Ategrity Specialty (NYSE:ASIC) Trading Down 3.8% - Here's What Happened

Key Points

• Ategrity Specialty (NYSE:ASIC) fell 3.8% on Wednesday, trading as low as $23.72 before last changing hands at $23.53. Trading volume was very light at about 2,661 shares, far below its average session volume.
• Analyst sentiment remains mixed but overall positive, with a consensus rating of Moderate Buy and an average price target of $28.00. Recent moves included upgrades from Wall Street Zen and Barclays, while Zacks Research downgraded the stock to Hold.
• The company recently reported strong quarterly results, posting EPS of $0.51 versus estimates of $0.40. Ategrity Specialty also highlighted profitability metrics including a 15.29% return on equity and 19.75% net margin.

Ategrity Specialty (NYSE:ASIC - Get Free Report)'s stock price dropped 3.8% on Wednesday . The company traded as low as $23.72 and last traded at $23.53. Approximately 2,661 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 93,843 shares. The stock had previously closed at $24.45.

Analyst Ratings Changes

ASIC has been the topic of several research reports. Wall Street Zen raised shares of Ategrity Specialty from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Zacks Research cut Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 19th. Wells Fargo & Company boosted their target price on Ategrity Specialty from $26.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Finally, Barclays increased their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.00.

Ategrity Specialty Price Performance

The stock has a 50 day moving average price of $21.48. The company has a market capitalization of $1.11 billion and a P/E ratio of 12.41.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.11. The business had revenue of $128.96 million during the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. As a group, equities research analysts anticipate that Ategrity Specialty will post 1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

Several institutional investors have recently modified their holdings of the business. Strs Ohio raised its stake in Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company's stock valued at $36,000 after buying an additional 600 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of Ategrity Specialty during the 4th quarter valued at about $27,000. Bank of New York Mellon Corp boosted its holdings in shares of Ategrity Specialty by 12.9% in 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 last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Ategrity Specialty during the fourth quarter valued at approximately $41,000. Finally, State of Wyoming raised its position in Ategrity Specialty by 1,663.6% in the fourth quarter. State of Wyoming now owns 2,469 shares of the company's stock worth $52,000 after acquiring an additional 2,329 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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