Ategrity Specialty (NYSE:ASIC) Reaches New 52-Week High – Here’s Why

Ategrity Specialty (NYSE:ASIC)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $27.99 and last traded at $28.3770, with a volume of 1013 shares trading hands. The stock had previously closed at $27.15.

Analyst Ratings Changes

Several brokerages recently issued reports on ASIC. JPMorgan Chase & Co. lifted their price objective on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Barclays upped their price target 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. Citigroup raised their price objective on Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Finally, Wall Street Zen cut shares of Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Ategrity Specialty currently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Ategrity Specialty Price Performance

The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 13.00 and a beta of -0.62. The firm has a fifty day simple moving average of $25.09 and a 200 day simple moving average of $22.25.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%.The business had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Research analysts predict that Ategrity Specialty will post 2.22 EPS for the current year.

Institutional Trading of Ategrity Specialty

Institutional investors and hedge funds have recently modified their holdings of the stock. Nuveen LLC raised its position in shares of Ategrity Specialty by 9.6% during the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock worth $14,811,000 after purchasing an additional 61,725 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Ategrity Specialty during the second quarter valued at approximately $14,779,000. Cannell Capital LLC purchased a new position in shares of Ategrity Specialty in the second quarter valued at approximately $11,791,187. Price T Rowe Associates Inc. MD increased its position in shares of Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock worth $6,044,000 after purchasing an additional 105,254 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Ategrity Specialty by 312.6% in the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after purchasing an additional 156,952 shares during the last quarter.

About Ategrity Specialty

Ategrity Specialty is a specialty insurance company that provides customized property and casualty coverage for complex, unusual or difficult-to-place risks. The company operates primarily in the excess and surplus lines market, where insurance products are tailored for businesses and exposures that may not fit standard policies.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability and other complex risks. Ategrity distributes its products through wholesale insurance brokers and works with brokers and policyholders to structure coverage for specialized industries and situations.

The company serves customers primarily in the United States.