Allworth Financial LP Invests $1.10 Million in Ategrity Specialty $ASIC

Key Points

• Allworth Financial LP acquired 45,644 shares of Ategrity Specialty in the second quarter, valued at approximately $1.10 million and representing about 0.10% of the company.
• Analyst sentiment is moderately bullish: Ategrity Specialty has a consensus rating of “Moderate Buy” and an average price target of $28.88, above its reported $26.16 share price.
• Ategrity Specialty exceeded quarterly expectations, reporting $0.67 in earnings per share and $148.48 million in revenue, topping consensus estimates of $0.62 EPS and $141.33 million in revenue.

Allworth Financial LP purchased a new stake in shares of Ategrity Specialty (NYSE:ASIC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 45,644 shares of the company's stock, valued at approximately $1,097,000. Allworth Financial LP owned approximately 0.10% of Ategrity Specialty at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Strs Ohio lifted its stake in shares of Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company's stock worth $36,000 after buying an additional 600 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Ategrity Specialty in the 4th quarter worth approximately $27,000. Bank of New York Mellon Corp lifted its position in Ategrity Specialty by 12.9% in the 1st quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company's stock valued at $312,000 after acquiring an additional 1,809 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in Ategrity Specialty in the 4th quarter valued at approximately $41,000. Finally, State of Wyoming boosted its stake in Ategrity Specialty by 1,663.6% during the 4th quarter. State of Wyoming now owns 2,469 shares of the company's stock valued at $52,000 after purchasing an additional 2,329 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ASIC shares. Citigroup lifted their target price on Ategrity Specialty from $27.00 to $28.50 and gave the stock a "neutral" rating in a report on Friday, July 31st. Zacks Research downgraded Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a report on Friday, June 19th. Wells Fargo & Company increased their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Ategrity Specialty from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 14th. Finally, Barclays boosted their target price on Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Ategrity Specialty Price Performance

ASIC stock opened at $26.16 on Friday. The company has a market cap of $1.25 billion, a P/E ratio of 12.22 and a beta of -0.68. Ategrity Specialty has a 1 year low of $16.35 and a 1 year high of $26.38. The stock's fifty day moving average price is $23.81 and its 200-day moving average price is $21.33.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share 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 company had revenue of $148.48 million for the quarter, compared to the consensus estimate of $141.33 million. As a group, analysts expect that Ategrity Specialty will post 2.22 earnings per share for the current year.

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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