Ategrity Specialty (NYSE:ASIC) Receives Average Rating of “Moderate Buy” from Analysts

Ategrity Specialty (NYSE:ASIC) has received an average rating of “Moderate Buy” from the five research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $26.50.

Several equities analysts have recently issued reports on ASIC shares. Citigroup downgraded shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price target for the company. in a report on Thursday, February 26th. Wells Fargo & Company cut their price objective on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Barclays boosted their price target on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. upped their target price on Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 24th. Finally, Weiss Ratings upgraded Ategrity Specialty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund acquired a new stake in Ategrity Specialty in the 4th quarter valued at approximately $27,000. Strs Ohio grew its holdings 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 buying an additional 600 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Ategrity Specialty in the 4th quarter valued at $41,000. State of Wyoming lifted its position in shares of Ategrity Specialty by 1,663.6% during the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after acquiring an additional 2,329 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Ategrity Specialty during the 4th quarter valued at $76,000.

Ategrity Specialty Price Performance

NYSE ASIC opened at $19.86 on Friday. The stock has a market capitalization of $953.64 million and a price-to-earnings ratio of 10.67. The firm has a 50 day simple moving average of $20.03. Ategrity Specialty has a one year low of $16.35 and a one year high of $25.30.

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. The business had revenue of $128.96 million during the quarter. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. As a group, sell-side analysts anticipate that Ategrity Specialty will post 1.81 earnings per share for the current fiscal year.

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.