Ategrity Specialty (NYSE:ASIC) Hits New 1-Year High – Here’s What Happened

Ategrity Specialty (NYSE:ASIC)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $26.21 and last traded at $25.87, with a volume of 22750 shares. The stock had previously closed at $25.29.

Wall Street Analysts Forecast Growth

ASIC has been the subject of a number of recent analyst reports. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Barclays boosted their target price on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings raised Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 14th. Citigroup raised their price target on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday, July 31st. Finally, Wells Fargo & Company lifted their price target on Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Ategrity Specialty Stock Performance

The stock’s fifty day moving average price is $23.81 and its 200-day moving average price is $21.33. The firm has a market cap of $1.25 billion, a PE ratio of 12.22 and a beta of -0.68.

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

Institutional Investors Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund acquired a new stake in shares of Ategrity Specialty in the 4th quarter worth approximately $27,000. Strs Ohio increased its stake in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Ategrity Specialty during the fourth quarter worth $41,000. State of Wyoming raised its holdings in Ategrity Specialty by 1,663.6% during the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after purchasing an additional 2,329 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Ategrity Specialty during the fourth quarter worth $76,000.

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.