Ategrity Specialty (NYSE:ASIC) Stock Price Up 5.1% – Here’s Why

Ategrity Specialty (NYSE:ASIC)’s stock price rose 5.1% during trading on Friday . The company traded as high as $20.56 and last traded at $20.4360. Approximately 35,891 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 98,517 shares. The stock had previously closed at $19.44.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ASIC shares. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price objective for the company. in a research report on Thursday, February 26th. Weiss Ratings lowered Ategrity Specialty from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Zacks Research raised Ategrity Specialty from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Barclays upped their price objective on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Finally, Wall Street Zen raised Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Ategrity Specialty has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Ategrity Specialty Trading Up 4.7%

The firm’s fifty day simple moving average is $20.06. The company has a market cap of $977.86 million and a price-to-earnings ratio of 10.95.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. The firm had revenue of $128.96 million for the quarter. As a group, equities analysts expect that Ategrity Specialty will post 1.98 earnings per share for the current year.

Institutional Trading of Ategrity Specialty

Several institutional investors and hedge funds have recently made changes to their positions in ASIC. Nuveen LLC boosted its position in shares of Ategrity Specialty by 9.6% in the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock valued at $14,811,000 after purchasing an additional 61,725 shares during the period. Price T Rowe Associates Inc. MD increased its position in Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock worth $6,044,000 after buying an additional 105,254 shares during the period. Millennium Management LLC lifted its stake in Ategrity Specialty by 312.6% in the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after buying an additional 156,952 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after buying an additional 127,849 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its holdings in shares of Ategrity Specialty by 26.1% in the fourth quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock valued at $3,311,000 after acquiring an additional 32,601 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.