Ategrity Specialty (NYSE:ASIC) Receives $28.88 Average Price Target from Analysts

Ategrity Specialty (NYSE:ASIC) has earned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $28.8750.

A number of analysts recently issued reports on the company. Barclays raised their price target on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. JPMorgan Chase & Co. raised their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a 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 note on Tuesday, September 8th. Finally, Citigroup upped their price target on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday, July 31st.

Ategrity Specialty Price Performance

Shares of NYSE ASIC opened at $27.71 on Friday. The business’s 50 day moving average is $25.47 and its two-hundred day moving average is $22.44. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $29.00. The stock has a market capitalization of $1.33 billion, a P/E ratio of 12.95 and a beta of -0.62.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.05. The business had revenue of $148.48 million during the quarter, compared to analyst estimates of $141.33 million. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. As a group, equities research analysts anticipate that Ategrity Specialty will post 2.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Ategrity Specialty in the 2nd quarter valued at $14,779,000. Allworth Financial LP increased its stake in Ategrity Specialty by 380,266.7% in the second quarter. Allworth Financial LP now owns 45,644 shares of the company’s stock worth $1,097,000 after purchasing an additional 45,632 shares during the period. Cannell Capital LLC bought a new stake in shares of Ategrity Specialty during the second quarter worth $11,791,187. Strs Ohio lifted its position in shares of Ategrity Specialty by 1,476.5% during the first 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. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Ategrity Specialty during the first quarter valued at $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.