Ategrity Specialty (NYSE:ASIC) Hits New 12-Month High - What's Next?

Key Points

• Ategrity Specialty shares reached a new 52-week high, trading as high as $27.54 and closing last at $27.31, while its market capitalization stood at approximately $1.31 billion.
• Analyst sentiment remains positive overall, with an average “Moderate Buy” rating and a consensus price target of $28.88; JPMorgan and Barclays recently raised their targets to $29 and $28, respectively.
• The company exceeded quarterly expectations, reporting $0.67 in earnings per share versus a $0.62 estimate and revenue of $148.48 million against the $141.33 million consensus.

Ategrity Specialty (NYSE:ASIC - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.54 and last traded at $27.31, with a volume of 10048 shares trading hands. The stock had previously closed at $26.71.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ASIC shares. JPMorgan Chase & Co. upped their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Zacks Research downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Weiss Ratings raised Ategrity Specialty from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 14th. Wall Street Zen cut Ategrity Specialty from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Barclays raised their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $28.88.

Ategrity Specialty Price Performance

The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 12.79 and a beta of -0.62. The stock's 50-day moving average is $24.65 and its 200-day moving average is $21.83.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its quarterly 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. The company had revenue of $148.48 million during the quarter, compared to analysts' expectations of $141.33 million. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. Analysts predict that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

Several hedge funds have recently modified their holdings of the stock. Allworth Financial LP bought a new position in Ategrity Specialty during the 2nd quarter valued at $1,097,000. Strs Ohio increased its position in shares of Ategrity Specialty by 1,476.5% in the 1st quarter. Strs Ohio now owns 26,800 shares of the company's stock worth $530,000 after purchasing an additional 25,100 shares during the last quarter. Cannell Capital LLC acquired a new stake in shares of Ategrity Specialty in the 2nd quarter valued at about $11,791,187. Arrowstreet Capital Limited Partnership bought a new stake in shares of Ategrity Specialty during the 1st quarter worth about $2,605,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of 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 worth $312,000 after acquiring an additional 1,809 shares during the period.

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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