American Integrity Insurance Group (NYSE:AII) Given New $26.00 Price Target at Citizens Jmp

Key Points

• Citizens JMP raised American Integrity Insurance Group’s price target from $25 to $26 while maintaining a “market outperform” rating, implying 5.56% upside from the prior close. The stock has a consensus “Moderate Buy” rating and a $26 average target.
• Shares rose 22% and opened at $24.63, near their 52-week high of $26.36. The company’s latest quarterly results significantly exceeded expectations, with EPS of $1.78 versus the $0.81 consensus estimate and revenue of $115.17 million.
• Insider activity was mixed: major shareholder James E. Sowell bought about 79,500 shares, while CEO Robert Ritchie sold nearly 37,000 shares. Institutional investors, including Manufacturers Life Insurance, also established new positions during the second quarter.

American Integrity Insurance Group (NYSE:AII - Get Free Report) had its price objective raised by investment analysts at Citizens Jmp from $25.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. Citizens Jmp's target price suggests a potential upside of 5.56% from the stock's previous close.

Several other research analysts have also issued reports on AII. Citigroup reiterated an "outperform" rating on shares of American Integrity Insurance Group in a research note on Wednesday. Piper Sandler boosted their price objective on shares of American Integrity Insurance Group from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of American Integrity Insurance Group from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, American Integrity Insurance Group currently has an average rating of "Moderate Buy" and a consensus target price of $26.00.

American Integrity Insurance Group Trading Up 22.0%

American Integrity Insurance Group stock opened at $24.63 on Wednesday. The firm has a market cap of $482.53 million, a P/E ratio of 5.58 and a beta of -0.20. The firm has a 50-day moving average of $18.59 and a 200-day moving average of $18.62. American Integrity Insurance Group has a 1-year low of $16.19 and a 1-year high of $26.36.

American Integrity Insurance Group (NYSE:AII - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $0.81 by $0.97. American Integrity Insurance Group had a net margin of 27.56% and a return on equity of 27.04%. The business had revenue of $115.17 million during the quarter. Research analysts forecast that American Integrity Insurance Group will post 2.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other American Integrity Insurance Group news, major shareholder James E. Sowell bought 79,497 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was acquired at an average price of $16.85 per share, with a total value of $1,339,524.45. Following the transaction, the insider owned 4,610,180 shares in the company, valued at $77,681,533. This represents a 1.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert C. Ritchie sold 36,965 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $20.83, for a total transaction of $769,980.95. Following the sale, the chief executive officer directly owned 2,334,032 shares in the company, valued at approximately $48,617,886.56. The trade was a 1.56% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders bought 142,256 shares of company stock valued at $2,400,973 and sold 112,924 shares valued at $2,350,190. 16.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On American Integrity Insurance Group

A number of large investors have recently added to or reduced their stakes in AII. Geode Capital Management LLC purchased a new stake in American Integrity Insurance Group during the 2nd quarter valued at $1,382,000. XTX Topco Ltd bought a new stake in shares of American Integrity Insurance Group in the second quarter worth $192,000. Marshall Wace LLP bought a new stake in shares of American Integrity Insurance Group in the second quarter worth $2,123,000. Qube Research & Technologies Ltd purchased a new stake in American Integrity Insurance Group during the second quarter valued at $292,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in American Integrity Insurance Group during the second quarter valued at $7,356,000.

About American Integrity Insurance Group

American Integrity Insurance Group, Ltd. is a specialized provider of personal lines residential property insurance based in Jacksonville Beach, Florida. The company underwrites a variety of policies including homeowners multiple peril, condominium unitowners, dwelling fire, wind-only, personal umbrella and renters insurance. Its product suite is designed to protect against hurricane, windstorm, hail and other weather-related risks common to Florida’s coastal and inland regions.

Founded in 2004, American Integrity operates primarily through a network of independent insurance agents across the state of Florida.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source