Ategrity Specialty (NYSE:ASIC) Reaches New 52-Week High - Here's Why

Key Points

• Ategrity Specialty shares reached a new 52-week high, trading as high as $27.99 and recently at $28.38, up from a $27.15 close. The stock has a $1.33 billion market capitalization and trades at a price-to-earnings ratio of 13.
• Analyst sentiment remains positive overall, with three Buy ratings and three Hold ratings producing a “Moderate Buy” consensus and an average price target of $28.88. JPMorgan raised its target to $29, while Citigroup lifted its target to $28.50.
• The company exceeded quarterly expectations, reporting $0.67 in EPS versus the $0.62 consensus and revenue of $148.48 million versus estimates of $141.33 million. Major institutional investors, including BlackRock and Cannell Capital, recently established positions.

Ategrity Specialty (NYSE:ASIC - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $27.99 and last traded at $28.3770, with a volume of 1013 shares. The stock had previously closed at $27.15.

Analyst Ratings Changes

ASIC has been the topic of a number of recent research reports. 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. Weiss Ratings cut shares of Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 8th. Wall Street Zen cut shares of Ategrity Specialty from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Zacks Research lowered shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a report on Friday, June 19th. Finally, Citigroup boosted 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 investment 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 company has an average rating of "Moderate Buy" and an average target price of $28.88.

Ategrity Specialty Stock Up 1.3%

The stock has a market capitalization of $1.33 billion, a PE ratio of 13.00 and a beta of -0.62. The firm's fifty day moving average price is $25.09 and its two-hundred day moving average price is $22.25.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. The company had revenue of $148.48 million for the quarter, compared to analysts' expectations of $141.33 million. As a group, analysts predict that Ategrity Specialty will post 2.22 EPS for the current year.

Institutional Trading of Ategrity Specialty

Large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Ategrity Specialty during the 2nd quarter valued at about $14,779,000. Allworth Financial LP bought a new stake in shares of Ategrity Specialty during the 2nd quarter valued at $1,097,000. Cannell Capital LLC bought a new stake in Ategrity Specialty during the 2nd quarter valued at approximately $11,791,187. Strs Ohio lifted its stake in 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Ategrity Specialty during the 1st quarter worth approximately $2,605,000.

Ategrity Specialty Company Profile

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.

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.