Allworth Financial LP Purchases 45,632 Shares of Ategrity Specialty $ASIC

Key Points

• Allworth Financial LP increased its Ategrity Specialty position by 45,632 shares in the second quarter, bringing its total holdings to 45,644 shares valued at approximately $1.1 million.
• Ategrity Specialty reported quarterly EPS of $0.67, beating estimates by $0.05, while revenue of $148.48 million also exceeded expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $28.88.
• ASIC shares opened at $27.53, up 1.4%, near their 12-month high of $27.90; the stock has a $1.32 billion market capitalization and a price-to-earnings ratio of 12.86.

Allworth Financial LP raised its position in shares of Ategrity Specialty (NYSE:ASIC - Free Report) by 380,266.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,644 shares of the company's stock after purchasing an additional 45,632 shares during the period. Allworth Financial LP owned about 0.10% of Ategrity Specialty worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ASIC. New York State Common Retirement Fund bought a new position in Ategrity Specialty in the fourth quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Ategrity Specialty during the 4th quarter valued at $41,000. State of Wyoming boosted its position 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 acquiring an additional 2,329 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Ategrity Specialty by 510.5% in the 2nd quarter. California State Teachers Retirement System now owns 3,077 shares of the company's stock valued at $74,000 after acquiring an additional 2,573 shares during the period. Finally, Deutsche Bank AG bought a new position in shares of Ategrity Specialty in the 2nd quarter worth $218,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ASIC. Barclays lifted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Zacks Research cut shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Wall Street Zen downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings lowered shares of Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Finally, Citigroup upped their price target on Ategrity Specialty from $27.00 to $28.50 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Three 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 a consensus rating of "Moderate Buy" and an average price target of $28.88.

Ategrity Specialty Trading Up 1.4%

Shares of Ategrity Specialty stock opened at $27.53 on Friday. Ategrity Specialty has a 12-month low of $16.35 and a 12-month high of $27.90. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 12.86 and a beta of -0.62. The firm's 50 day simple moving average is $25.09 and its two-hundred day simple moving average is $22.26.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted 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 business had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. On average, sell-side analysts predict that Ategrity Specialty will post 2.22 EPS for the current fiscal 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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