Ategrity Specialty (NYSE:ASIC) Stock Has Consensus Target Price of $29.12

Ategrity Specialty (NYSE:ASIC) has been given an average rating of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $29.12.

ASIC has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Wall Street Zen cut Ategrity Specialty from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Wells Fargo & Company increased their price target on shares of Ategrity Specialty from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Citigroup increased their price target 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.

Ategrity Specialty Trading Up 2.8%

Shares of ASIC stock opened at $26.93 on Tuesday. The stock has a market capitalization of $1.29 billion, a P/E ratio of 12.18 and a beta of -0.55. The firm’s 50 day moving average is $26.38 and its 200 day moving average is $23.28. Ategrity Specialty has a 12 month low of $16.73 and a 12 month high of $29.00.

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

Institutional Trading of Ategrity Specialty

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Ategrity Specialty in the 2nd quarter worth approximately $14,779,000. Cannell Capital LLC bought a new position in Ategrity Specialty in the 2nd quarter valued at $11,791,187. Arrowstreet Capital Limited Partnership purchased a new position in shares of Ategrity Specialty during the 1st quarter valued at $2,605,000. Bank of America Corp DE grew its position in shares of Ategrity Specialty by 14.7% during the 1st 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 in the last quarter. Finally, Allworth Financial LP grew its position in shares of Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company’s stock valued at $1,097,000 after purchasing an additional 45,632 shares in the last quarter.

About Ategrity Specialty

Ategrity Specialty is a specialty insurance company that focuses on excess and surplus (E&S) risks that may be difficult to place in the standard insurance market. The company provides underwriting capacity for businesses and exposures requiring customized coverage, specialized expertise, or higher limits.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability, and other complex or hard-to-place risks. Ategrity distributes its products primarily through wholesale brokers and other insurance intermediaries, working with brokers to assess individual risks and structure tailored policies.

The company serves the U.S.