Ategrity Specialty (NYSE:ASIC) Sets New 12-Month High – Still a Buy?

Ategrity Specialty (NYSE:ASIC)’s share price reached a new 52-week high on Thursday . The stock 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 Analyst Weigh In

Several research firms have recently commented on ASIC. Citigroup boosted 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. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Wells Fargo & Company lifted their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. raised their price target on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Stock Performance

The company’s 50 day moving average price is $24.84 and its 200 day moving average price is $21.94. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 12.85 and a beta of -0.62.

Ategrity Specialty (NYSE:ASIC) last released 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 net margin of 21.06% and a return on equity of 17.12%. On average, equities research analysts forecast that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Ategrity Specialty in the 2nd quarter worth approximately $14,779,000. Cannell Capital LLC bought a new position in shares of Ategrity Specialty in the second quarter valued at approximately $11,791,187. Millennium Management LLC raised its position in shares of 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 purchasing an additional 156,952 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Ategrity Specialty in the first quarter worth $2,605,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after buying an additional 127,849 shares during the last quarter.

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.