Ategrity Specialty (NYSE:ASIC) Sets New 1-Year High – Here’s Why

Ategrity Specialty (NYSE:ASIC)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $25.63 and last traded at $25.4350, with a volume of 501 shares. The stock had previously closed at $25.42.

Analyst Ratings Changes

Several equities research analysts have commented on ASIC shares. Barclays boosted their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, Wells Fargo & Company dropped their target price on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Ategrity Specialty presently has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Ategrity Specialty Stock Down 1.3%

The stock has a market cap of $1.18 billion and a P/E ratio of 13.26. The business’s fifty day moving average price is $21.03.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The firm had revenue of $128.96 million for the quarter. Research analysts expect that Ategrity Specialty will post 1.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ASIC. Nuveen LLC lifted its position in 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 acquiring an additional 61,725 shares in the last quarter. Price T Rowe Associates Inc. MD lifted 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. Millennium Management LLC lifted its position in shares of Ategrity Specialty by 312.6% during the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after purchasing an additional 156,952 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after purchasing an additional 127,849 shares in the last quarter. Finally, State of Wisconsin Investment Board increased its stake in Ategrity Specialty by 26.1% during the 4th quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock worth $3,311,000 after buying an additional 32,601 shares during the period.

About Ategrity Specialty

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.