Ategrity Specialty (NYSE:ASIC) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Ategrity Specialty (NYSE:ASIC) from a hold rating to a strong-buy rating in a report published on Thursday,Zacks.com reports.

A number of other research firms have also commented on ASIC. Citigroup lowered Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price objective on the stock. in a research note on Thursday, February 26th. Wells Fargo & Company reduced their price objective on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. JPMorgan Chase & Co. boosted their price objective on Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. Wall Street Zen raised shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, Barclays lifted their price objective on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ategrity Specialty currently has an average rating of “Moderate Buy” and a consensus price target of $26.50.

Ategrity Specialty Trading Up 0.6%

ASIC opened at $20.67 on Thursday. The firm’s 50 day moving average is $20.03. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $25.30. The stock has a market cap of $992.83 million and a P/E ratio of 11.11.

Ategrity Specialty (NYSE:ASIC) last issued its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. The business had revenue of $128.96 million for the quarter. Analysts predict that Ategrity Specialty will post 1.98 earnings per share for the current fiscal year.

Institutional Trading of Ategrity Specialty

Several hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in Ategrity Specialty in the 4th quarter valued at $76,000. Strs Ohio lifted its holdings in shares of Ategrity Specialty by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after buying an additional 600 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Ategrity Specialty by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock valued at $3,221,000 after acquiring an additional 4,866 shares during the period. Norges Bank acquired a new position in shares of Ategrity Specialty in the fourth quarter valued at about $840,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Ategrity Specialty by 57.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock valued at $1,183,000 after acquiring an additional 20,426 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.