Ategrity Specialty (NYSE:ASIC) Hits New 12-Month High – Still a Buy?

Ategrity Specialty (NYSE:ASIC) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.91 and last traded at $25.8030, with a volume of 8473 shares. The stock had previously closed at $25.02.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ASIC. 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. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. boosted their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Zacks Research downgraded Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, Wells Fargo & Company increased their target price on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. 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 has an average rating of “Moderate Buy” and an average price target of $28.50.

Ategrity Specialty Stock Up 2.7%

The company’s 50-day moving average is $22.13. The firm has a market cap of $1.23 billion and a P/E ratio of 13.85.

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 business had revenue of $128.96 million for the quarter. As a group, equities research analysts expect that Ategrity Specialty will post 2.16 EPS for the current fiscal year.

Institutional Trading of Ategrity Specialty

Large investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of Ategrity Specialty by 312.6% in 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 during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Ategrity Specialty during the first quarter worth about $2,605,000. Balyasny Asset Management L.P. grew its stake in Ategrity Specialty by 298.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after buying an additional 127,849 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Ategrity Specialty by 57.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after buying an additional 105,254 shares during the period. Finally, Walleye Capital LLC increased its holdings in Ategrity Specialty by 290.0% in the 4th quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock valued at $1,979,000 after buying an additional 70,056 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.