period, it has traded between $93.05 and $122.51.
The ETF has a beta of 1.16 and standard deviation of 19.93% for the trailing three-year period, making it a medium risk choice in the space. With about 300 holdings, it effectively diversifies company-specific risk.
Alternatives
IShares S&P Mid-Cap 400 Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IJJ is an outstanding option for investors seeking exposure to the Style Box - Mid Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares Russell Mid-Cap Value ETF and the Vanguard Mid-Cap Value ETF track a similar index. While iShares Russell Mid-Cap Value ETF has $13.39 billion in assets, Vanguard Mid-Cap Value ETF has $17.27 billion. IWS has an expense ratio of 0.23% and VOE charges 0.07%.
Bottom-Line
Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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