Ategrity Specialty (NYSE:ASIC) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Ategrity Specialty (NYSE:ASIC) from a hold rating to a buy rating in a report issued on Saturday.

ASIC has been the subject of several other reports. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research report on Thursday, February 26th. Barclays boosted their price objective on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, February 24th. Weiss Ratings raised shares of Ategrity Specialty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Finally, Wells Fargo & Company lowered their price objective on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Ategrity Specialty Price Performance

Shares of NYSE:ASIC opened at $19.86 on Friday. The company has a market cap of $953.64 million and a P/E ratio of 10.67. Ategrity Specialty has a 12 month low of $16.35 and a 12 month high of $25.30. The firm’s 50-day moving average price is $20.03.

Ategrity Specialty (NYSE:ASIC) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. The company 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, analysts predict that Ategrity Specialty will post 1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio lifted its holdings in Ategrity Specialty by 1,476.5% during the first quarter. Strs Ohio now owns 26,800 shares of the company’s stock valued at $530,000 after purchasing an additional 25,100 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Ategrity Specialty during the fourth quarter valued at $27,000. Barclays PLC lifted its holdings in Ategrity Specialty by 120.0% during the fourth quarter. Barclays PLC now owns 19,526 shares of the company’s stock valued at $410,000 after purchasing an additional 10,649 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after purchasing an additional 105,254 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in Ategrity Specialty by 19.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 71,903 shares of the company’s stock valued at $1,511,000 after purchasing an additional 11,903 shares in the last quarter.

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.