46,199 Shares of Ategrity Specialty $ASIC Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 46,199 shares of Ategrity Specialty during the second quarter, valued at approximately $1.11 million and representing about 0.10% of the company.
• Several institutional investors also initiated or increased positions, including BlackRock, Arrowstreet Capital, Allworth Financial, and Renaissance Technologies.
• Ategrity Specialty reported quarterly earnings of $0.67 per share, exceeding estimates of $0.62, while revenue of $148.48 million also surpassed expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $28.88.

Bank of America Corp DE purchased a new position in shares of Ategrity Specialty (NYSE:ASIC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 46,199 shares of the company's stock, valued at approximately $1,111,000. Bank of America Corp DE owned about 0.10% of Ategrity Specialty as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Ategrity Specialty during the 2nd quarter valued at about $14,779,000. Arrowstreet Capital Limited Partnership bought a new position in Ategrity Specialty during the first quarter worth about $2,605,000. Kornitzer Capital Management Inc. KS grew its position in shares of Ategrity Specialty by 8.5% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 54,482 shares of the company's stock worth $1,077,000 after buying an additional 4,269 shares during the period. Allworth Financial LP bought a new stake in shares of Ategrity Specialty in the 2nd quarter valued at about $1,097,000. Finally, Renaissance Technologies LLC increased its stake in shares of Ategrity Specialty by 68.4% in the 1st quarter. Renaissance Technologies LLC now owns 41,600 shares of the company's stock valued at $822,000 after acquiring an additional 16,900 shares during the last quarter.

Ategrity Specialty Trading Down 1.9%

Shares of Ategrity Specialty stock opened at $26.23 on Friday. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $29.00. The business has a 50-day moving average price of $26.10 and a two-hundred day moving average price of $22.84. The company has a market cap of $1.26 billion, a P/E ratio of 12.26 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.62 by $0.05. The firm had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. Equities research analysts forecast that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays boosted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Wells Fargo & Company lifted their price target on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Zacks Research cut shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Citigroup lifted their price objective on Ategrity Specialty from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Friday, July 31st. Finally, Wall Street Zen downgraded Ategrity Specialty from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $28.88.

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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