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

Key Points

• Wall Street Zen upgraded Ategrity Specialty from “buy” to “strong-buy.” Other analysts have also raised price targets, with the stock carrying a “Moderate Buy” consensus rating and an average target of $28.88.
• Ategrity Specialty reported quarterly EPS of $0.67, beating estimates of $0.62, though revenue of $129.89 million fell short of the $141.33 million consensus forecast.
• ASIC shares opened at $24.11, up 1.1%, with a $1.16 billion market capitalization; several institutional investors, including Bank of America and Renaissance Technologies, increased their holdings.

Ategrity Specialty (NYSE:ASIC - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

ASIC has been the topic of several other reports. JPMorgan Chase & Co. lifted their target price on Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Weiss Ratings upgraded Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 18th. Wells Fargo & Company increased their price target on Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Barclays lifted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, 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 research report on Friday. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $28.88.

Ategrity Specialty Stock Up 1.1%

Shares of ASIC opened at $24.11 on Friday. Ategrity Specialty has a fifty-two week low of $16.35 and a fifty-two week high of $26.00. The business's 50-day simple moving average is $22.43. The firm has a market capitalization of $1.16 billion and a P/E ratio of 11.27.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.05. The firm had revenue of $129.89 million for the quarter, compared to analysts' expectations of $141.33 million. Ategrity Specialty had a return on equity of 17.52% and a net margin of 21.06%. As a group, sell-side analysts forecast that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Ategrity Specialty by 14.7% during the first quarter. Bank of America Corp DE now owns 101,630 shares of the company's stock worth $2,009,000 after purchasing an additional 12,988 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Ategrity Specialty by 68.4% in the first quarter. Renaissance Technologies LLC now owns 41,600 shares of the company's stock valued at $822,000 after purchasing an additional 16,900 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Ategrity Specialty in the first quarter valued at $2,605,000. State of Wyoming increased its stake in Ategrity Specialty by 753.8% in the first quarter. State of Wyoming now owns 21,081 shares of the company's stock valued at $417,000 after purchasing an additional 18,612 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Ategrity Specialty by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company's stock worth $312,000 after buying an additional 1,809 shares during the period.

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.

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