Ategrity Specialty (NYSE:ASIC) Releases Earnings Results

Ategrity Specialty (NYSE:ASIC) announced its quarterly earnings data on Wednesday. The company reported $0.29 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $125.59 million during the quarter. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%.

Ategrity Specialty Stock Performance

Shares of ASIC traded up $0.28 during trading hours on Wednesday, hitting $27.88. The stock had a trading volume of 64,415 shares, compared to its average volume of 86,843. The firm has a 50-day moving average price of $26.53 and a 200 day moving average price of $23.44. Ategrity Specialty has a fifty-two week low of $16.73 and a fifty-two week high of $29.00. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 13.03 and a beta of -0.55.

Analyst Ratings Changes

A number of research firms recently weighed in on ASIC. Wall Street Zen lowered shares of Ategrity Specialty from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Weiss Ratings lowered Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Citigroup raised their price target on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday, July 31st. Wells Fargo & Company increased their target price on shares of Ategrity Specialty from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Finally, Barclays raised 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. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.12.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ASIC. State of Alaska Department of Revenue lifted its stake in Ategrity Specialty by 52.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company’s stock worth $142,000 after purchasing an additional 1,926 shares in the last quarter. Deutsche Bank AG purchased a new position in Ategrity Specialty during the second quarter worth approximately $218,000. Bank of New York Mellon Corp lifted its position in Ategrity Specialty by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock worth $312,000 after buying an additional 1,809 shares in the last quarter. ProCore Advisors LLC grew its holdings in Ategrity Specialty by 3.3% in the 3rd quarter. ProCore Advisors LLC now owns 16,954 shares of the company’s stock valued at $433,000 after buying an additional 548 shares in the last quarter. Finally, State of Wyoming raised its stake in Ategrity Specialty by 753.8% during the first quarter. State of Wyoming now owns 21,081 shares of the company’s stock worth $417,000 after purchasing an additional 18,612 shares during the period.

About Ategrity Specialty

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.