Ategrity Specialty (NYSE:ASIC) Sets New 1-Year High - Here's Why

Key Points

• Ategrity Specialty reached a new 52-week high of $25.91, trading near $25.80, up from its prior close of $25.02. The company has a $1.23 billion market capitalization and a 50-day moving average of $22.13.
• Analyst sentiment is broadly positive: the stock has an overall “Moderate Buy” rating, with an average price target of $28.50. Barclays, Wells Fargo, and JPMorgan recently raised their targets, while Zacks Research downgraded the shares to “hold.”
• Ategrity reported quarterly EPS of $0.51, exceeding the $0.40 consensus estimate, on $128.96 million in revenue. The specialty insurer posted a 19.75% net margin and 15.29% return on equity, while several institutional investors increased their positions.

Ategrity Specialty (NYSE:ASIC - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $25.91 and last traded at $25.8030, with a volume of 8473 shares trading hands. The stock had previously closed at $25.02.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ASIC shares. Zacks Research cut shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research note 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 report on Tuesday, July 7th. Wells Fargo & Company increased their target price on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. 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 report on Monday, July 20th. Finally, Wall Street Zen upgraded shares of Ategrity Specialty from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.50.

Ategrity Specialty Price Performance

The stock has a market capitalization of $1.23 billion and a PE ratio of 13.85. The business has a 50-day simple moving average of $22.13.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.11. The company had revenue of $128.96 million during the quarter. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. Equities research analysts expect that Ategrity Specialty will post 2.16 earnings per share for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new stake in Ategrity Specialty in the fourth quarter valued at approximately $76,000. Strs Ohio raised its stake in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company's stock valued at $36,000 after acquiring an additional 600 shares during the period. Geode Capital Management LLC lifted its holdings in Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company's stock valued at $3,221,000 after purchasing an additional 4,866 shares during the last quarter. Norges Bank acquired a new stake in Ategrity Specialty during the 4th quarter valued at $840,000. Finally, Goldman Sachs Group Inc. boosted its position in Ategrity Specialty by 57.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company's stock worth $1,183,000 after purchasing an additional 20,426 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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