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

Ategrity Specialty (NYSE:ASIC) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $26.21 and last traded at $25.87, with a volume of 22750 shares. The stock had previously closed at $25.29.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Weiss Ratings raised Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 14th. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Barclays boosted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Citigroup upped their price objective on shares of Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Ategrity Specialty currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Trading Up 2.8%

The firm’s fifty day moving average price is $23.71 and its 200-day moving average price is $21.30. The company has a market cap of $1.25 billion, a P/E ratio of 12.14 and a beta of -0.68.

Ategrity Specialty (NYSE:ASIC) last released its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share 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 analysts’ expectations of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. As a group, research analysts forecast that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Cannell Capital LLC acquired a new stake in Ategrity Specialty during the second quarter worth $11,791,187,000. Bank of America Corp DE bought a new position in shares of Ategrity Specialty during the 2nd quarter worth about $1,111,000. Allworth Financial LP bought a new position in shares of Ategrity Specialty during the 2nd quarter worth about $1,097,000. BlackRock Inc. acquired a new stake in shares of Ategrity Specialty during the 2nd quarter valued at about $14,779,000. Finally, Deutsche Bank AG acquired a new stake in shares of Ategrity Specialty during the 2nd quarter valued at about $218,000.

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.