Ategrity Specialty (NYSE:ASIC) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Ategrity Specialty (NYSE:ASIC) from a buy rating to a strong-buy rating in a report published on Saturday.

A number of other analysts also recently weighed in on ASIC. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Zacks Research cut shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. JPMorgan Chase & Co. boosted their price objective on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Wells Fargo & Company upped their target price on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Citigroup raised their target price on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday. Three investment 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 stock has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Stock Performance

ASIC stock opened at $24.11 on Friday. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $26.00. The company has a 50-day moving average of $22.43. The firm has a market capitalization of $1.16 billion and a P/E ratio of 11.27.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.52%. The firm had revenue of $129.89 million for the quarter, compared to the consensus estimate of $141.33 million. As a group, analysts anticipate that Ategrity Specialty will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

A number of hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue bought a new stake in shares of Ategrity Specialty in the fourth quarter worth $76,000. Strs Ohio increased its holdings in Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Geode Capital Management LLC raised its position in Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock worth $3,221,000 after purchasing an additional 4,866 shares during the last quarter. Norges Bank bought a new position in Ategrity Specialty during the 4th quarter worth $840,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Ategrity Specialty by 57.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after buying an additional 20,426 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.