Ategrity Specialty (NYSE:ASIC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Ategrity Specialty (NYSE:ASIC) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $28.8750.

A number of research firms have recently commented on ASIC. Barclays upped their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Wall Street Zen raised shares of Ategrity Specialty from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Citigroup raised their price objective on Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company upped their target price on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings raised Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th.

Ategrity Specialty Stock Performance

ASIC opened at $23.88 on Thursday. The stock’s 50 day moving average price is $22.50 and its 200-day moving average price is $20.70. Ategrity Specialty has a one year low of $16.35 and a one year high of $26.00. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 11.16 and a beta of -0.68.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.52% and a net margin of 21.06%.The company had revenue of $129.89 million during the quarter, compared to analysts’ expectations of $141.33 million. As a group, analysts predict that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASIC. Strs Ohio increased its holdings in Ategrity Specialty by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after buying an additional 600 shares during the period. New York State Common Retirement Fund purchased a new stake in Ategrity Specialty during the fourth quarter worth $27,000. Bank of New York Mellon Corp boosted its position in Ategrity Specialty by 12.9% during the 1st quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after acquiring an additional 1,809 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Ategrity Specialty during the 4th quarter valued at $41,000. Finally, State of Wyoming increased its holdings in shares of Ategrity Specialty by 1,663.6% in the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after acquiring an additional 2,329 shares during the period.

Ategrity Specialty Company Profile

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value.