Ategrity Specialty (NYSE:ASIC) Receives $28.88 Average PT from Brokerages

Ategrity Specialty (NYSE:ASIC) has earned an average rating of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $28.8750.

ASIC has been the subject of several recent analyst reports. Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen lowered Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Barclays lifted their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company increased their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Citigroup upped their target price on Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a research report on Friday, July 31st.

Ategrity Specialty Price Performance

ASIC stock opened at $26.68 on Monday. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $27.22. The company’s 50 day simple moving average is $24.36 and its 200-day simple moving average is $21.65. The firm has a market capitalization of $1.28 billion, a P/E ratio of 12.47 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 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. The firm had revenue of $148.48 million during the quarter, compared to analyst estimates of $141.33 million. Sell-side analysts predict that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund bought a new stake in Ategrity Specialty in the 4th quarter valued at $27,000. Strs Ohio lifted its position in Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in Ategrity Specialty during the fourth quarter worth $41,000. State of Wyoming increased its holdings in 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 buying an additional 2,329 shares during the period. Finally, California State Teachers Retirement System increased its holdings in Ategrity Specialty by 510.5% in the 2nd quarter. California State Teachers Retirement System now owns 3,077 shares of the company’s stock valued at $74,000 after buying an additional 2,573 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.