Emerald Mutual Fund Advisers Trust Has $146,000 Stake in Ategrity Specialty $ASIC

Key Points

• Emerald Mutual Fund Advisers Trust cut its Ategrity Specialty stake by 86.2% in the first quarter, leaving it with 7,410 shares worth about $146,000.
• Analyst views on Ategrity Specialty were mixed but generally constructive: the stock carries a Moderate Buy consensus with a $28 average price target, while recent moves included both upgrades and a downgrade from Zacks to Hold.
• Ategrity Specialty recently beat quarterly earnings estimates, reporting $0.51 EPS versus $0.40 expected, and the stock opened at $24.52 with a market cap of $1.18 billion.

Emerald Mutual Fund Advisers Trust reduced its position in shares of Ategrity Specialty (NYSE:ASIC - Free Report) by 86.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,410 shares of the company's stock after selling 46,259 shares during the period. Emerald Mutual Fund Advisers Trust's holdings in Ategrity Specialty were worth $146,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ASIC. Strs Ohio grew 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 buying an additional 600 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Ategrity Specialty during the fourth quarter worth $27,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ategrity Specialty in the fourth quarter valued at about $41,000. State of Wyoming boosted its position in shares of Ategrity Specialty by 1,663.6% in the fourth 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 during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Ategrity Specialty by 14.2% in the fourth quarter. Wells Fargo & Company MN now owns 27,029 shares of the company's stock valued at $568,000 after acquiring an additional 3,363 shares in the last quarter.

Analyst Ratings Changes

A number of research firms recently commented on ASIC. Zacks Research lowered shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Wells Fargo & Company boosted their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Wall Street Zen raised shares of Ategrity Specialty from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Finally, Barclays lifted their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.00.

Ategrity Specialty Price Performance

Ategrity Specialty stock opened at $24.52 on Wednesday. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $25.84. The firm has a market cap of $1.18 billion and a PE ratio of 13.19. The stock's fifty day simple moving average is $21.48.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The business had revenue of $128.96 million for the quarter. As a group, research analysts anticipate that Ategrity Specialty will post 1.98 earnings per share for the current 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.

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