Analysts Set Ategrity Specialty (NYSE:ASIC) Target Price at $28.88

Ategrity Specialty (NYSE:ASIC) has been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $28.8750.

Several research analysts have recently weighed in on ASIC shares. Wall Street Zen cut shares of Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. JPMorgan Chase & Co. lifted their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Wells Fargo & Company boosted their target price on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Finally, Weiss Ratings raised Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 14th.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund bought a new position in shares of Ategrity Specialty in the 4th quarter worth $27,000. Strs Ohio lifted its holdings in shares of Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after acquiring an additional 600 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Ategrity Specialty in the fourth quarter worth $41,000. State of Wyoming grew its position in Ategrity Specialty by 1,663.6% in the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after acquiring an additional 2,329 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in Ategrity Specialty by 510.5% in the second quarter. California State Teachers Retirement System now owns 3,077 shares of the company’s stock valued at $74,000 after acquiring an additional 2,573 shares during the last quarter.

Ategrity Specialty Trading Down 1.2%

Shares of NYSE:ASIC opened at $26.59 on Monday. The company has a 50 day moving average of $24.15 and a 200 day moving average of $21.53. The stock has a market cap of $1.27 billion, a P/E ratio of 12.43 and a beta of -0.68. Ategrity Specialty has a 12 month low of $16.35 and a 12 month high of $27.22.

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

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.