Ategrity Specialty (NYSE:ASIC) Stock Has Average Target Price of $29.12

Key Points

• Ategrity Specialty has a “Moderate Buy” consensus rating from six analysts, split evenly between three buy and three hold ratings. The average 12-month price target is $29.12, with recent targets ranging from $28 to $31.
• Shares opened at $26.16 and are up 0.9%, trading near their 52-week high of $29.00. The company has a $1.25 billion market capitalization and a price-to-earnings ratio of 12.23.
• Ategrity Specialty exceeded quarterly expectations, reporting $0.67 in EPS versus a $0.62 consensus estimate and revenue of $148.48 million versus $141.33 million expected. Several institutional investors, including BlackRock and Cannell Capital, also recently established or increased positions.

Ategrity Specialty (NYSE:ASIC - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six research firms that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $29.12.

ASIC has been the topic of several recent research reports. Barclays increased their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded Ategrity Specialty from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company upped their target price on Ategrity Specialty from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Monday. Weiss Ratings lowered Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th.

Ategrity Specialty Stock Up 0.9%

ASIC opened at $26.16 on Tuesday. The business's fifty day simple moving average is $26.27 and its 200 day simple moving average is $23.12. Ategrity Specialty has a 52 week low of $16.73 and a 52 week high of $29.00. The stock has a market cap of $1.25 billion, a PE ratio of 12.23 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $141.33 million. As a group, equities analysts anticipate that Ategrity Specialty will post 2.22 earnings per share for the current year.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors have recently made changes to their positions in the business. Allworth Financial LP raised its position 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 purchasing an additional 45,632 shares during the period. Cannell Capital LLC purchased a new stake in Ategrity Specialty during the second quarter valued at about $11,791,187. Bank of America Corp DE bought a new position in shares of Ategrity Specialty during the second quarter valued at about $1,111,000. BlackRock Inc. bought a new position in shares of Ategrity Specialty during the second quarter valued at about $14,779,000. Finally, Deutsche Bank AG bought a new position in shares of Ategrity Specialty during the second quarter valued at about $218,000.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty insurance company that focuses on excess and surplus (E&S) risks that may be difficult to place in the standard insurance market. The company provides underwriting capacity for businesses and exposures requiring customized coverage, specialized expertise, or higher limits.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability, and other complex or hard-to-place risks. Ategrity distributes its products primarily through wholesale brokers and other insurance intermediaries, working with brokers to assess individual risks and structure tailored policies.

The company serves the U.S.

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