Ategrity Specialty (NYSE:ASIC) Hits New 12-Month High - What's Next?

Key Points

• Ategrity Specialty shares hit a new 52-week high, reaching $26.21 before closing at $25.87, up 2.8% during trading.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $28.88; Barclays, Citigroup, and JPMorgan recently raised their targets.
• The company exceeded quarterly expectations, reporting $0.67 in earnings per share versus the $0.62 estimate and $148.48 million in revenue versus the $141.33 million forecast. Several institutional investors, including BlackRock and Bank of America, also initiated positions.

Ategrity Specialty (NYSE:ASIC - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday . The stock 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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Weiss Ratings raised Ategrity Specialty from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 14th. Zacks Research lowered shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Barclays boosted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Citigroup upped their price objective on shares of Ategrity Specialty from $27.00 to $28.50 and gave the stock a "neutral" rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Ategrity Specialty currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Ategrity Specialty Trading Up 2.8%

The firm's fifty day moving average price is $23.71 and its 200-day moving average price is $21.30. The company has a market cap of $1.25 billion, a P/E ratio of 12.14 and a beta of -0.68.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.05. The business had revenue of $148.48 million during the quarter, compared to analysts' expectations of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. As a group, research analysts forecast that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Cannell Capital LLC acquired a new stake in Ategrity Specialty during the second quarter worth $11,791,187,000. Bank of America Corp DE bought a new position in shares of Ategrity Specialty during the 2nd quarter worth about $1,111,000. Allworth Financial LP bought a new position in shares of Ategrity Specialty during the 2nd quarter worth about $1,097,000. BlackRock Inc. acquired a new stake in shares of Ategrity Specialty during the 2nd quarter valued at about $14,779,000. Finally, Deutsche Bank AG acquired a new stake in shares of Ategrity Specialty during the 2nd quarter valued at about $218,000.

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.

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