Arch Capital Falls 2.9% Ahead of October Earnings Report
The insurer’s shares fell more than major indexes, while analysts expect lower quarterly earnings and revenue year over year.
Arch Capital Group shares fell 2.9% to close at $92.36 in the latest session. The decline was steeper than the S&P 500’s 0.25% loss and the Dow’s 0.86% drop; the Nasdaq rose 0.24%.
In the month leading into the session, Arch shares had fallen 3.54%. The Finance sector was down 4.43% over that period, while the S&P 500 had lost 0.42%.
Arch is scheduled to report earnings on Oct. 27. Zacks consensus estimates call for earnings of $1.88 per share, down 32.13% from a year earlier, and revenue of $4.46 billion, a 5.4% decline.
For the full fiscal year, Zacks projects earnings of $9.44 per share and revenue of $17.7 billion. Those figures would be down 4.07% and 5.81%, respectively, from the prior year.
The consensus estimate for earnings per share had not changed over the past month, according to Zacks. Arch’s forward price-to-earnings ratio was 10.07, below the industry average of 10.74.
This article was produced with the help of AI technology.
Source: Yahoo Finance
