BlackRock Inc. Buys Shares of 614,785 Ategrity Specialty $ASIC

Key Points

• BlackRock acquired 614,785 shares of Ategrity Specialty during the second quarter, worth approximately $14.8 million and representing about 1.28% of the company.
• 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 generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $28.88; the stock recently opened at $27.39.

BlackRock Inc. purchased a new position in shares of Ategrity Specialty (NYSE:ASIC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 614,785 shares of the company's stock, valued at approximately $14,779,000. BlackRock Inc. owned approximately 1.28% of Ategrity Specialty at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Strs Ohio raised its holdings in Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company's stock worth $36,000 after buying an additional 600 shares during the period. Geode Capital Management LLC increased its holdings in Ategrity Specialty by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 153,259 shares of the company's stock worth $3,221,000 after buying an additional 4,866 shares during the last quarter. Norges Bank bought a new stake in Ategrity Specialty in the fourth quarter worth $840,000. Goldman Sachs Group Inc. increased its holdings in shares of Ategrity Specialty by 57.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company's stock valued at $1,183,000 after acquiring an additional 20,426 shares during the last quarter. Finally, State of Wyoming lifted its holdings 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 during the last quarter.

Ategrity Specialty Price Performance

Ategrity Specialty stock opened at $27.39 on Friday. The company's 50-day moving average is $24.77 and its 200-day moving average is $21.90. The firm has a market capitalization of $1.31 billion, a PE ratio of 12.80 and a beta of -0.62. Ategrity Specialty has a fifty-two week low of $16.35 and a fifty-two week high of $27.59.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating 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 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 EPS for the current year.

Analyst Upgrades and Downgrades

ASIC has been the topic of several research reports. Zacks Research downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a report on Friday, June 19th. Weiss Ratings upgraded shares of Ategrity Specialty from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 14th. JPMorgan Chase & Co. raised their target price on Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Barclays upped their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company raised their target price on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.88.

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.

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