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

Key Points

• Ategrity Specialty has a “Moderate Buy” consensus rating from six analysts, split evenly between buy and hold recommendations. The average 12-month price target is $28.88, near the stock’s reported $28.30 price.
• The company beat quarterly expectations, reporting earnings per share of $0.67 versus the $0.62 consensus estimate and revenue of $148.48 million versus $141.33 million expected.
• Institutional interest increased in the second quarter, with BlackRock, Cannell Capital and Bank of America among investors establishing or expanding positions in ASIC.

Shares of Ategrity Specialty (NYSE:ASIC - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the six analysts that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $28.8750.

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Wells Fargo & Company boosted their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Zacks Research lowered Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 19th. Weiss Ratings downgraded Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 8th. Finally, Citigroup boosted their price target on Ategrity Specialty from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Friday, July 31st.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ASIC. Allworth Financial LP increased its holdings in Ategrity Specialty by 380,266.7% in the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company's stock worth $1,097,000 after acquiring an additional 45,632 shares in the last quarter. Cannell Capital LLC purchased a new position in Ategrity Specialty during the second quarter valued at approximately $11,791,187. Bank of America Corp DE bought a new position in shares of Ategrity Specialty in the second quarter worth approximately $1,111,000. BlackRock Inc. purchased a new stake in shares of Ategrity Specialty in the second quarter worth $14,779,000. Finally, Deutsche Bank AG purchased a new stake in shares of Ategrity Specialty in the second quarter worth $218,000.

Ategrity Specialty Stock Performance

ASIC stock opened at $28.30 on Friday. Ategrity Specialty has a fifty-two week low of $16.35 and a fifty-two week high of $29.00. The business's 50-day moving average is $25.40 and its two-hundred day moving average is $22.41. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 13.22 and a beta of -0.62.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%.The business had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Equities analysts predict that Ategrity Specialty will post 2.22 earnings per share for the current year.

About Ategrity Specialty

Ategrity Specialty is a specialty insurance company that provides customized property and casualty coverage for complex, unusual or difficult-to-place risks. The company operates primarily in the excess and surplus lines market, where insurance products are tailored for businesses and exposures that may not fit standard policies.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability and other complex risks. Ategrity distributes its products through wholesale insurance brokers and works with brokers and policyholders to structure coverage for specialized industries and situations.

The company serves customers primarily in the United States.

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