Ategrity Specialty (NYSE:ASIC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Ategrity Specialty (NYSE:ASIC) have received an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $28.8750.

ASIC has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. 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. Wells Fargo & Company increased their target price on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Wall Street Zen lowered shares of Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Citigroup upped their price objective on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research note on Friday, July 31st.

Ategrity Specialty Stock Performance

Shares of ASIC stock opened at $27.04 on Friday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 12.64 and a beta of -0.62. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $29.00. The company has a 50-day simple moving average of $25.55 and a two-hundred day simple moving average of $22.51.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.05. The firm had revenue of $148.48 million for the quarter, compared to the consensus estimate of $141.33 million. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. On average, sell-side analysts forecast that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Ategrity Specialty by 12.9% in the 1st quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after acquiring an additional 1,809 shares during the period. Kornitzer Capital Management Inc. KS increased its stake in shares of Ategrity Specialty by 8.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 54,482 shares of the company’s stock worth $1,077,000 after purchasing an additional 4,269 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Ategrity Specialty in the second quarter worth about $218,000. Bank of America Corp DE raised its position in shares of Ategrity Specialty by 14.7% in the first quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock valued at $2,009,000 after purchasing an additional 12,988 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Ategrity Specialty by 68.4% during the 1st quarter. Renaissance Technologies LLC now owns 41,600 shares of the company’s stock valued at $822,000 after buying an additional 16,900 shares in the last quarter.

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.