Ategrity Specialty (NYSE:ASIC) Issues Earnings Results, Beats Estimates By $0.05 EPS

Ategrity Specialty (NYSE:ASIC) announced its quarterly earnings results on Wednesday. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.05, FiscalAI reports. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.

Ategrity Specialty Stock Down 3.6%

ASIC stock traded down $0.92 during mid-day trading on Wednesday, reaching $24.67. 62,601 shares of the company traded hands, compared to its average volume of 92,671. The company has a fifty day moving average price of $22.23. The stock has a market capitalization of $1.19 billion and a P/E ratio of 13.27. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $26.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ASIC. Bank of America Corp DE increased its stake in Ategrity Specialty by 14.7% in the 1st quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock worth $2,009,000 after acquiring an additional 12,988 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Ategrity Specialty by 68.4% in the first quarter. Renaissance Technologies LLC now owns 41,600 shares of the company’s stock worth $822,000 after purchasing an additional 16,900 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Ategrity Specialty in the first quarter valued at approximately $2,605,000. State of Wyoming lifted its position in Ategrity Specialty by 753.8% during the first quarter. State of Wyoming now owns 21,081 shares of the company’s stock valued at $417,000 after purchasing an additional 18,612 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Ategrity Specialty by 12.9% in the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock worth $312,000 after acquiring an additional 1,809 shares in the last quarter.

Analyst Ratings Changes

ASIC has been the subject of several analyst reports. 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 upgraded shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Wells Fargo & Company raised their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Barclays increased their price target on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.50.

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.