Ategrity Specialty (NYSE:ASIC) Trading Up 0.3% - Here's What Happened

Key Points

• Shares ticked up 0.3% to $20.55 (intraday high $20.84) on light volume of 30,290 shares, with a market cap around $987.8M and a P/E of 14.89.
• Analysts have been raising targets—Wells Fargo, JPMorgan and Barclays lifted targets into the $26–$27 range while Citigroup downgraded to neutral—leaving a consensus rating of Moderate Buy and an average price target of $26.75.
• Ategrity reported a strong quarter with EPS of $0.51 (vs. $0.35 estimate) and revenue of $123.34M (vs. $111.45M), and posted a 17.44% net margin and 13.6% return on equity.

Ategrity Specialty (NYSE:ASIC - Get Free Report)'s share price shot up 0.3% on Thursday . The stock traded as high as $20.84 and last traded at $20.55. 30,290 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 94,826 shares. The stock had previously closed at $20.49.

Analysts Set New Price Targets

ASIC has been the subject of several research reports. Wells Fargo & Company lifted their target price on Ategrity Specialty from $25.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, February 20th. JPMorgan Chase & Co. boosted their target price on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 24th. Citigroup downgraded shares of Ategrity Specialty from a "buy" rating to a "neutral" rating and set a $27.00 target price for the company. in a research note on Thursday, February 26th. Barclays upped their price objective on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday, February 20th. Finally, Weiss Ratings upgraded shares of Ategrity Specialty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $26.75.

Ategrity Specialty Trading Up 0.3%

The firm has a market cap of $987.84 million and a price-to-earnings ratio of 14.89. The company has a 50 day moving average price of $20.02.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last announced its earnings results on Thursday, February 19th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.44% and a return on equity of 13.60%. The business had revenue of $123.34 million during the quarter, compared to the consensus estimate of $111.45 million.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ASIC. Barclays PLC grew its position in shares of Ategrity Specialty by 120.0% in the fourth quarter. Barclays PLC now owns 19,526 shares of the company's stock valued at $410,000 after purchasing an additional 10,649 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in Ategrity Specialty by 19.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 71,903 shares of the company's stock worth $1,511,000 after acquiring an additional 11,903 shares during the last quarter. State Street Corp boosted its position in Ategrity Specialty by 110.2% during the fourth quarter. State Street Corp now owns 92,891 shares of the company's stock worth $1,952,000 after acquiring an additional 48,690 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Ategrity Specialty by 14.2% in the 4th quarter. Wells Fargo & Company MN now owns 27,029 shares of the company's stock valued at $568,000 after purchasing an additional 3,363 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Ategrity Specialty in the 4th quarter valued at $798,000.

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.

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