Arrowstreet Capital Limited Partnership Buys New Holdings in Ategrity Specialty $ASIC

Key Points

• Arrowstreet Capital acquired 131,785 shares of Ategrity Specialty worth approximately $2.6 million, representing about 0.27% of the company.
• Analyst sentiment remains favorable, with an average “Moderate Buy” rating and an average price target of $28.88; Wells Fargo and JPMorgan recently raised their targets to $30 and $29, respectively.
• Ategrity Specialty reported quarterly earnings of $0.67 per share, beating estimates of $0.62, while shares opened at $23.86 and the company posted a 21.06% net margin.

Arrowstreet Capital Limited Partnership purchased a new position in Ategrity Specialty (NYSE:ASIC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 131,785 shares of the company's stock, valued at approximately $2,605,000. Arrowstreet Capital Limited Partnership owned approximately 0.27% of Ategrity Specialty at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund bought a new stake in shares of Ategrity Specialty during the fourth quarter valued at approximately $27,000. Strs Ohio increased its holdings in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company's stock valued at $36,000 after acquiring an additional 600 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in Ategrity Specialty in the 4th quarter worth $41,000. State of Wyoming lifted its stake in Ategrity Specialty by 1,663.6% in the 4th quarter. State of Wyoming now owns 2,469 shares of the company's stock worth $52,000 after purchasing an additional 2,329 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Ategrity Specialty during the 4th quarter valued at about $76,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings upgraded Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Wells Fargo & Company lifted their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Zacks Research cut Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a report on Friday, June 19th. Wall Street Zen upgraded Ategrity Specialty from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. raised their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.88.

Ategrity Specialty Price Performance

Shares of NYSE ASIC opened at $23.86 on Wednesday. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $26.00. The business's 50 day moving average is $22.57 and its two-hundred day moving average is $20.72. The stock has a market capitalization of $1.15 billion, a P/E ratio of 11.15 and a beta of -0.68.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.52% and a net margin of 21.06%.The firm had revenue of $129.89 million during the quarter, compared to analysts' expectations of $141.33 million. As a group, equities research analysts anticipate that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Ategrity Specialty Company Profile

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.

Want to see what other hedge funds are holding ASIC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ategrity Specialty (NYSE:ASIC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source