Ategrity Specialty (NYSE:ASIC) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Ategrity Specialty has a “Moderate Buy” consensus rating from six analysts, split evenly between three buy and three hold recommendations. The average 12-month price target is $28.875, above the reported share price of $26.16.
• The company exceeded quarterly expectations, reporting EPS of $0.67 versus the $0.62 consensus and revenue of $148.48 million compared with estimates of $141.33 million.
• Institutional interest has increased, with BlackRock and Cannell Capital establishing new positions and Millennium Management and Balyasny Asset Management significantly expanding their holdings.

Ategrity Specialty (NYSE:ASIC - Get Free Report) has earned an average recommendation of "Moderate Buy" from the six brokerages that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $28.8750.

A number of brokerages recently issued reports on ASIC. Citigroup increased their price objective on Ategrity Specialty from $27.00 to $28.50 and gave the stock a "neutral" rating in a report on Friday, July 31st. JPMorgan Chase & Co. lifted their price objective 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. Zacks Research lowered shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Weiss Ratings raised shares of Ategrity Specialty from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 14th. Finally, Barclays boosted their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th.

Ategrity Specialty Stock Up 1.2%

Shares of Ategrity Specialty stock opened at $26.16 on Monday. The firm has a market cap of $1.25 billion, a P/E ratio of 12.22 and a beta of -0.68. Ategrity Specialty has a fifty-two week low of $16.35 and a fifty-two week high of $26.38. The business has a 50-day moving average price of $23.81 and a 200 day moving average price of $21.35.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%.The firm had revenue of $148.48 million for the quarter, compared to analysts' expectations of $141.33 million. As a group, equities research analysts anticipate that Ategrity Specialty will post 2.22 earnings per share for the current year.

Institutional Investors Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Ategrity Specialty during the 2nd quarter valued at $14,779,000. Cannell Capital LLC bought a new stake in shares of Ategrity Specialty in the 2nd quarter worth $11,791,187,000. Millennium Management LLC raised its stake in shares of Ategrity Specialty by 312.6% in the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company's stock worth $4,353,000 after buying an additional 156,952 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Ategrity Specialty in the first quarter valued at $2,605,000. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company's stock valued at $3,587,000 after buying an additional 127,849 shares during the period.

Ategrity Specialty Company Profile

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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